Bank of Montreal Can decreased its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 27.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 327,879 shares of the medical research company’s stock after selling 124,215 shares during the period. Bank of Montreal Can owned approximately 0.32% of Laboratory Corp. of America worth $52,300,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation boosted its holdings in Laboratory Corp. of America by 7,444.4% in the third quarter. Zions Bancorporation now owns 679 shares of the medical research company’s stock valued at $103,000 after purchasing an additional 670 shares during the last quarter. Sun Life Financial INC boosted its holdings in Laboratory Corp. of America by 9,200.0% in the second quarter. Sun Life Financial INC now owns 744 shares of the medical research company’s stock valued at $115,000 after purchasing an additional 736 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in Laboratory Corp. of America in the third quarter valued at about $210,000. Institute for Wealth Management LLC. purchased a new position in Laboratory Corp. of America in the second quarter valued at about $220,000. Finally, P.R. Herzig & Co. Inc. purchased a new position in Laboratory Corp. of America in the third quarter valued at about $226,000. 91.70% of the stock is owned by institutional investors.
Shares of Laboratory Corp. of America Holdings (LH) traded up $0.41 during midday trading on Monday, reaching $168.49. The company’s stock had a trading volume of 718,615 shares, compared to its average volume of 665,640. Laboratory Corp. of America Holdings has a 12-month low of $134.10 and a 12-month high of $181.71. The firm has a market capitalization of $17,350.00, a PE ratio of 13.79, a P/E/G ratio of 1.47 and a beta of 0.92. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.31 and a quick ratio of 1.20.
Laboratory Corp. of America (NYSE:LH) last announced its quarterly earnings results on Tuesday, February 6th. The medical research company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.07. The business had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Laboratory Corp. of America had a return on equity of 16.30% and a net margin of 12.15%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.15 EPS. research analysts anticipate that Laboratory Corp. of America Holdings will post 11.53 EPS for the current fiscal year.
A number of research analysts recently commented on LH shares. Barclays increased their price target on Laboratory Corp. of America from $183.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, October 26th. Zacks Investment Research downgraded Laboratory Corp. of America from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. Jefferies Group set a $167.00 price target on Laboratory Corp. of America and gave the company a “hold” rating in a report on Friday, November 24th. Mizuho set a $178.00 price objective on Laboratory Corp. of America and gave the company a “hold” rating in a research note on Wednesday, January 24th. Finally, Deutsche Bank upped their price objective on Laboratory Corp. of America from $170.00 to $172.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $180.73.
In other news, Director Adam H. Schechter sold 1,263 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $169.29, for a total transaction of $213,813.27. Following the sale, the director now directly owns 7,297 shares in the company, valued at approximately $1,235,309.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is currently owned by corporate insiders.
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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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