KeyCorp Cuts Laboratory Corp. of America (LH) Price Target to $165.00

Laboratory Corp. of America (NYSE:LH) had its price target lowered by stock analysts at KeyCorp from $210.00 to $165.00 in a report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has an “overweight” rating on the medical research company’s stock. KeyCorp’s price objective would indicate a potential upside of 14.91% from the stock’s current price. KeyCorp also issued estimates for Laboratory Corp. of America’s FY2018 earnings at $11.02 EPS, Q1 2019 earnings at $2.64 EPS, Q2 2019 earnings at $2.86 EPS, Q3 2019 earnings at $2.84 EPS, Q4 2019 earnings at $2.88 EPS, FY2019 earnings at $11.21 EPS and FY2020 earnings at $12.00 EPS. The analysts noted that the move was a valuation call.

LH has been the topic of a number of other research reports. ValuEngine cut shares of Laboratory Corp. of America from a “hold” rating to a “sell” rating in a report on Saturday, December 1st. Bank of America assumed coverage on shares of Laboratory Corp. of America in a report on Friday, October 19th. They set a “buy” rating on the stock. Goldman Sachs Group cut shares of Laboratory Corp. of America from a “conviction-buy” rating to a “buy” rating and lowered their target price for the company from $190.00 to $180.00 in a report on Friday, November 30th. William Blair reissued a “buy” rating on shares of Laboratory Corp. of America in a report on Monday. Finally, Citigroup lowered their target price on shares of Laboratory Corp. of America from $171.00 to $160.00 and set a “neutral” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $179.69.

Shares of NYSE LH opened at $143.59 on Thursday. The company has a current ratio of 1.55, a quick ratio of 1.44 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $14.46 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.47 and a beta of 0.99. Laboratory Corp. of America has a twelve month low of $139.18 and a twelve month high of $190.35.

Laboratory Corp. of America (NYSE:LH) last issued its earnings results on Wednesday, October 24th. The medical research company reported $2.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.14). Laboratory Corp. of America had a net margin of 13.27% and a return on equity of 17.13%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the firm earned $2.46 EPS. The company’s revenue was up 8.0% compared to the same quarter last year. On average, analysts forecast that Laboratory Corp. of America will post 10.99 EPS for the current fiscal year.

In related news, Director R Sanders Williams sold 350 shares of the company’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $162.14, for a total value of $56,749.00. Following the completion of the transaction, the director now directly owns 7,886 shares in the company, valued at $1,278,636.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 3,700 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 21,795 shares of the company’s stock, valued at $3,558,905.55. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

A number of large investors have recently made changes to their positions in LH. OppenheimerFunds Inc. grew its position in Laboratory Corp. of America by 113.3% in the second quarter. OppenheimerFunds Inc. now owns 1,700,776 shares of the medical research company’s stock worth $305,341,000 after acquiring an additional 903,554 shares in the last quarter. Egerton Capital UK LLP purchased a new position in Laboratory Corp. of America in the second quarter worth $150,989,000. BlackRock Inc. grew its position in Laboratory Corp. of America by 9.1% in the second quarter. BlackRock Inc. now owns 8,711,292 shares of the medical research company’s stock worth $1,563,937,000 after acquiring an additional 729,038 shares in the last quarter. Rehmann Capital Advisory Group grew its position in Laboratory Corp. of America by 16,859.4% in the third quarter. Rehmann Capital Advisory Group now owns 544,566 shares of the medical research company’s stock worth $1,062,784,000 after acquiring an additional 541,355 shares in the last quarter. Finally, Redmile Group LLC purchased a new position in Laboratory Corp. of America in the second quarter worth $51,776,000. Institutional investors own 91.68% of the company’s stock.

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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Analyst Recommendations for Laboratory Corp. of America (NYSE:LH)

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