CIBC Asset Management Inc Lowers Stake in Laboratory Corp. of America Holdings (NYSE:LH)

CIBC Asset Management Inc cut its position in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,434 shares of the medical research company’s stock after selling 293 shares during the quarter. CIBC Asset Management Inc’s holdings in Laboratory Corp. of America were worth $1,899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of LH. Key Financial Inc purchased a new stake in Laboratory Corp. of America in the first quarter valued at approximately $26,000. Harbor Investment Advisory LLC grew its holdings in Laboratory Corp. of America by 316.0% in the first quarter. Harbor Investment Advisory LLC now owns 208 shares of the medical research company’s stock valued at $26,000 after purchasing an additional 158 shares during the period. Ellevest Inc. grew its holdings in Laboratory Corp. of America by 49.3% in the first quarter. Ellevest Inc. now owns 218 shares of the medical research company’s stock valued at $28,000 after purchasing an additional 72 shares during the period. Lindbrook Capital LLC grew its holdings in Laboratory Corp. of America by 95.8% in the first quarter. Lindbrook Capital LLC now owns 231 shares of the medical research company’s stock valued at $29,000 after purchasing an additional 113 shares during the period. Finally, Watson Rebecca purchased a new stake in Laboratory Corp. of America in the second quarter valued at approximately $32,000. Institutional investors and hedge funds own 88.80% of the company’s stock.

LH has been the subject of a number of recent analyst reports. SunTrust Banks boosted their target price on shares of Laboratory Corp. of America from $220.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday. TheStreet upgraded shares of Laboratory Corp. of America from a “c” rating to a “b” rating in a report on Tuesday, July 28th. Deutsche Bank boosted their target price on shares of Laboratory Corp. of America from $210.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird boosted their price objective on shares of Laboratory Corp. of America from $199.00 to $219.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Laboratory Corp. of America in a research note on Wednesday, June 10th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $214.44.

NYSE LH opened at $192.92 on Friday. The company’s fifty day simple moving average is $177.01 and its 200-day simple moving average is $167.49. Laboratory Corp. of America Holdings has a 52 week low of $98.02 and a 52 week high of $206.74. The company has a current ratio of 1.12, a quick ratio of 1.07 and a debt-to-equity ratio of 0.83. The stock has a market cap of $18.75 billion, a P/E ratio of 18.03, a PEG ratio of 1.70 and a beta of 1.38.

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

In related news, Director R Sanders Williams sold 1,300 shares of the company’s stock in a transaction 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 sale, the director now directly owns 6,395 shares of the company’s stock, valued at $1,107,102.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 872 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $160.33, for a total transaction of $139,807.76. Following the completion of the sale, the executive vice president now directly owns 4,915 shares in the company, valued at $788,021.95. The disclosure for this sale can be found here. Insiders sold 2,607 shares of company stock worth $438,814 over the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

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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