Pacer Advisors Inc. boosted its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 20.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,843 shares of the medical research company’s stock after buying an additional 1,868 shares during the period. Pacer Advisors Inc.’s holdings in Laboratory Corp. of America were worth $1,875,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Steward Partners Investment Advisory LLC purchased a new position in shares of Laboratory Corp. of America during the second quarter worth $32,000. Legacy Advisors LLC purchased a new position in Laboratory Corp. of America in the 2nd quarter valued at approximately $33,000. Meeder Asset Management Inc. purchased a new stake in shares of Laboratory Corp. of America during the second quarter worth $33,000. C M Bidwell & Associates Ltd. raised its position in Laboratory Corp. of America by 1,636.4% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 191 shares of the medical research company’s stock valued at $33,000 after purchasing an additional 180 shares in the last quarter. Finally, Bremer Bank National Association acquired a new stake in shares of Laboratory Corp. of America during the 1st quarter worth about $35,000. Institutional investors and hedge funds own 91.17% of the company’s stock.
In other news, insider Lisa J. Uthgenannt sold 2,466 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $168.59, for a total transaction of $415,742.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kerrii B. Anderson sold 3,100 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $170.00, for a total value of $527,000.00. Following the transaction, the director now directly owns 22,233 shares of the company’s stock, valued at $3,779,610. The disclosure for this sale can be found here. Insiders sold a total of 19,859 shares of company stock valued at $3,421,092 in the last 90 days. Company insiders own 0.74% of the company’s stock.
Several analysts have recently weighed in on the company. Bank of America raised Laboratory Corp. of America from an “underperform” rating to a “neutral” rating and set a $174.60 target price for the company in a report on Tuesday, July 16th. Mizuho lifted their price target on Laboratory Corp. of America from $150.00 to $174.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. Deutsche Bank upgraded Laboratory Corp. of America from a “hold” rating to a “buy” rating and boosted their price objective for the company from $180.00 to $220.00 in a research note on Thursday, June 20th. Morgan Stanley boosted their price objective on Laboratory Corp. of America from $190.00 to $201.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, Zacks Investment Research raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $185.91.
Shares of NYSE:LH traded down $0.75 during trading on Wednesday, reaching $173.37. The company had a trading volume of 12,333 shares, compared to its average volume of 499,309. Laboratory Corp. of America Holdings has a fifty-two week low of $119.38 and a fifty-two week high of $178.44. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 1.05. The stock’s fifty day moving average price is $167.23 and its 200 day moving average price is $162.75. The firm has a market capitalization of $16.85 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.78 and a beta of 1.04.
Laboratory Corp. of America (NYSE:LH) last issued its quarterly earnings results on Thursday, July 25th. The medical research company reported $2.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.90 by $0.03. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.89 billion. Laboratory Corp. of America had a return on equity of 16.28% and a net margin of 8.19%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the company earned $2.98 earnings per share. On average, equities analysts anticipate that Laboratory Corp. of America Holdings will post 11.28 EPS for the current fiscal year.
Laboratory Corp. of America Profile
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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