Laboratory Corp. of America (LH) Sets New 52-Week Low on Analyst Downgrade

Laboratory Corp. of America Holdings (NYSE:LH) reached a new 52-week low on Thursday after KeyCorp lowered their price target on the stock from $210.00 to $165.00. KeyCorp currently has an overweight rating on the stock. Laboratory Corp. of America traded as low as $139.18 and last traded at $141.57, with a volume of 62844 shares traded. The stock had previously closed at $143.33.

Several other equities research analysts have also commented on LH. Deutsche Bank dropped their price target on shares of Laboratory Corp. of America from $195.00 to $190.00 and set a “hold” rating on the stock in a research note on Monday, August 20th. Argus restated a “buy” rating on shares of Laboratory Corp. of America in a research note on Wednesday, August 22nd. Credit Suisse Group dropped their price target on shares of Laboratory Corp. of America from $197.00 to $195.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 4th. Morgan Stanley raised their price target on shares of Laboratory Corp. of America from $192.00 to $202.00 and gave the company a “buy” rating in a research note on Monday, September 10th. Finally, Mizuho restated a “neutral” rating on shares of Laboratory Corp. of America in a research note on Wednesday, September 19th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $179.69.

In related news, Director R Sanders Williams sold 350 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $162.14, for a total transaction of $56,749.00. Following the transaction, the director now owns 7,886 shares in the company, valued at $1,278,636.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 3,700 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $163.29, for a total transaction of $604,173.00. Following the transaction, the director now owns 21,795 shares in the company, valued at approximately $3,558,905.55. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Legacy Financial Advisors Inc. boosted its holdings in Laboratory Corp. of America by 763.9% during the third quarter. Legacy Financial Advisors Inc. now owns 622 shares of the medical research company’s stock worth $108,000 after buying an additional 550 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Laboratory Corp. of America by 7,033.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 642 shares of the medical research company’s stock worth $115,000 after buying an additional 633 shares in the last quarter. Fort L.P. bought a new stake in Laboratory Corp. of America during the second quarter worth approximately $118,000. Rational Advisors LLC boosted its holdings in Laboratory Corp. of America by 4,966.7% during the third quarter. Rational Advisors LLC now owns 760 shares of the medical research company’s stock worth $132,000 after buying an additional 745 shares in the last quarter. Finally, NuWave Investment Management LLC boosted its holdings in Laboratory Corp. of America by 5,786.7% during the third quarter. NuWave Investment Management LLC now owns 883 shares of the medical research company’s stock worth $154,000 after buying an additional 868 shares in the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.

The firm has a market capitalization of $14.49 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 1.47 and a beta of 0.99. The company has a current ratio of 1.55, a quick ratio of 1.44 and a debt-to-equity ratio of 0.83.

Laboratory Corp. of America (NYSE:LH) last issued its earnings results on Wednesday, October 24th. The medical research company reported $2.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.88 by ($0.14). Laboratory Corp. of America had a return on equity of 17.13% and a net margin of 13.27%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same quarter in the previous year, the business posted $2.46 earnings per share. The company’s quarterly revenue was up 8.0% on a year-over-year basis. As a group, sell-side analysts forecast that Laboratory Corp. of America Holdings will post 10.99 EPS for the current fiscal year.

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Laboratory Corp. of America Company Profile (NYSE:LH)

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.

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