B. Riley Wealth Management Inc. Invests $278,000 in Laboratory Corp. of America Holdings (NYSE:LH)

B. Riley Wealth Management Inc. acquired a new position in shares of Laboratory Corp. of America Holdings (NYSE:LH) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,670 shares of the medical research company’s stock, valued at approximately $278,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Dupont Capital Management Corp boosted its holdings in Laboratory Corp. of America by 59.0% in the 2nd quarter. Dupont Capital Management Corp now owns 3,338 shares of the medical research company’s stock valued at $554,000 after purchasing an additional 1,239 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Laboratory Corp. of America by 15.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 105,458 shares of the medical research company’s stock worth $13,328,000 after acquiring an additional 14,309 shares during the period. Eminence Capital LP acquired a new position in Laboratory Corp. of America during the 2nd quarter worth approximately $22,389,000. Ironwood Investment Counsel LLC acquired a new position in Laboratory Corp. of America during the 2nd quarter worth approximately $2,763,000. Finally, HighTower Advisors LLC increased its position in Laboratory Corp. of America by 5.2% during the 1st quarter. HighTower Advisors LLC now owns 8,180 shares of the medical research company’s stock worth $1,036,000 after purchasing an additional 407 shares in the last quarter. Institutional investors own 88.65% of the company’s stock.

In related news, Director R Sanders Williams sold 1,300 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $173.12, for a total transaction of $225,056.00. Following the completion of the sale, the director now owns 6,395 shares in the company, valued at $1,107,102.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Der Vaart Sandra D. Van sold 872 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $160.33, for a total transaction of $139,807.76. Following the sale, the executive vice president now owns 4,915 shares of the company’s stock, valued at approximately $788,021.95. The disclosure for this sale can be found here. Insiders have sold 2,607 shares of company stock worth $438,814 over the last three months. 0.70% of the stock is owned by insiders.

NYSE LH traded up $1.23 on Wednesday, hitting $187.15. 9,514 shares of the company were exchanged, compared to its average volume of 960,115. Laboratory Corp. of America Holdings has a 12 month low of $98.02 and a 12 month high of $206.74. The company has a market cap of $18.11 billion, a PE ratio of 50.66, a PEG ratio of 1.52 and a beta of 1.32. The stock has a fifty day moving average of $184.62 and a 200-day moving average of $167.65. The company has a current ratio of 1.12, a quick ratio of 1.01 and a debt-to-equity ratio of 0.75.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings data on Tuesday, July 28th. The medical research company reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $1.79. Laboratory Corp. of America had a net margin of 3.16% and a return on equity of 14.39%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the firm earned $2.93 earnings per share. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, analysts expect that Laboratory Corp. of America Holdings will post 13.88 earnings per share for the current year.

Several brokerages have issued reports on LH. Deutsche Bank upped their price target on shares of Laboratory Corp. of America from $210.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Zacks Investment Research cut shares of Laboratory Corp. of America from a “strong-buy” rating to a “hold” rating and set a $206.00 price target for the company. in a research report on Friday, July 31st. Wolfe Research upgraded shares of Laboratory Corp. of America from a “peer perform” rating to an “outperform” rating and upped their price target for the company from $202.00 to $217.00 in a research report on Monday, July 13th. Bank of America upped their price target on shares of Laboratory Corp. of America from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Citigroup upped their price target on shares of Laboratory Corp. of America from $214.00 to $249.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. Laboratory Corp. of America currently has an average rating of “Buy” and a consensus price target of $214.44.

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

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