Mirae Asset Global Investments Co. Ltd. lowered its holdings in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 6.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,632 shares of the medical research company’s stock after selling 391 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Laboratory Corp. of America were worth $712,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of LH. JFS Wealth Advisors LLC bought a new stake in Laboratory Corp. of America during the 4th quarter worth $26,000. Evolution Wealth Advisors LLC bought a new stake in Laboratory Corp. of America during the 4th quarter worth $29,000. Quantamental Technologies LLC bought a new stake in Laboratory Corp. of America during the 4th quarter worth $39,000. Old North State Trust LLC grew its position in Laboratory Corp. of America by 464.2% during the 4th quarter. Old North State Trust LLC now owns 378 shares of the medical research company’s stock worth $47,000 after acquiring an additional 311 shares during the last quarter. Finally, Pendal Group Ltd bought a new stake in Laboratory Corp. of America during the 4th quarter worth $61,000. 88.80% of the stock is owned by institutional investors.
In other Laboratory Corp. of America news, Director R Sanders Williams sold 1,038 shares of the company’s stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $147.00, for a total value of $152,586.00. Following the sale, the director now owns 8,924 shares in the company, valued at approximately $1,311,828. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.73% of the company’s stock.
Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings results on Thursday, February 7th. The medical research company reported $2.52 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.04. Laboratory Corp. of America had a return on equity of 17.05% and a net margin of 8.43%. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the previous year, the company posted $2.45 EPS. The business’s revenue was up 1.6% on a year-over-year basis. Equities research analysts expect that Laboratory Corp. of America Holdings will post 11.22 EPS for the current year.
A number of brokerages recently weighed in on LH. Zacks Investment Research lowered Laboratory Corp. of America from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. ValuEngine upgraded Laboratory Corp. of America from a “sell” rating to a “hold” rating in a research report on Monday. Barclays reduced their price objective on Laboratory Corp. of America from $205.00 to $165.00 and set an “overweight” rating on the stock in a research report on Monday, December 3rd. Credit Suisse Group boosted their price objective on Laboratory Corp. of America from $160.00 to $164.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 27th. Finally, Canaccord Genuity restated a “hold” rating and set a $155.00 price objective (down previously from $162.00) on shares of Laboratory Corp. of America in a research report on Sunday, December 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $176.07.
Laboratory Corp. of America Company Profile
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.
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