Laboratory Corp. of America Holdings (NYSE:LH) Short Interest Up 8.8% in January

Laboratory Corp. of America Holdings (NYSE:LH) saw a significant increase in short interest in January. As of January 31st, there was short interest totalling 1,600,000 shares, an increase of 8.8% from the January 15th total of 1,470,000 shares. Based on an average trading volume of 605,800 shares, the days-to-cover ratio is currently 2.6 days. Approximately 1.7% of the shares of the company are short sold.

LH traded down $0.44 during trading on Friday, hitting $194.29. The company’s stock had a trading volume of 19,536 shares, compared to its average volume of 703,204. 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 has a twelve month low of $140.53 and a twelve month high of $196.36. The business’s fifty day simple moving average is $176.75 and its 200 day simple moving average is $170.23. The firm has a market capitalization of $17.82 billion, a price-to-earnings ratio of 25.59, a P/E/G ratio of 1.81 and a beta of 1.07.

Laboratory Corp. of America (NYSE:LH) last issued its quarterly earnings data on Thursday, February 13th. The medical research company reported $2.86 EPS for the quarter, beating the consensus estimate of $2.80 by $0.06. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $2.92 billion. Laboratory Corp. of America had a return on equity of 15.33% and a net margin of 6.63%. Laboratory Corp. of America’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $2.52 earnings per share. As a group, equities research analysts forecast that Laboratory Corp. of America will post 11.25 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. Veritas Investment Management LLP boosted its stake in shares of Laboratory Corp. of America by 3.9% in the third quarter. Veritas Investment Management LLP now owns 513,862 shares of the medical research company’s stock worth $86,337,000 after acquiring an additional 19,220 shares during the last quarter. BMT Investment Advisors boosted its stake in shares of Laboratory Corp. of America by 4.5% in the third quarter. BMT Investment Advisors now owns 13,974 shares of the medical research company’s stock worth $2,348,000 after acquiring an additional 600 shares during the last quarter. Smith Salley & Associates boosted its stake in shares of Laboratory Corp. of America by 3.7% in the third quarter. Smith Salley & Associates now owns 63,121 shares of the medical research company’s stock worth $10,605,000 after acquiring an additional 2,240 shares during the last quarter. National Pension Service boosted its stake in shares of Laboratory Corp. of America by 5.5% in the third quarter. National Pension Service now owns 130,074 shares of the medical research company’s stock worth $21,852,000 after acquiring an additional 6,761 shares during the last quarter. Finally, Carillon Tower Advisers Inc. boosted its stake in shares of Laboratory Corp. of America by 25.0% in the third quarter. Carillon Tower Advisers Inc. now owns 16,000 shares of the medical research company’s stock worth $2,688,000 after acquiring an additional 3,200 shares during the last quarter. 90.74% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently weighed in on the company. Zacks Investment Research upgraded Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $186.00 price target for the company in a research report on Monday, January 13th. UBS Group dropped their price objective on Laboratory Corp. of America from $204.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Bank of America lowered Laboratory Corp. of America from a “neutral” rating to an “underperform” rating in a report on Friday, January 3rd. Wells Fargo & Co initiated coverage on Laboratory Corp. of America in a report on Tuesday, January 7th. They issued an “overweight” rating and a $210.00 price objective on the stock. Finally, Piper Sandler raised their price objective on Laboratory Corp. of America from to in a report on Thursday. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $193.19.

About Laboratory Corp. of America

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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