Renaissance Technologies LLC Decreases Position in Laboratory Corp. of America Holdings (LH)

Renaissance Technologies LLC cut its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 53.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 67,800 shares of the medical research company’s stock after selling 78,405 shares during the period. Renaissance Technologies LLC owned approximately 0.07% of Laboratory Corp. of America Holdings worth $8,704,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. First Allied Advisory Services Inc. raised its position in shares of Laboratory Corp. of America Holdings by 61.5% in the fourth quarter. First Allied Advisory Services Inc. now owns 2,894 shares of the medical research company’s stock worth $372,000 after buying an additional 1,102 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of Laboratory Corp. of America Holdings during the fourth quarter worth approximately $242,000. Gideon Capital Advisors Inc. bought a new position in shares of Laboratory Corp. of America Holdings during the fourth quarter worth approximately $209,000. Massmutual Trust Co. FSB ADV bought a new position in shares of Laboratory Corp. of America Holdings during the fourth quarter worth approximately $257,000. Finally, Thompson Siegel & Walmsley LLC raised its position in shares of Laboratory Corp. of America Holdings by 24.3% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 598,165 shares of the medical research company’s stock worth $76,793,000 after buying an additional 116,899 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Shares of Laboratory Corp. of America Holdings (NYSE:LH) traded down 1.63% during mid-day trading on Friday, hitting $143.29. 839,059 shares of the stock were exchanged. Laboratory Corp. of America Holdings has a 52-week low of $119.51 and a 52-week high of $146.63. The stock has a 50-day moving average price of $143.16 and a 200 day moving average price of $134.51. The firm has a market cap of $14.66 billion, a price-to-earnings ratio of 20.41 and a beta of 0.94.

Laboratory Corp. of America Holdings (NYSE:LH) last issued its quarterly earnings data on Thursday, February 16th. The medical research company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.02. The firm earned $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. Laboratory Corp. of America Holdings had a return on equity of 16.97% and a net margin of 6.85%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the company earned $1.98 EPS. On average, equities research analysts expect that Laboratory Corp. of America Holdings will post $9.60 earnings per share for the current year.

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Several equities analysts recently commented on LH shares. Zacks Investment Research lowered shares of Laboratory Corp. of America Holdings from a “hold” rating to a “sell” rating in a report on Wednesday, December 28th. Barclays PLC set a $165.00 target price on shares of Laboratory Corp. of America Holdings and gave the company a “buy” rating in a report on Saturday, February 18th. Mizuho increased their price target on shares of Laboratory Corp. of America Holdings from $135.00 to $139.00 and gave the company a “neutral” rating in a research report on Friday, February 17th. Deutsche Bank AG reissued a “buy” rating and set a $170.00 price target on shares of Laboratory Corp. of America Holdings in a research report on Wednesday, January 18th. Finally, Canaccord Genuity set a $140.00 price target on shares of Laboratory Corp. of America Holdings and gave the company a “buy” rating in a research report on Tuesday, January 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $155.67.

In other Laboratory Corp. of America Holdings news, CFO Glenn A. Eisenberg sold 2,300 shares of Laboratory Corp. of America Holdings stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $142.47, for a total value of $327,681.00. Following the completion of the transaction, the chief financial officer now directly owns 12,556 shares of the company’s stock, valued at approximately $1,788,853.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert E. Mittelstaedt, Jr. sold 5,300 shares of Laboratory Corp. of America Holdings stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $142.69, for a total value of $756,257.00. Following the completion of the transaction, the director now directly owns 18,208 shares of the company’s stock, valued at $2,598,099.52. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.

About Laboratory Corp. of America Holdings

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).