Metropolitan Life Insurance Co NY trimmed its position in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,105 shares of the medical research company’s stock after selling 115 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Laboratory Corp. of America were worth $2,538,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Financial Advantage Inc. purchased a new position in Laboratory Corp. of America in the third quarter valued at $26,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth about $32,000. C M Bidwell & Associates Ltd. boosted its stake in shares of Laboratory Corp. of America by 1,636.4% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 191 shares of the medical research company’s stock worth $33,000 after acquiring an additional 180 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter valued at about $33,000. Finally, Rational Advisors LLC grew its position in shares of Laboratory Corp. of America by 106.2% during the 3rd quarter. Rational Advisors LLC now owns 200 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 103 shares during the period. 90.88% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on LH shares. Zacks Investment Research raised Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $172.00 price target for the company in a report on Wednesday, October 9th. Canaccord Genuity reissued a “hold” rating and issued a $170.00 price objective on shares of Laboratory Corp. of America in a report on Thursday, October 24th. UBS Group cut 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. KeyCorp boosted 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. Finally, ValuEngine downgraded Laboratory Corp. of America from a “hold” rating to a “sell” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $184.90.
In related news, insider Lisa J. Uthgenannt sold 2,466 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $168.59, for a total transaction of $415,742.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David P. King sold 30,177 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $165.40, for a total transaction of $4,991,275.80. The disclosure for this sale can be found here. Insiders have sold 35,243 shares of company stock valued at $5,853,829 over the last quarter. 0.74% of the stock is owned by company insiders.
LH stock opened at $172.60 on Tuesday. The business’s 50-day moving average is $168.53 and its 200 day moving average is $168.57. Laboratory Corp. of America Holdings has a 12-month low of $119.38 and a 12-month high of $178.44. The stock has a market cap of $16.73 billion, a price-to-earnings ratio of 15.66, a PEG ratio of 1.61 and a beta of 1.03. The company has a current ratio of 1.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.93.
Laboratory Corp. of America (NYSE:LH) last announced its earnings results on Thursday, October 24th. The medical research company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.05. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Laboratory Corp. of America had a return on equity of 15.33% and a net margin of 6.63%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.74 earnings per share. As a group, equities analysts forecast that Laboratory Corp. of America Holdings will post 11.26 EPS 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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