Weitz Investment Management Inc. lowered its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 674,275 shares of the medical research company’s stock after selling 15,050 shares during the period. Laboratory Corp. of America makes up approximately 4.3% of Weitz Investment Management Inc.’s portfolio, making the stock its 4th biggest holding. Weitz Investment Management Inc.’s holdings in Laboratory Corp. of America were worth $103,151,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in LH. Bremer Trust National Association purchased a new stake in Laboratory Corp. of America during the fourth quarter worth $31,000. Osborn Williams & Donohoe LLC purchased a new stake in Laboratory Corp. of America during the first quarter worth $32,000. Bremer Bank National Association purchased a new stake in Laboratory Corp. of America during the first quarter worth $35,000. Shine Investment Advisory Services Inc. boosted its position in Laboratory Corp. of America by 30.7% during the first quarter. Shine Investment Advisory Services Inc. now owns 277 shares of the medical research company’s stock worth $42,000 after purchasing an additional 65 shares in the last quarter. Finally, Old North State Trust LLC boosted its position in Laboratory Corp. of America by 464.2% during the fourth quarter. Old North State Trust LLC now owns 378 shares of the medical research company’s stock worth $47,000 after purchasing an additional 311 shares in the last quarter. 91.56% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on LH. Wolfe Research began coverage on Laboratory Corp. of America in a research report on Tuesday, April 2nd. They issued an “underperform” rating on the stock. Credit Suisse Group upped their price objective on Laboratory Corp. of America from $160.00 to $164.00 and gave the company an “outperform” rating in a research report on Wednesday, February 27th. Jefferies Financial Group upgraded Laboratory Corp. of America from a “hold” rating to a “buy” rating and upped their price objective for the company from $154.00 to $190.00 in a research report on Tuesday, April 2nd. ValuEngine upgraded Laboratory Corp. of America from a “sell” rating to a “hold” rating in a research report on Monday, March 11th. Finally, Morgan Stanley set a $175.00 price objective on Laboratory Corp. of America and gave the company a “buy” rating in a research report on Friday, February 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. Laboratory Corp. of America has an average rating of “Hold” and a consensus price target of $179.33.
Laboratory Corp. of America stock traded down $1.48 during trading on Friday, hitting $166.53. The company’s stock had a trading volume of 7,854 shares, compared to its average volume of 700,160. The firm has a market capitalization of $16.40 billion, a P/E ratio of 15.13, a PEG ratio of 1.72 and a beta of 1.05. Laboratory Corp. of America Holdings has a 1-year low of $119.38 and a 1-year high of $190.00. The company has a current ratio of 1.14, a quick ratio of 1.05 and a debt-to-equity ratio of 0.77.
Laboratory Corp. of America (NYSE:LH) last released its earnings results on Tuesday, April 30th. The medical research company reported $2.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.53 by $0.09. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.82 billion. Laboratory Corp. of America had a return on equity of 16.59% and a net margin of 8.59%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.78 earnings per share. As a group, equities analysts predict that Laboratory Corp. of America Holdings will post 11.27 EPS for the current year.
In other Laboratory Corp. of America news, Director R Sanders Williams sold 500 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $162.20, for a total transaction of $81,100.00. Following the completion of the sale, the director now directly owns 7,386 shares in the company, valued at $1,198,009.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Glenn A. Eisenberg sold 10,000 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $167.40, for a total value of $1,674,000.00. Following the sale, the chief financial officer now owns 28,366 shares of the company’s stock, valued at $4,748,468.40. The disclosure for this sale can be found here. Insiders sold 18,200 shares of company stock valued at $3,026,410 over the last quarter. Insiders own 0.74% of the company’s stock.
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Laboratory Corp. of America Profile
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development. It offers various clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually-transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.
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