Magnetar Financial LLC Acquires Shares of 21,054 Laboratory Corporation of America Holdings (LH)

Magnetar Financial LLC acquired a new position in shares of Laboratory Corporation of America Holdings (NYSE:LH) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 21,054 shares of the medical research company’s stock, valued at approximately $3,179,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swiss National Bank raised its stake in shares of Laboratory Corporation of America by 1.9% during the 2nd quarter. Swiss National Bank now owns 460,275 shares of the medical research company’s stock worth $70,947,000 after purchasing an additional 8,500 shares in the last quarter. Sentry Investments Corp. raised its stake in shares of Laboratory Corporation of America by 29.6% during the 2nd quarter. Sentry Investments Corp. now owns 924,900 shares of the medical research company’s stock worth $142,564,000 after purchasing an additional 211,180 shares in the last quarter. Allen Investment Management LLC raised its stake in shares of Laboratory Corporation of America by 13.7% during the 2nd quarter. Allen Investment Management LLC now owns 732,798 shares of the medical research company’s stock worth $112,953,000 after purchasing an additional 88,564 shares in the last quarter. Taylor Asset Management Inc. raised its stake in shares of Laboratory Corporation of America by 1.8% during the 2nd quarter. Taylor Asset Management Inc. now owns 51,600 shares of the medical research company’s stock worth $7,953,000 after purchasing an additional 900 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Laboratory Corporation of America by 2.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 39,891 shares of the medical research company’s stock worth $6,150,000 after purchasing an additional 881 shares in the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. ValuEngine downgraded Laboratory Corporation of America from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Robert W. Baird reaffirmed a “hold” rating and set a $166.00 price target on shares of Laboratory Corporation of America in a research note on Tuesday, October 17th. Zacks Investment Research downgraded Laboratory Corporation of America from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Barclays raised their price target on Laboratory Corporation of America from $183.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, October 26th. Finally, Mizuho set a $165.00 price target on Laboratory Corporation of America and gave the stock a “neutral” rating in a research note on Friday, December 1st. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $170.92.

Shares of Laboratory Corporation of America Holdings (LH) traded up $0.29 during mid-day trading on Thursday, hitting $155.51. The company had a trading volume of 619,600 shares, compared to its average volume of 722,619. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.89 and a quick ratio of 1.75. Laboratory Corporation of America Holdings has a 1-year low of $123.41 and a 1-year high of $164.22. The company has a market cap of $15,801.40, a P/E ratio of 16.69, a price-to-earnings-growth ratio of 1.65 and a beta of 0.87.

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

In related news, Director Dwight Gary Gilliland sold 971 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $153.52, for a total value of $149,067.92. Following the transaction, the director now directly owns 3,501 shares of the company’s stock, valued at approximately $537,473.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by company insiders.

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Laboratory Corporation of America 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).

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

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