State of Tennessee Treasury Department Has $3.77 Million Stake in Laboratory Corp. of America Holdings (NYSE:LH)

State of Tennessee Treasury Department trimmed its holdings in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 5.6% during the first quarter, Holdings Channel reports. The fund owned 24,672 shares of the medical research company’s stock after selling 1,476 shares during the quarter. State of Tennessee Treasury Department’s holdings in Laboratory Corp. of America were worth $3,774,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in LH. Bremer Trust National Association acquired a new position in shares of Laboratory Corp. of America during the fourth quarter worth approximately $31,000. Osborn Williams & Donohoe LLC acquired a new position in shares of Laboratory Corp. of America during the first quarter worth approximately $32,000. Bremer Bank National Association acquired a new position in shares of Laboratory Corp. of America during the first quarter worth approximately $35,000. Shine Investment Advisory Services Inc. boosted its position in shares of Laboratory Corp. of America by 30.7% during the first quarter. Shine Investment Advisory Services Inc. now owns 277 shares of the medical research company’s stock worth $42,000 after buying an additional 65 shares during the period. Finally, Old North State Trust LLC boosted its position in shares of Laboratory Corp. of America by 464.2% during the fourth quarter. Old North State Trust LLC now owns 378 shares of the medical research company’s stock worth $47,000 after buying an additional 311 shares during the period. 91.56% of the stock is currently owned by institutional investors and hedge funds.

NYSE LH opened at $168.01 on Friday. The firm has a market capitalization of $16.40 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 1.72 and a beta of 1.05. Laboratory Corp. of America Holdings has a 1 year low of $119.38 and a 1 year high of $190.00. The company has a current ratio of 1.14, a quick ratio of 1.05 and a debt-to-equity ratio of 0.77.

Laboratory Corp. of America (NYSE:LH) last posted its quarterly earnings results on Tuesday, April 30th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.53 by $0.09. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Laboratory Corp. of America had a return on equity of 16.59% and a net margin of 8.59%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.78 earnings per share. As a group, analysts anticipate that Laboratory Corp. of America Holdings will post 11.27 EPS for the current year.

In other Laboratory Corp. of America news, CFO Glenn A. Eisenberg sold 10,000 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $167.40, for a total transaction of $1,674,000.00. Following the sale, the chief financial officer now directly owns 28,366 shares of the company’s stock, valued at approximately $4,748,468.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lisa J. Uthgenannt sold 4,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $164.00, for a total transaction of $656,000.00. Following the sale, the insider now directly owns 4,638 shares in the company, valued at $760,632. The disclosure for this sale can be found here. Insiders sold 18,200 shares of company stock worth $3,026,410 in the last ninety days. 0.74% of the stock is owned by corporate insiders.

Several brokerages have recently issued reports on LH. Citigroup boosted their price objective on Laboratory Corp. of America from $157.00 to $176.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Jefferies Financial Group upgraded Laboratory Corp. of America from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $154.00 to $190.00 in a research report on Tuesday, April 2nd. Zacks Investment Research downgraded Laboratory Corp. of America from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Mizuho upped their target price on Laboratory Corp. of America from $150.00 to $174.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. Finally, TheStreet upgraded Laboratory Corp. of America from a “c+” rating to a “b-” rating in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. Laboratory Corp. of America currently has a consensus rating of “Hold” and a consensus target price of $179.33.

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Laboratory Corp. of America Company 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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