Morningstar Investment Services LLC Reduces Position in Laboratory Corp. of America Holdings (NYSE:LH)

Morningstar Investment Services LLC decreased its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 8.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,019 shares of the medical research company’s stock after selling 5,594 shares during the period. Morningstar Investment Services LLC owned 0.06% of Laboratory Corp. of America worth $9,725,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Melvin Capital Management LP grew its position in shares of Laboratory Corp. of America by 37.1% in the first quarter. Melvin Capital Management LP now owns 2,570,950 shares of the medical research company’s stock valued at $324,942,000 after purchasing an additional 695,317 shares during the period. Alliancebernstein L.P. grew its position in shares of Laboratory Corp. of America by 319.1% in the first quarter. Alliancebernstein L.P. now owns 648,390 shares of the medical research company’s stock valued at $81,950,000 after purchasing an additional 493,682 shares during the period. Wellington Management Group LLP grew its position in shares of Laboratory Corp. of America by 72.6% in the first quarter. Wellington Management Group LLP now owns 961,899 shares of the medical research company’s stock valued at $121,575,000 after purchasing an additional 404,600 shares during the period. FDx Advisors Inc. grew its position in shares of Laboratory Corp. of America by 13,173.7% in the first quarter. FDx Advisors Inc. now owns 300,782 shares of the medical research company’s stock valued at $503,000 after purchasing an additional 298,516 shares during the period. Finally, Hunter Perkins Capital Management LLC purchased a new stake in shares of Laboratory Corp. of America in the second quarter valued at $39,482,000. 88.80% of the stock is owned by institutional investors.

A number of brokerages recently weighed in on LH. JPMorgan Chase & Co. lifted their target price on Laboratory Corp. of America from $118.00 to $223.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Citigroup lifted their target price on Laboratory Corp. of America from $214.00 to $249.00 and gave the company a “buy” rating in a report on Wednesday. Mizuho lifted their target price on Laboratory Corp. of America from $186.00 to $215.00 and gave the company a “buy” rating in a report on Friday. Wells Fargo & Co reiterated a “buy” rating on shares of Laboratory Corp. of America in a report on Wednesday, June 10th. Finally, SunTrust Banks lifted their target price on Laboratory Corp. of America from $220.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $214.44.

In related news, EVP Der Vaart Sandra D. Van sold 872 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $160.33, for a total value of $139,807.76. Following the completion of the sale, the executive vice president now directly owns 4,915 shares of the company’s stock, valued at $788,021.95. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director R Sanders Williams sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $173.12, for a total value of $225,056.00. Following the transaction, the director now directly owns 6,395 shares of the company’s stock, valued at $1,107,102.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,607 shares of company stock worth $438,814. Insiders own 0.70% of the company’s stock.

Shares of NYSE:LH traded down $1.92 during trading on Friday, hitting $192.92. The company’s stock had a trading volume of 640,071 shares, compared to its average volume of 789,565. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.07 and a current ratio of 1.12. Laboratory Corp. of America Holdings has a fifty-two week low of $98.02 and a fifty-two week high of $206.74. The stock’s 50-day moving average price is $177.01 and its two-hundred day moving average price is $167.49. The company has a market capitalization of $18.75 billion, a PE ratio of 18.03, a PEG ratio of 1.70 and a beta of 1.38.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings results on Tuesday, July 28th. The medical research company reported $2.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $1.79. Laboratory Corp. of America had a return on equity of 14.39% and a net margin of 3.16%. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the previous year, the firm posted $2.93 earnings per share. The company’s revenue was down 3.9% compared to the same quarter last year. On average, equities analysts predict that Laboratory Corp. of America Holdings will post 13.19 earnings per share for the current fiscal year.

Laboratory Corp. of America Profile

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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