Morningstar Investment Services LLC lowered its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 0.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 66,160 shares of the medical research company’s stock after selling 241 shares during the quarter. Morningstar Investment Services LLC’s holdings in Laboratory Corp. of America were worth $11,439,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new stake in shares of Laboratory Corp. of America during the 2nd quarter valued at about $32,000. Legacy Advisors LLC bought a new stake in shares of Laboratory Corp. of America during the second quarter worth $33,000. C M Bidwell & Associates Ltd. lifted its position in shares of Laboratory Corp. of America by 1,636.4% during the second quarter. C M Bidwell & Associates Ltd. now owns 191 shares of the medical research company’s stock worth $33,000 after purchasing an additional 180 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Laboratory Corp. of America during the second quarter valued at $33,000. Finally, Bremer Bank National Association purchased a new stake in shares of Laboratory Corp. of America during the first quarter valued at $35,000. Hedge funds and other institutional investors own 91.17% of the company’s stock.
LH has been the topic of a number of research analyst reports. Mizuho upped their price target on shares of Laboratory Corp. of America from $150.00 to $174.00 and gave the stock a “neutral” rating in a report on Monday, May 20th. Morgan Stanley boosted their price objective on shares of Laboratory Corp. of America from $190.00 to $201.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Deutsche Bank upgraded shares of Laboratory Corp. of America from a “hold” rating to a “buy” rating and upped their target price for the stock from $180.00 to $220.00 in a research note on Thursday, June 20th. Barclays set a $200.00 target price on shares of Laboratory Corp. of America and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Bank of America raised shares of Laboratory Corp. of America from an “underperform” rating to a “neutral” rating and set a $174.60 target price on the stock in a research report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $185.91.
Laboratory Corp. of America stock traded down $0.79 during midday trading on Wednesday, hitting $173.33. 18,554 shares of the company’s stock were exchanged, compared to its average volume of 499,309. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.05 and a current ratio of 1.14. Laboratory Corp. of America Holdings has a 12 month low of $119.38 and a 12 month high of $178.44. The firm has a 50-day moving average of $167.23 and a two-hundred day moving average of $162.75. The company has a market cap of $16.85 billion, a PE ratio of 15.72, a P/E/G ratio of 1.78 and a beta of 1.04.
Laboratory Corp. of America (NYSE:LH) last posted its quarterly earnings results on Thursday, July 25th. The medical research company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.90 by $0.03. Laboratory Corp. of America had a net margin of 8.19% and a return on equity of 16.28%. The business had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same quarter in the previous year, the business posted $2.98 EPS. The company’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities analysts expect that Laboratory Corp. of America Holdings will post 11.28 earnings per share for the current year.
About Laboratory Corp. of America
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development. It offers various clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually-transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.
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