Essex Financial Services Inc. Grows Position in Laboratory Corp. of America Holdings (NYSE:LH)

Essex Financial Services Inc. grew its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,003 shares of the medical research company’s stock after buying an additional 99 shares during the period. Essex Financial Services Inc.’s holdings in Laboratory Corp. of America were worth $1,009,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Financial Advantage Inc. purchased a new position in Laboratory Corp. of America during the third quarter worth $26,000. Steward Partners Investment Advisory LLC purchased a new position in Laboratory Corp. of America during the second quarter worth $32,000. Legacy Advisors LLC purchased a new position in Laboratory Corp. of America during the second quarter worth $33,000. C M Bidwell & Associates Ltd. increased its position in Laboratory Corp. of America by 1,636.4% during the second quarter. C M Bidwell & Associates Ltd. now owns 191 shares of the medical research company’s stock worth $33,000 after buying an additional 180 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Laboratory Corp. of America during the second quarter worth $33,000. 90.22% of the stock is owned by institutional investors.

LH has been the subject of a number of recent analyst reports. UBS Group lowered their price objective on Laboratory Corp. of America from $204.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Zacks Investment Research raised Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $172.00 price objective for the company in a research report on Wednesday, October 9th. Morgan Stanley lifted their price objective on Laboratory Corp. of America from $190.00 to $201.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Canaccord Genuity reaffirmed a “hold” rating and issued a $170.00 price objective on shares of Laboratory Corp. of America in a research report on Thursday, October 24th. Finally, KeyCorp lifted their price objective on Laboratory Corp. of America from $172.00 to $192.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $184.90.

In other Laboratory Corp. of America news, CEO David P. King sold 30,177 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $165.40, for a total transaction of $4,991,275.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lisa J. Uthgenannt sold 2,466 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $168.59, for a total value of $415,742.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,145 shares of company stock valued at $6,855,988. 0.74% of the stock is owned by company insiders.

Shares of NYSE:LH traded up $2.61 during midday trading on Friday, reaching $168.41. The company’s stock had a trading volume of 494,790 shares, compared to its average volume of 720,532. The business has a 50 day moving average price of $167.13 and a 200 day moving average price of $167.15. Laboratory Corp. of America Holdings has a 1 year low of $119.38 and a 1 year high of $178.44. The company has a quick ratio of 1.08, a current ratio of 1.17 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.04 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 1.85 and a beta of 1.01.

Laboratory Corp. of America (NYSE:LH) last posted its quarterly earnings results on Thursday, October 24th. The medical research company reported $2.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.85 by $0.05. Laboratory Corp. of America had a return on equity of 15.33% and a net margin of 6.63%. The firm had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the previous year, the business earned $2.74 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Sell-side analysts anticipate that Laboratory Corp. of America Holdings will post 11.26 earnings per share for the current fiscal year.

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

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