First Citizens Bank & Trust Co. reduced its stake in Laboratory Corporation of America Holdings (NYSE:LH) by 3.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,305 shares of the medical research company’s stock after selling 199 shares during the period. First Citizens Bank & Trust Co.’s holdings in Laboratory Corporation of America Holdings were worth $972,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the company. Parallel Advisors LLC boosted its stake in Laboratory Corporation of America Holdings by 377.7% in the first quarter. Parallel Advisors LLC now owns 1,261 shares of the medical research company’s stock worth $177,000 after buying an additional 997 shares during the last quarter. TNB Financial purchased a new stake in Laboratory Corporation of America Holdings during the second quarter worth approximately $208,000. Union Bankshares Corp purchased a new stake in Laboratory Corporation of America Holdings during the second quarter worth approximately $211,000. Indiana Trust & Investment Management CO purchased a new stake in Laboratory Corporation of America Holdings during the first quarter worth approximately $202,000. Finally, Ingalls & Snyder LLC purchased a new stake in Laboratory Corporation of America Holdings during the first quarter worth approximately $206,000. 91.58% of the stock is owned by hedge funds and other institutional investors.
Laboratory Corporation of America Holdings (NYSE LH) traded down 1.19% during trading on Friday, hitting $158.65. 631,861 shares of the stock traded hands. The company’s 50 day moving average price is $151.97 and its 200-day moving average price is $143.06. Laboratory Corporation of America Holdings has a 52-week low of $119.51 and a 52-week high of $164.22. The stock has a market cap of $16.25 billion, a P/E ratio of 22.22 and a beta of 0.94.
Laboratory Corporation of America Holdings (NYSE:LH) last issued its quarterly earnings data on Wednesday, July 26th. The medical research company reported $2.47 EPS for the quarter, beating the Zacks’ consensus estimate of $2.40 by $0.07. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Laboratory Corporation of America Holdings had a net margin of 7.57% and a return on equity of 16.85%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.36 EPS. Equities research analysts forecast that Laboratory Corporation of America Holdings will post $9.50 earnings per share for the current fiscal year.
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A number of research firms recently commented on LH. Barclays PLC increased their target price on shares of Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Laboratory Corporation of America Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Craig Hallum restated a “buy” rating and set a $179.00 price target (up previously from $157.00) on shares of Laboratory Corporation of America Holdings in a research note on Thursday, July 27th. Credit Suisse Group lowered shares of Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 price target on the stock. in a research note on Thursday, July 13th. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of Laboratory Corporation of America Holdings from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $158.42.
In other Laboratory Corporation of America Holdings news, Director Jean-Luc Belingard sold 992 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $142.19, for a total value of $141,052.48. Following the transaction, the director now directly owns 32,935 shares in the company, valued at approximately $4,683,027.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Lisa J. Uthgenannt sold 5,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $160.00, for a total transaction of $800,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,573 shares of company stock worth $2,397,952. 0.90% of the stock is owned by corporate insiders.
About Laboratory Corporation of America Holdings
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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