Laboratory Corp. of America (LH) Cut to Neutral at Bank of America

Laboratory Corp. of America (LH) Cut to Neutral at Bank of America

Bank of America cut shares of Laboratory Corp. of America (NYSE:LH) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, The Fly reports.

A number of other equities analysts have also recently issued reports on LH. Argus restated a buy rating on shares of Laboratory Corp. of America in a report on Wednesday, August 22nd. Zacks Investment Research upgraded Laboratory Corp. of America from a sell rating to a hold rating in a report on Tuesday, November 13th. ValuEngine cut Laboratory Corp. of America from a hold rating to a sell rating in a report on Saturday, December 1st. Canaccord Genuity restated a hold rating and issued a $155.00 target price (down from $162.00) on shares of Laboratory Corp. of America in a report on Sunday, December 2nd. Finally, Goldman Sachs Group decreased their target price on Laboratory Corp. of America to $190.00 in a report on Sunday, December 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. Laboratory Corp. of America has a consensus rating of Hold and an average target price of $179.69.

Shares of NYSE LH opened at $143.59 on Monday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.44 and a current ratio of 1.55. The firm has a market capitalization of $14.46 billion, a P/E ratio of 14.96, a P/E/G ratio of 1.47 and a beta of 0.99. Laboratory Corp. of America has a 52-week low of $139.18 and a 52-week high of $190.35.

Laboratory Corp. of America (NYSE:LH) last issued its earnings results on Wednesday, October 24th. The medical research company reported $2.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.88 by ($0.14). The company had revenue of $2.83 billion during 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 revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.46 earnings per share. As a group, research analysts expect that Laboratory Corp. of America will post 10.99 EPS for the current fiscal year.

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

Several institutional investors have recently modified their holdings of LH. Legacy Financial Advisors Inc. boosted its position in Laboratory Corp. of America by 763.9% during the third quarter. Legacy Financial Advisors Inc. now owns 622 shares of the medical research company’s stock valued at $108,000 after purchasing an additional 550 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in Laboratory Corp. of America by 7,033.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 642 shares of the medical research company’s stock valued at $115,000 after purchasing an additional 633 shares during the last quarter. Fort L.P. acquired a new stake in Laboratory Corp. of America during the second quarter valued at $118,000. Rational Advisors LLC boosted its position in Laboratory Corp. of America by 4,966.7% during the third quarter. Rational Advisors LLC now owns 760 shares of the medical research company’s stock valued at $132,000 after purchasing an additional 745 shares during the last quarter. Finally, NuWave Investment Management LLC boosted its position in Laboratory Corp. of America by 5,786.7% during the third quarter. NuWave Investment Management LLC now owns 883 shares of the medical research company’s stock valued at $154,000 after purchasing an additional 868 shares during the last quarter. 91.68% of the stock is owned by institutional investors and hedge funds.

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.

Read More: SEC Filing

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