Zacks Investment Research upgraded shares of Laboratory Corp. of America (NYSE:LH) from a sell rating to a hold rating in a report published on Wednesday, January 10th.
According to Zacks, “Over the past six months LabCorp has been trading above the broader industry. The company’s Diagnostics business continues to remain strong on improving price, mix, acquisition and favorable foreign exchange. Also after several quarters of dull show, Covance Drug Development reported strong growth on the back of the acquisition of Chiltern, strong organic growth and favorable foreign currency translation. An increased 2017 guidance boosts investors’ confidence indicating chances of this bullish trend to be maintained in the fourth quarter too. However, the current economic uncertainty including challenging volume environment for testing laboratories and utilization weaknesses are looming headwinds for LabCorp. Also, the company's revenue growth was constrained by the impact from multiple hurricanes during the last reported quarter.”
Several other equities analysts have also recently commented on LH. Robert W. Baird reaffirmed a hold rating and issued a $166.00 price target on shares of Laboratory Corp. of America in a report on Tuesday, October 17th. KeyCorp reaffirmed a hold rating on shares of Laboratory Corp. of America in a report on Tuesday, September 26th. ValuEngine cut Laboratory Corp. of America from a buy rating to a hold rating in a report on Tuesday, September 26th. SunTrust Banks reaffirmed a buy rating and issued a $190.00 price target on shares of Laboratory Corp. of America in a report on Thursday, October 12th. Finally, Craig Hallum reaffirmed a buy rating and issued a $180.00 price target (up previously from $175.00) on shares of Laboratory Corp. of America in a report on Thursday, October 26th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Laboratory Corp. of America currently has an average rating of Buy and a consensus price target of $175.00.
Laboratory Corp. of America (NYSE:LH) traded down $1.46 during trading on Wednesday, reaching $173.04. The company’s stock had a trading volume of 662,060 shares, compared to its average volume of 571,037. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.75 and a current ratio of 1.89. The firm has a market cap of $18,066.45, a PE ratio of 24.20, a price-to-earnings-growth ratio of 1.68 and a beta of 0.87. Laboratory Corp. of America has a 12-month low of $128.00 and a 12-month high of $181.71.
Hedge funds have recently added to or reduced their stakes in the company. Zions Bancorporation grew its position in Laboratory Corp. of America by 7,444.4% during the 3rd quarter. Zions Bancorporation now owns 679 shares of the medical research company’s stock worth $103,000 after acquiring an additional 670 shares during the last quarter. Acrospire Investment Management LLC grew its position in Laboratory Corp. of America by 16.5% during the 2nd quarter. Acrospire Investment Management LLC now owns 705 shares of the medical research company’s stock worth $109,000 after acquiring an additional 100 shares during the last quarter. Sun Life Financial INC grew its position in Laboratory Corp. of America by 9,200.0% during the 2nd quarter. Sun Life Financial INC now owns 744 shares of the medical research company’s stock worth $115,000 after acquiring an additional 736 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in Laboratory Corp. of America during the 4th quarter worth approximately $224,000. Finally, Teacher Retirement System of Texas bought a new stake in Laboratory Corp. of America during the 3rd quarter worth approximately $210,000. Institutional investors own 91.14% of the company’s stock.
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About Laboratory Corp. 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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