CIBC World Markets Inc. Boosts Position in Laboratory Corp. of America Holdings (LH)

CIBC World Markets Inc. boosted its holdings in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 227.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,790 shares of the medical research company’s stock after purchasing an additional 5,410 shares during the period. CIBC World Markets Inc.’s holdings in Laboratory Corp. of America were worth $1,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Financial Gravity Companies Inc. acquired a new position in shares of Laboratory Corp. of America in the fourth quarter worth about $182,000. Synovus Financial Corp acquired a new position in shares of Laboratory Corp. of America in the first quarter worth about $199,000. TLP Group LLC raised its position in shares of Laboratory Corp. of America by 1,832.8% in the first quarter. TLP Group LLC now owns 1,237 shares of the medical research company’s stock worth $200,000 after acquiring an additional 1,173 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in shares of Laboratory Corp. of America in the first quarter worth about $215,000. Finally, Element Capital Management LLC acquired a new position in shares of Laboratory Corp. of America in the first quarter worth about $215,000. Institutional investors own 92.35% of the company’s stock.

In related news, insider Edward T. Dodson sold 13,000 shares of the company’s stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $183.35, for a total transaction of $2,383,550.00. Following the completion of the transaction, the insider now owns 22,113 shares in the company, valued at approximately $4,054,418.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO M. Huff Gary sold 1,610 shares of the company’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $182.50, for a total transaction of $293,825.00. Following the sale, the chief executive officer now directly owns 1,610 shares of the company’s stock, valued at approximately $293,825. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,043 shares of company stock valued at $22,371,980. Insiders own 0.73% of the company’s stock.

LH has been the subject of a number of analyst reports. Barclays upped their price objective on shares of Laboratory Corp. of America from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, May 25th. Jefferies Financial Group reiterated 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. KeyCorp upgraded shares of Laboratory Corp. of America from a “sector weight” rating to an “overweight” rating and set a $210.00 price objective for the company in a research report on Thursday, June 7th. Zacks Investment Research downgraded shares of Laboratory Corp. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Finally, Robert W. Baird upgraded shares of Laboratory Corp. of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $183.00 to $203.00 in a research report on Tuesday, May 1st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $192.18.

Laboratory Corp. of America opened at $179.53 on Friday, according to Marketbeat. Laboratory Corp. of America Holdings has a twelve month low of $146.68 and a twelve month high of $190.35. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.38 and a quick ratio of 1.27. The stock has a market cap of $18.28 billion, a P/E ratio of 18.70, a P/E/G ratio of 1.57 and a beta of 0.93.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings results on Wednesday, April 25th. The medical research company reported $2.78 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the firm earned $2.22 EPS. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. sell-side analysts expect that Laboratory Corp. of America Holdings will post 11.56 earnings per share for the current fiscal 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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Institutional Ownership by Quarter for Laboratory Corp. of America (NYSE:LH)

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