Commonwealth Bank of Australia increased its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 21.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,902 shares of the medical research company’s stock after purchasing an additional 1,911 shares during the quarter. Commonwealth Bank of Australia’s holdings in Laboratory Corp. of America were worth $1,373,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of LH. JFS Wealth Advisors LLC purchased a new position in shares of Laboratory Corp. of America during the 4th quarter valued at $26,000. Evolution Wealth Advisors LLC purchased a new position in shares of Laboratory Corp. of America during the 4th quarter valued at $29,000. Bremer Trust National Association purchased a new position in shares of Laboratory Corp. of America during the 4th quarter valued at $31,000. Quantamental Technologies LLC purchased a new position in shares of Laboratory Corp. of America during the 4th quarter valued at $39,000. Finally, Old North State Trust LLC grew its position in shares of Laboratory Corp. of America by 464.2% during the 4th quarter. Old North State Trust LLC now owns 378 shares of the medical research company’s stock valued at $47,000 after purchasing an additional 311 shares in the last quarter. 88.80% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on the stock. ValuEngine lowered shares of Laboratory Corp. of America from a “hold” rating to a “sell” rating in a research report on Saturday, December 1st. TheStreet lowered shares of Laboratory Corp. of America from a “b-” rating to a “c+” rating in a research report on Friday, January 11th. Morgan Stanley set a $175.00 target price on shares of Laboratory Corp. of America and gave the stock a “buy” rating in a research report on Friday, February 22nd. Bank of America downgraded shares of Laboratory Corp. of America from a “buy” rating to a “neutral” rating in a research note on Monday, December 3rd. Finally, Goldman Sachs Group downgraded shares of Laboratory Corp. of America from a “conviction-buy” rating to a “buy” rating and lowered their price target for the stock from $190.00 to $180.00 in a research note on Friday, November 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $176.07.
Laboratory Corp. of America (NYSE:LH) last issued its quarterly earnings data on Thursday, February 7th. The medical research company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.48 by $0.04. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Laboratory Corp. of America had a net margin of 8.43% and a return on equity of 17.05%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.45 earnings per share. On average, equities analysts anticipate that Laboratory Corp. of America Holdings will post 11.22 EPS for the current fiscal year.
In other news, Director R Sanders Williams sold 1,038 shares of the company’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $147.00, for a total transaction of $152,586.00. Following the completion of the transaction, the director now directly owns 8,924 shares of the company’s stock, valued at $1,311,828. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company’s stock.
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Laboratory Corp. of America 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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