Watch Point Trust Co Reduces Position in Laboratory Corp. of America Holdings (NYSE:LH)

Watch Point Trust Co lessened its position in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 11.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,675 shares of the medical research company’s stock after selling 225 shares during the quarter. Watch Point Trust Co’s holdings in Laboratory Corp. of America were worth $282,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in LH. Financial Advantage Inc. purchased a new stake in Laboratory Corp. of America during the third quarter valued at about $26,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth approximately $32,000. Meeder Asset Management Inc. acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth approximately $33,000. Legacy Advisors LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth approximately $33,000. Finally, C M Bidwell & Associates Ltd. boosted its position 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. Hedge funds and other institutional investors own 90.22% of the company’s stock.

Shares of NYSE LH traded up $2.61 during mid-day trading on Friday, reaching $168.41. 427,859 shares of the company’s stock traded hands, compared to its average volume of 720,532. The stock has a market cap of $16.04 billion, a P/E ratio of 15.28, a PEG ratio of 1.85 and a beta of 1.01. The business has a 50-day simple moving average of $167.04 and a 200 day simple moving average of $167.26. 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 debt-to-equity ratio of 0.93, a current ratio of 1.17 and a quick ratio of 1.08.

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

In related news, insider Lisa J. Uthgenannt sold 2,466 shares of the firm’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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David P. King sold 30,177 shares of the firm’s 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 41,145 shares of company stock valued at $6,855,988 over the last quarter. Corporate insiders own 0.74% of the company’s stock.

Several equities analysts have recently issued reports on LH shares. KeyCorp raised their price target on shares of Laboratory Corp. of America from $172.00 to $192.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Zacks Investment Research upgraded shares of 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. Morgan Stanley raised their price target on shares of Laboratory Corp. of America from $190.00 to $201.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. UBS Group reduced their price target on shares of Laboratory Corp. of America from $204.00 to $200.00 and set a “buy” rating for the company in a report on Monday, October 21st. Finally, Barclays set a $200.00 price objective on shares of Laboratory Corp. of America and gave the company a “buy” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $184.90.

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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