Tokio Marine Asset Management Co. Ltd. decreased its stake in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 26.2% during the second quarter, Holdings Channel reports. The institutional investor owned 1,378 shares of the medical research company’s stock after selling 488 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Laboratory Corporation of America Holdings were worth $212,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of LH. Parallel Advisors LLC raised its position in shares of 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 valued at $177,000 after buying an additional 997 shares in the last quarter. TNB Financial purchased a new position in shares of Laboratory Corporation of America Holdings during the second quarter valued at about $208,000. Union Bankshares Corp purchased a new position in shares of Laboratory Corporation of America Holdings during the second quarter valued at about $211,000. Ingalls & Snyder LLC purchased a new position in shares of Laboratory Corporation of America Holdings during the first quarter valued at about $206,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Laboratory Corporation of America Holdings during the first quarter valued at about $208,000. Hedge funds and other institutional investors own 91.89% of the company’s stock.
Laboratory Corporation of America Holdings (NYSE:LH) opened at 157.43 on Wednesday. The firm has a market capitalization of $16.12 billion, a P/E ratio of 22.05 and a beta of 0.94. The stock has a 50 day moving average price of $153.57 and a 200 day moving average price of $143.42. Laboratory Corporation of America Holdings has a one year low of $119.51 and a one year high of $164.22.
Laboratory Corporation of America Holdings (NYSE:LH) last announced its quarterly earnings data on Wednesday, July 26th. The medical research company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.07. The business 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 quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $2.36 earnings per share. On average, equities analysts predict that Laboratory Corporation of America Holdings will post $9.51 EPS for the current fiscal year.
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Several equities research analysts have recently weighed in on the company. Barclays PLC upped their price objective on Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Zacks Investment Research upgraded Laboratory Corporation of America Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. BidaskClub lowered Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Craig Hallum reiterated a “buy” rating and issued a $179.00 price objective (up from $157.00) on shares of Laboratory Corporation of America Holdings in a research note on Thursday, July 27th. Finally, Credit Suisse Group lowered Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 price objective on the stock. in a research note on Thursday, July 13th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $158.42.
In related news, insider Lisa J. Uthgenannt sold 5,000 shares of Laboratory Corporation of America Holdings stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $160.00, for a total value of $800,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Glenn A. Eisenberg sold 5,968 shares of Laboratory Corporation of America Holdings stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $159.46, for a total transaction of $951,657.28. Following the completion of the transaction, the chief financial officer now directly owns 18,122 shares in the company, valued at $2,889,734.12. The disclosure for this sale can be found here. Insiders sold 14,581 shares of company stock worth $2,256,899 over the last three months. 0.90% of the stock is currently owned by insiders.
Laboratory Corporation of America Holdings Company 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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