IndexIQ Advisors LLC Trims Position in Laboratory Corp. of America Holdings (LH)

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IndexIQ Advisors LLC lessened its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 30.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 27,575 shares of the medical research company’s stock after selling 12,320 shares during the period. IndexIQ Advisors LLC’s holdings in Laboratory Corp. of America were worth $4,789,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LH. Captrust Financial Advisors raised its position in Laboratory Corp. of America by 20.0% in the second quarter. Captrust Financial Advisors now owns 1,785 shares of the medical research company’s stock worth $320,000 after purchasing an additional 297 shares in the last quarter. Piedmont Investment Advisors Inc. raised its position in Laboratory Corp. of America by 24.8% in the third quarter. Piedmont Investment Advisors Inc. now owns 1,493 shares of the medical research company’s stock worth $259,000 after purchasing an additional 297 shares in the last quarter. Alps Advisors Inc. raised its position in Laboratory Corp. of America by 11.1% in the second quarter. Alps Advisors Inc. now owns 3,057 shares of the medical research company’s stock worth $549,000 after purchasing an additional 305 shares in the last quarter. Strs Ohio raised its position in Laboratory Corp. of America by 1.3% in the third quarter. Strs Ohio now owns 24,261 shares of the medical research company’s stock worth $4,213,000 after purchasing an additional 311 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Laboratory Corp. of America by 0.8% in the second quarter. PNC Financial Services Group Inc. now owns 39,838 shares of the medical research company’s stock worth $7,154,000 after purchasing an additional 325 shares in the last quarter. Institutional investors and hedge funds own 91.10% of the company’s stock.

NYSE LH opened at $130.48 on Wednesday. The company has a market cap of $13.50 billion, a PE ratio of 13.59, a PEG ratio of 1.37 and a beta of 0.99. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.55 and a quick ratio of 1.44. Laboratory Corp. of America Holdings has a 1-year low of $129.66 and a 1-year high of $190.35.

Laboratory Corp. of America (NYSE:LH) last posted its quarterly earnings data on Wednesday, October 24th. The medical research company reported $2.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.88 by ($0.14). The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.84 billion. Laboratory Corp. of America had a return on equity of 17.13% and a net margin of 13.27%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.46 EPS. Equities analysts predict that Laboratory Corp. of America Holdings will post 10.99 earnings per share for the current year.

LH has been the subject of several recent research reports. Citigroup dropped their price target on shares of Laboratory Corp. of America from $184.00 to $171.00 and set a “neutral” rating for the company in a research report on Thursday, October 25th. Zacks Investment Research raised shares of Laboratory Corp. of America from a “sell” rating to a “hold” rating in a research report on Tuesday, November 13th. Bank of America initiated coverage on shares of Laboratory Corp. of America in a research report on Friday, October 19th. They issued a “buy” rating for the company. Canaccord Genuity reissued a “hold” rating and issued a $155.00 price target (down previously from $162.00) on shares of Laboratory Corp. of America in a research report on Sunday, December 2nd. Finally, Goldman Sachs Group lowered shares of Laboratory Corp. of America from a “conviction-buy” rating to a “buy” rating and dropped their price target for the stock from $190.00 to $180.00 in a research report on Friday, November 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Laboratory Corp. of America presently has a consensus rating of “Hold” and a consensus target price of $179.06.

In related news, Director R Sanders Williams sold 350 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $162.14, for a total value of $56,749.00. Following the completion of the sale, the director now owns 7,886 shares of the company’s stock, valued at $1,278,636.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kerrii B. Anderson sold 3,700 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $163.29, for a total transaction of $604,173.00. Following the completion of the sale, the director now directly owns 21,795 shares of the company’s stock, valued at approximately $3,558,905.55. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

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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 through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.

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Institutional Ownership by Quarter for Laboratory Corp. of America (NYSE:LH)

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