California State Teachers Retirement System grew its holdings in Laboratory Corp. of America Holdings (NYSE:LH) by 0.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 179,554 shares of the medical research company’s stock after buying an additional 1,416 shares during the quarter. California State Teachers Retirement System owned approximately 0.18% of Laboratory Corp. of America worth $28,641,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LH. Zions Bancorporation raised its position in shares of Laboratory Corp. of America by 7,444.4% in 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 in the last quarter. Financial Gravity Companies Inc. bought a new position in Laboratory Corp. of America during the 4th quarter valued at approximately $182,000. Weik Capital Management bought a new position in Laboratory Corp. of America during the 4th quarter valued at approximately $200,000. Hourglass Capital LLC bought a new position in Laboratory Corp. of America during the 4th quarter valued at approximately $207,000. Finally, Teacher Retirement System of Texas bought a new position in Laboratory Corp. of America during the 3rd quarter valued at approximately $210,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
Shares of NYSE:LH traded down $3.41 during trading hours on Friday, hitting $161.65. 688,915 shares of the company’s stock traded hands, compared to its average volume of 666,611. Laboratory Corp. of America Holdings has a 1 year low of $134.19 and a 1 year high of $181.71. The firm has a market capitalization of $16,472.13, a PE ratio of 16.84, a price-to-earnings-growth ratio of 1.36 and a beta of 0.94. 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 earnings results on Tuesday, February 6th. The medical research company reported $2.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.38 by $0.07. Laboratory Corp. of America had a return on equity of 16.30% and a net margin of 12.15%. The business had revenue of $2.70 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the previous year, the business earned $2.15 earnings per share. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. equities research analysts expect that Laboratory Corp. of America Holdings will post 11.55 EPS for the current fiscal year.
A number of research firms have recently issued reports on LH. ValuEngine downgraded Laboratory Corp. of America from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Credit Suisse Group reiterated an “outperform” rating and set a $195.00 target price (up from $192.00) on shares of Laboratory Corp. of America in a research report on Thursday, March 8th. Jefferies Group reiterated a “hold” rating and set a $176.00 target price on shares of Laboratory Corp. of America in a research report on Tuesday, March 6th. Citigroup lifted their target price on Laboratory Corp. of America from $161.00 to $184.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Finally, Goldman Sachs began coverage on Laboratory Corp. of America in a research report on Monday, January 29th. They issued a “buy” rating and a $205.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $189.19.
In related news, Director Adam H. Schechter sold 1,263 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $169.29, for a total value of $213,813.27. Following the completion of the sale, the director now owns 7,297 shares in the company, valued at $1,235,309.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Glenn A. Eisenberg sold 8,400 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $167.36, for a total value of $1,405,824.00. Following the completion of the sale, the chief financial officer now owns 15,931 shares of the company’s stock, valued at approximately $2,666,212.16. The disclosure for this sale can be found here. Insiders sold 59,630 shares of company stock valued at $9,851,701 in the last quarter. 0.90% of the stock is owned by company 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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