Grisanti Capital Management LLC Sells 775 Shares of Laboratory Corporation of America Holdings (LH)

Grisanti Capital Management LLC lessened its holdings in Laboratory Corporation of America Holdings (NYSE:LH) by 1.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,056 shares of the medical research company’s stock after selling 775 shares during the quarter. Laboratory Corporation of America comprises 3.5% of Grisanti Capital Management LLC’s portfolio, making the stock its 12th largest position. Grisanti Capital Management LLC owned approximately 0.06% of Laboratory Corporation of America worth $8,463,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Swiss National Bank lifted its stake in shares of Laboratory Corporation of America by 1.9% in the second quarter. Swiss National Bank now owns 460,275 shares of the medical research company’s stock worth $70,947,000 after buying an additional 8,500 shares in the last quarter. Sentry Investments Corp. lifted its stake in shares of Laboratory Corporation of America by 29.6% in the second quarter. Sentry Investments Corp. now owns 924,900 shares of the medical research company’s stock worth $142,564,000 after buying an additional 211,180 shares in the last quarter. Allen Investment Management LLC lifted its stake in shares of Laboratory Corporation of America by 13.7% in the second quarter. Allen Investment Management LLC now owns 732,798 shares of the medical research company’s stock worth $112,953,000 after buying an additional 88,564 shares in the last quarter. Taylor Asset Management Inc. lifted its stake in shares of Laboratory Corporation of America by 1.8% in the second quarter. Taylor Asset Management Inc. now owns 51,600 shares of the medical research company’s stock worth $7,953,000 after buying an additional 900 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Laboratory Corporation of America by 2.3% in the second quarter. PNC Financial Services Group Inc. now owns 39,891 shares of the medical research company’s stock worth $6,150,000 after buying an additional 881 shares in the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.

Shares of Laboratory Corporation of America Holdings (LH) traded down $1.78 during trading on Monday, reaching $156.49. 657,800 shares of the company were exchanged, compared to its average volume of 723,320. The company has a market capitalization of $15,930.68, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 1.66 and a beta of 0.87. Laboratory Corporation of America Holdings has a 12 month low of $123.41 and a 12 month high of $164.22. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 1.18.

Laboratory Corporation of America (NYSE:LH) last released its quarterly earnings results on Wednesday, October 25th. The medical research company reported $2.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.38 by $0.08. Laboratory Corporation of America had a net margin of 7.40% and a return on equity of 16.75%. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the firm earned $2.25 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. equities research analysts predict that Laboratory Corporation of America Holdings will post 9.52 earnings per share for the current fiscal year.

In other Laboratory Corporation of America news, CEO David P. King sold 44,687 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $156.86, for a total value of $7,009,602.82. Following the transaction, the chief executive officer now directly owns 258,753 shares in the company, valued at $40,587,995.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dwight Gary Gilliland sold 971 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $153.52, for a total transaction of $149,067.92. Following the completion of the transaction, the director now owns 3,501 shares in the company, valued at $537,473.52. The disclosure for this sale can be found here. Insiders sold 178,371 shares of company stock worth $28,002,575 over the last quarter. Insiders own 0.90% of the company’s stock.

Several brokerages have recently issued reports on LH. Mizuho set a $165.00 price objective on shares of Laboratory Corporation of America and gave the company a “neutral” rating in a research report on Friday. ValuEngine upgraded shares of Laboratory Corporation of America from a “hold” rating to a “buy” rating in a research report on Thursday. Jefferies Group set a $167.00 price objective on shares of Laboratory Corporation of America and gave the company a “hold” rating in a research report on Friday, November 24th. Zacks Investment Research downgraded shares of Laboratory Corporation of America from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Finally, Robert W. Baird restated a “hold” rating and set a $150.00 price objective on shares of Laboratory Corporation of America in a research report on Friday, October 27th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $170.92.

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About Laboratory Corporation of America

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).

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Institutional Ownership by Quarter for Laboratory Corporation of America (NYSE:LH)

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