HL Financial Services LLC cut its stake in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 0.2% during the second quarter, Holdings Channel reports. The institutional investor owned 3,352 shares of the medical research company’s stock after selling 8 shares during the period. HL Financial Services LLC’s holdings in Laboratory Corporation of America Holdings were worth $517,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LH. Asset Planning Services Ltd. boosted its position in Laboratory Corporation of America Holdings by 1,596.6% in the first quarter. Asset Planning Services Ltd. now owns 6,583 shares of the medical research company’s stock valued at $944,000 after buying an additional 6,195 shares in the last quarter. Carderock Capital Management Inc. boosted its position in Laboratory Corporation of America Holdings by 2.1% in the first quarter. Carderock Capital Management Inc. now owns 28,502 shares of the medical research company’s stock valued at $4,089,000 after buying an additional 581 shares in the last quarter. Regent Investment Management LLC bought a new position in Laboratory Corporation of America Holdings during the first quarter valued at $254,000. Pinnacle Bank bought a new position in Laboratory Corporation of America Holdings during the first quarter valued at $254,000. Finally, American National Bank boosted its position in Laboratory Corporation of America Holdings by 4.5% in the first quarter. American National Bank now owns 35,769 shares of the medical research company’s stock valued at $5,131,000 after buying an additional 1,555 shares in the last quarter. 91.89% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Laboratory Corporation of America Holdings (NYSE LH) opened at 156.21 on Friday. The company’s 50 day moving average is $155.35 and its 200 day moving average is $144.27. The firm has a market cap of $15.90 billion, a price-to-earnings ratio of 21.88 and a beta of 0.94. Laboratory Corporation of America Holdings has a 52-week low of $119.51 and a 52-week high of $164.22.

Laboratory Corporation of America Holdings (NYSE:LH) last posted its earnings results on Wednesday, July 26th. The medical research company reported $2.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.40 by $0.07. The business had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.47 billion. Laboratory Corporation of America Holdings had a net margin of 7.57% and a return on equity of 16.85%. Laboratory Corporation of America Holdings’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.36 EPS. Analysts anticipate that Laboratory Corporation of America Holdings will post $9.51 earnings per share for the current year.

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Several brokerages have recently commented on LH. Zacks Investment Research raised shares of Laboratory Corporation of America Holdings from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Craig Hallum reaffirmed a “buy” rating and set a $179.00 target price (up from $157.00) on shares of Laboratory Corporation of America Holdings in a report on Thursday, July 27th. Barclays PLC raised their target price on shares of Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Morgan Stanley raised their target price on shares of Laboratory Corporation of America Holdings from $154.00 to $166.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Credit Suisse Group cut shares of Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 target price on the stock. in a report on Thursday, July 13th. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Laboratory Corporation of America Holdings presently has an average rating of “Buy” and a consensus target price of $159.00.

In related news, SVP Lance Berberian sold 3,613 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $139.84, for a total transaction of $505,241.92. Following the sale, the senior vice president now owns 5,789 shares of the company’s stock, valued at approximately $809,533.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lisa J. Uthgenannt sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $160.00, for a total transaction of $800,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 14,581 shares of company stock worth $2,256,899 in the last ninety days. 0.90% of the stock is currently owned by insiders.

Laboratory Corporation of America Holdings Company Profile

Laboratory Corporation of America Holdings is a life sciences company that is integrated in guiding patient care, providing clinical laboratory and end-to-end drug development services. The Company operates as a healthcare diagnostics company. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

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Institutional Ownership by Quarter for Laboratory Corporation of America Holdings (NYSE:LH)

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