The Manufacturers Life Insurance Company increased its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 5.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 110,873 shares of the medical research company’s stock after acquiring an additional 5,964 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.11% of Laboratory Corp. of America worth $17,933,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. A.R.T. Advisors LLC raised its holdings in Laboratory Corp. of America by 102.9% during the first quarter. A.R.T. Advisors LLC now owns 28,400 shares of the medical research company’s stock valued at $4,593,000 after buying an additional 14,400 shares in the last quarter. University of Notre Dame DU Lac bought a new position in shares of Laboratory Corp. of America in the first quarter worth about $10,621,000. Birch Hill Investment Advisors LLC increased its stake in shares of Laboratory Corp. of America by 3.9% in the first quarter. Birch Hill Investment Advisors LLC now owns 59,222 shares of the medical research company’s stock worth $9,580,000 after purchasing an additional 2,210 shares during the period. Allen Investment Management LLC increased its stake in Laboratory Corp. of America by 2.9% during the first quarter. Allen Investment Management LLC now owns 792,118 shares of the medical research company’s stock valued at $128,125,000 after acquiring an additional 22,243 shares during the period. Finally, Three Peaks Capital Management LLC bought a new position in Laboratory Corp. of America during the first quarter valued at about $868,000. 92.35% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on LH shares. Barclays lifted their price objective on Laboratory Corp. of America from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, May 25th. Deutsche Bank downgraded Laboratory Corp. of America from a “buy” rating to a “hold” rating and set a $172.00 target price on the stock. in a report on Wednesday. Zacks Investment Research downgraded Laboratory Corp. of America from a “buy” rating to a “hold” rating in a report on Monday, April 30th. Argus initiated coverage on shares of Laboratory Corp. of America in a research report on Friday, March 23rd. They set a “buy” rating and a $202.00 target price for the company. Finally, Jefferies Financial Group restated a “hold” rating and issued a $176.00 price objective on shares of Laboratory Corp. of America in a research report on Tuesday, March 6th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Laboratory Corp. of America has an average rating of “Buy” and a consensus price target of $192.18.
In other Laboratory Corp. of America news, insider Edward T. Dodson sold 13,000 shares of the business’s stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $183.35, for a total value of $2,383,550.00. Following the transaction, the insider now directly owns 22,113 shares in the company, valued at $4,054,418.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO David P. King sold 49,966 shares of the company’s stock in a transaction that occurred on Wednesday, May 23rd. The shares were sold at an average price of $175.37, for a total transaction of $8,762,537.42. Following the sale, the chief executive officer now owns 271,635 shares in the company, valued at $47,636,629.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 129,043 shares of company stock worth $22,371,980. 0.73% of the stock is owned by corporate insiders.
Shares of Laboratory Corp. of America opened at $179.53 on Friday, Marketbeat Ratings reports. The firm has a market cap of $18.29 billion, a PE ratio of 17.67, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. The company has a current ratio of 1.38, a quick ratio of 1.27 and a debt-to-equity ratio of 0.91. Laboratory Corp. of America Holdings has a 52 week low of $146.68 and a 52 week high of $190.35.
Laboratory Corp. of America (NYSE:LH) last announced its earnings results on Wednesday, April 25th. The medical research company reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.15. Laboratory Corp. of America had a net margin of 11.52% and a return on equity of 16.33%. The business had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the firm earned $2.22 earnings per share. Laboratory Corp. of America’s quarterly revenue was up 18.0% on a year-over-year basis. equities analysts anticipate that Laboratory Corp. of America Holdings will post 11.56 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 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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