Laboratory Corp. of America Holdings (LH) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its holdings in Laboratory Corp. of America Holdings (NYSE:LH) by 19.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 892,870 shares of the medical research company’s stock after selling 220,486 shares during the period. Bessemer Group Inc. owned 0.88% of Laboratory Corp. of America worth $155,073,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SPC Financial Inc. acquired a new position in shares of Laboratory Corp. of America in the 2nd quarter valued at about $455,000. Schwab Charles Investment Management Inc. lifted its stake in shares of Laboratory Corp. of America by 0.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 389,086 shares of the medical research company’s stock valued at $69,853,000 after purchasing an additional 3,039 shares in the last quarter. Homrich & Berg acquired a new position in shares of Laboratory Corp. of America in the 2nd quarter valued at about $245,000. Private Advisor Group LLC acquired a new position in shares of Laboratory Corp. of America in the 2nd quarter valued at about $656,000. Finally, Redmile Group LLC acquired a new position in shares of Laboratory Corp. of America in the 2nd quarter valued at about $51,776,000. 91.99% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have recently weighed in on LH shares. Citigroup reduced their price objective on Laboratory Corp. of America from $184.00 to $171.00 and set a “neutral” rating on the stock in a research note on Thursday, October 25th. Bank of America started coverage on Laboratory Corp. of America in a research note on Friday, October 19th. They issued a “buy” rating on the stock. Deutsche Bank reduced their price objective on Laboratory Corp. of America from $195.00 to $190.00 and set a “hold” rating on the stock in a research note on Monday, August 20th. Credit Suisse Group reduced their price objective on Laboratory Corp. of America from $197.00 to $195.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 4th. Finally, Mizuho set a $169.00 price objective on Laboratory Corp. of America and gave the company a “hold” rating in a research note on Thursday, October 25th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Laboratory Corp. of America has an average rating of “Buy” and an average price target of $192.19.

Laboratory Corp. of America stock opened at $170.15 on Friday. The company has a market cap of $17.25 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.62 and a beta of 1.00. The company has a current ratio of 1.55, a quick ratio of 1.44 and a debt-to-equity ratio of 0.83. Laboratory Corp. of America Holdings has a one year low of $147.70 and a one year high of $190.35.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings results on Wednesday, October 24th. The medical research company reported $2.74 EPS for the quarter, missing the consensus estimate of $2.88 by ($0.14). The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.84 billion. Laboratory Corp. of America had a return on equity of 17.13% and a net margin of 13.27%. The business’s revenue was up 8.0% on a year-over-year basis. During the same period last year, the firm posted $2.46 earnings per share. Sell-side analysts expect that Laboratory Corp. of America Holdings will post 11.33 EPS for the current year.

In related news, Director Kerrii B. Anderson sold 3,700 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $163.29, for a total transaction of $604,173.00. Following the transaction, the director now directly owns 21,795 shares of the company’s stock, valued at approximately $3,558,905.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “Laboratory Corp. of America Holdings (LH) Shares Sold by Bessemer Group Inc.” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this article on another publication, it was illegally stolen and reposted in violation of United States & international trademark & copyright legislation. The correct version of this article can be read at https://www.dispatchtribunal.com/2018/11/11/laboratory-corp-of-america-holdings-lh-shares-sold-by-bessemer-group-inc.html.

Laboratory Corp. of America Company Profile

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.

See Also: Relative Strength Index

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

Receive News & Ratings for Laboratory Corp. of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Laboratory Corp. of America and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply