State of Tennessee Treasury Department Trims Stake in Laboratory Corporation of America Holdings (LH)

State of Tennessee Treasury Department lessened its holdings in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 2.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,701 shares of the medical research company’s stock after selling 732 shares during the quarter. State of Tennessee Treasury Department’s holdings in Laboratory Corporation of America Holdings were worth $5,540,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the company. Acrospire Investment Management LLC increased its stake in shares of Laboratory Corporation of America Holdings by 16.5% during the second quarter. Acrospire Investment Management LLC now owns 705 shares of the medical research company’s stock worth $109,000 after buying an additional 100 shares during the period. Sun Life Financial INC increased its stake in shares of Laboratory Corporation of America Holdings by 9,200.0% during the second quarter. Sun Life Financial INC now owns 744 shares of the medical research company’s stock worth $115,000 after buying an additional 736 shares during the period. IFP Advisors Inc increased its stake in shares of Laboratory Corporation of America Holdings by 83.9% during the second quarter. IFP Advisors Inc now owns 1,146 shares of the medical research company’s stock worth $177,000 after buying an additional 523 shares during the period. Hourglass Capital LLC purchased a new stake in shares of Laboratory Corporation of America Holdings during the second quarter worth approximately $200,000. Finally, TNB Financial purchased a new stake in shares of Laboratory Corporation of America Holdings during the second quarter worth approximately $208,000. 93.54% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts recently weighed in on the stock. Robert W. Baird restated a “hold” rating and set a $166.00 target price on shares of Laboratory Corporation of America Holdings in a research note on Tuesday, October 17th. ValuEngine lowered shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. KeyCorp restated a “hold” rating on shares of Laboratory Corporation of America Holdings in a research note on Tuesday, September 26th. Barclays PLC upped their target price on shares of Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research lowered shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $169.00.

In related news, Director Dwight Gary Gilliland sold 971 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $153.52, for a total transaction of $149,067.92. Following the completion of the sale, the director now directly owns 3,501 shares of the company’s stock, valued at $537,473.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David P. King sold 132,713 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $157.06, for a total value of $20,843,903.78. The disclosure for this sale can be found here. Insiders sold 209,871 shares of company stock valued at $32,892,005 over the last three months. Corporate insiders own 0.90% of the company’s stock.

Shares of Laboratory Corporation of America Holdings (LH) opened at $149.87 on Tuesday. The firm has a market capitalization of $15,316.83, a P/E ratio of 16.18, a PEG ratio of 1.60 and a beta of 0.87. Laboratory Corporation of America Holdings has a fifty-two week low of $123.36 and a fifty-two week high of $164.22. The company has a quick ratio of 1.75, a current ratio of 1.89 and a debt-to-equity ratio of 1.18.

Laboratory Corporation of America Holdings (NYSE:LH) last posted its quarterly earnings data on Wednesday, October 25th. The medical research company reported $2.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.38 by $0.08. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.55 billion. Laboratory Corporation of America Holdings had a return on equity of 16.75% and a net margin of 7.40%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.25 earnings per share. sell-side analysts predict that Laboratory Corporation of America Holdings will post 9.52 EPS for the current fiscal year.

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Laboratory Corporation of America Holdings Profile

Laboratory Corporation of America Holdings is a life sciences company that is integrated in guiding patient care, providing clinical laboratory and end-to-end drug development services. The Company operates as a healthcare diagnostics company. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

Institutional Ownership by Quarter for Laboratory Corporation of America Holdings (NYSE:LH)

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