Laboratory Co. of America (NYSE:LH) Updates FY 2024 Earnings Guidance

Laboratory Co. of America (NYSE:LH) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 14.450-15.350 for the period, compared to the consensus estimate of 14.820. The company issued revenue guidance of $12.7 billion-$12.9 billion, compared to the consensus revenue estimate of $12.8 billion. Laboratory Co. of America also updated its FY24 guidance to $14.45-15.35 EPS.

Laboratory Co. of America Stock Performance

LH stock traded up $0.05 during trading on Friday, hitting $198.40. 931,285 shares of the company’s stock traded hands, compared to its average volume of 758,681. The stock has a market capitalization of $16.69 billion, a price-to-earnings ratio of 42.55, a price-to-earnings-growth ratio of 1.56 and a beta of 1.01. Laboratory Co. of America has a 52 week low of $174.20 and a 52 week high of $234.09. The stock has a fifty day moving average price of $212.06 and a two-hundred day moving average price of $214.69. The company has a quick ratio of 1.02, a current ratio of 1.17 and a debt-to-equity ratio of 0.52.

Laboratory Co. of America (NYSE:LH) last announced its quarterly earnings results on Thursday, April 25th. The medical research company reported $3.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.22. The business had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.12 billion. Laboratory Co. of America had a return on equity of 13.99% and a net margin of 3.24%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $3.82 EPS. As a group, equities analysts anticipate that Laboratory Co. of America will post 14.84 EPS for the current fiscal year.

Laboratory Co. of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Tuesday, May 28th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend is Friday, May 24th. Laboratory Co. of America’s payout ratio is currently 61.67%.

Wall Street Analyst Weigh In

LH has been the subject of a number of research reports. TheStreet lowered Laboratory Co. of America from a b- rating to a c+ rating in a research note on Thursday, February 15th. Argus raised Laboratory Co. of America from a hold rating to a buy rating and set a $250.00 target price for the company in a research note on Monday, March 25th. Robert W. Baird dropped their price target on shares of Laboratory Co. of America from $255.00 to $244.00 and set an outperform rating on the stock in a research report on Friday. Barclays reduced their price objective on shares of Laboratory Co. of America from $234.00 to $213.00 and set an equal weight rating for the company in a research report on Friday. Finally, SVB Leerink started coverage on shares of Laboratory Co. of America in a report on Monday, February 26th. They issued an outperform rating and a $260.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $242.44.

Insider Activity

In other news, CFO Glenn A. Eisenberg sold 34,504 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $215.97, for a total value of $7,451,828.88. Following the completion of the sale, the chief financial officer now directly owns 23,595 shares in the company, valued at $5,095,812.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CMO Amy B. Summy sold 3,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $217.29, for a total transaction of $760,515.00. Following the transaction, the chief marketing officer now owns 3,975 shares of the company’s stock, valued at $863,727.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Glenn A. Eisenberg sold 34,504 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $215.97, for a total transaction of $7,451,828.88. Following the transaction, the chief financial officer now directly owns 23,595 shares of the company’s stock, valued at approximately $5,095,812.15. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,305 shares of company stock valued at $11,761,059. Insiders own 0.85% of the company’s stock.

Laboratory Co. of America Company Profile

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics (Dx) and Biopharma Laboratory Services (BLS).