Pwmco LLC lifted its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 7.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 232,000 shares of the medical research company’s stock after purchasing an additional 15,175 shares during the quarter. Laboratory Corp. of America comprises about 9.9% of Pwmco LLC’s investment portfolio, making the stock its 2nd largest position. Pwmco LLC owned approximately 0.24% of Laboratory Corp. of America worth $40,113,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Laboratory Corp. of America in the 4th quarter worth about $120,695,000. FMR LLC boosted its position in shares of Laboratory Corp. of America by 81.4% in the 1st quarter. FMR LLC now owns 1,596,659 shares of the medical research company’s stock worth $244,257,000 after buying an additional 716,703 shares in the last quarter. BlackRock Inc. boosted its position in shares of Laboratory Corp. of America by 2.6% in the 1st quarter. BlackRock Inc. now owns 10,029,286 shares of the medical research company’s stock worth $1,534,283,000 after buying an additional 257,173 shares in the last quarter. Fairview Capital Investment Management LLC purchased a new stake in shares of Laboratory Corp. of America in the 1st quarter worth about $34,081,000. Finally, Iridian Asset Management LLC CT boosted its position in shares of Laboratory Corp. of America by 30.0% in the 1st quarter. Iridian Asset Management LLC CT now owns 937,092 shares of the medical research company’s stock worth $143,356,000 after buying an additional 216,449 shares in the last quarter. 91.48% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently commented on LH shares. Jefferies Financial Group reiterated a “sell” rating on shares of Hi-Crush Partners in a research report on Tuesday, April 2nd. TheStreet lowered shares of Viewray from a “c-” rating to a “d” rating in a research report on Friday, May 3rd. Deutsche Bank restated a “buy” rating and issued a GBX 2,450 ($32.01) target price on shares of in a report on Thursday, June 20th. Bank of America upgraded shares of First Horizon National from an “underperform” rating to a “neutral” rating and set a $16.00 target price on the stock in a report on Tuesday, July 16th. Finally, Citigroup upped their target price on shares of Martin Marietta Materials from $239.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. Laboratory Corp. of America has an average rating of “Buy” and a consensus price target of $183.54.
In other news, CFO Glenn A. Eisenberg sold 10,000 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $167.40, for a total transaction of $1,674,000.00. Following the transaction, the chief financial officer now directly owns 28,366 shares in the company, valued at approximately $4,748,468.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director R Sanders Williams sold 500 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $162.20, for a total transaction of $81,100.00. Following the transaction, the director now owns 7,386 shares in the company, valued at $1,198,009.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,191 shares of company stock worth $4,948,144. Insiders own 0.74% of the company’s stock.
Shares of LH stock traded down $3.39 during trading hours on Friday, hitting $168.38. 601,680 shares of the company were exchanged, compared to its average volume of 564,391. The stock has a market cap of $17.54 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.63 and a beta of 1.04. Laboratory Corp. of America Holdings has a 1 year low of $119.38 and a 1 year high of $182.75. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.05 and a current ratio of 1.14. The business’s fifty day moving average price is $171.74.
Laboratory Corp. of America (NYSE:LH) last announced its quarterly earnings data 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 business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.89 billion. Laboratory Corp. of America had a net margin of 8.59% and a return on equity of 16.59%. The company’s revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.98 EPS. As a group, equities research analysts predict that Laboratory Corp. of America Holdings will post 11.28 earnings per share for the current 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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