Laboratory Corporation of America Holdings (NYSE:LH) Shares Bought by Summit Global Investments

Summit Global Investments boosted its position in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 62.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,862 shares of the medical research company’s stock after buying an additional 3,773 shares during the period. Summit Global Investments’ holdings in Laboratory Corporation of America Holdings were worth $1,415,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LH. Parallel Advisors LLC raised its position in Laboratory Corporation of America Holdings by 377.7% in the first quarter. Parallel Advisors LLC now owns 1,261 shares of the medical research company’s stock worth $177,000 after buying an additional 997 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in Laboratory Corporation of America Holdings during the first quarter worth about $202,000. Ingalls & Snyder LLC bought a new position in Laboratory Corporation of America Holdings during the first quarter worth about $206,000. Oppenheimer Asset Management Inc. bought a new position in Laboratory Corporation of America Holdings during the first quarter worth about $208,000. Finally, Sheets Smith Wealth Management bought a new position in Laboratory Corporation of America Holdings during the first quarter worth about $215,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Laboratory Corporation of America Holdings (NYSE LH) traded down 0.02% on Friday, reaching $160.07. The company had a trading volume of 622,938 shares. Laboratory Corporation of America Holdings has a 12 month low of $119.51 and a 12 month high of $164.22. The firm has a 50 day moving average price of $150.88 and a 200-day moving average price of $142.56. The stock has a market capitalization of $16.39 billion, a price-to-earnings ratio of 22.42 and a beta of 0.93.

Laboratory Corporation of America Holdings (NYSE:LH) last issued its quarterly earnings data on Wednesday, July 26th. The medical research company reported $2.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.40 by $0.07. The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.47 billion. Laboratory Corporation of America Holdings had a return on equity of 16.85% and a net margin of 7.57%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.36 EPS. Analysts forecast that Laboratory Corporation of America Holdings will post $9.47 earnings per share for the current fiscal year.

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A number of research analysts recently issued reports on the company. Barclays PLC boosted their price objective on Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the company an “overweight” rating in a research report on Thursday. Zacks Investment Research upgraded Laboratory Corporation of America Holdings from a “sell” rating to a “hold” rating in a research report on Thursday. Craig Hallum restated a “buy” rating and set a $179.00 price objective (up previously from $157.00) on shares of Laboratory Corporation of America Holdings in a research report on Thursday. Credit Suisse Group lowered Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 price objective for the company. in a research report on Thursday, July 13th. They noted that the move was a valuation call. Finally, BidaskClub lowered Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $158.42.

In other Laboratory Corporation of America Holdings news, Director Jean-Luc Belingard sold 992 shares of Laboratory Corporation of America Holdings stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $142.19, for a total value of $141,052.48. Following the sale, the director now owns 32,935 shares of the company’s stock, valued at approximately $4,683,027.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Lance Berberian sold 3,613 shares of Laboratory Corporation of America Holdings stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $139.84, for a total value of $505,241.92. Following the completion of the sale, the senior vice president now directly owns 5,789 shares in the company, valued at approximately $809,533.76. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Laboratory Corporation of America Holdings Company Profile

Laboratory Corporation of America Holdings is a life sciences company that is integrated in guiding patient care, providing clinical laboratory and end-to-end drug development services. The Company operates as a healthcare diagnostics company. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

Institutional Ownership by Quarter for Laboratory Corporation of America Holdings (NYSE:LH)

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