Laboratory Corporation of America Holdings (NYSE:LH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $173.00 price target on the medical research company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.23% from the company’s current price.

According to Zacks, “Over the last three months LabCorp has been trading above the broader industry. Moreover, the company exited the last reported quarter on a promising note. While Diagnostics business was strong, Covance Drug Development provided dull numbers. As per LabCorp, the impact of the cancellation by sponsors of two large clinical studies in late 2016 affected the results. This apart, an unfavorable foreign exchange continues to hamper overall result. Yet, an increased 2017 guidance boosted investors’ confidence indicating chances of respite anytime soon. We believe that with the integration of newer acquisitions, LabCorp is perfectly positioned to drive long-term profitable growth. We are also upbeat about the company's recent acqusition of Chiltern, a specialty CRO for an all-cash transaction valued at roughly $1.2 billion.”

A number of other equities analysts have also commented on the stock. Robert W. Baird reissued a “hold” rating on shares of Laboratory Corporation of America Holdings in a research report on Sunday. Jefferies Group LLC reissued a “hold” rating and issued a $170.00 price target (up previously from $157.00) on shares of Laboratory Corporation of America Holdings in a research report on Wednesday, September 13th. Canaccord Genuity reissued a “buy” rating and issued a $180.00 price target (up previously from $175.00) on shares of Laboratory Corporation of America Holdings in a research report on Monday, September 11th. ValuEngine raised shares of Laboratory Corporation of America Holdings from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Finally, Morgan Stanley lifted their price target on shares of Laboratory Corporation of America Holdings from $154.00 to $166.00 and gave the company an “overweight” rating in a research report on Thursday, August 10th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Laboratory Corporation of America Holdings currently has a consensus rating of “Buy” and an average price target of $165.82.

Shares of Laboratory Corporation of America Holdings (NYSE:LH) traded down 0.75% on Thursday, hitting $152.99. 133,880 shares of the stock traded hands. The stock has a market cap of $15.57 billion, a price-to-earnings ratio of 21.43 and a beta of 0.94. The stock has a 50-day moving average price of $156.24 and a 200 day moving average price of $147.88. Laboratory Corporation of America Holdings has a 12-month low of $119.51 and a 12-month high of $164.22.

Laboratory Corporation of America Holdings (NYSE:LH) last released its quarterly earnings results on Wednesday, July 26th. The medical research company reported $2.47 EPS for the quarter, beating the Zacks’ consensus estimate of $2.40 by $0.07. Laboratory Corporation of America Holdings had a net margin of 7.57% and a return on equity of 16.85%. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the firm posted $2.36 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts anticipate that Laboratory Corporation of America Holdings will post $9.54 earnings per share for the current fiscal year.

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In other news, CEO David P. King sold 44,687 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $156.86, for a total value of $7,009,602.82. Following the sale, the chief executive officer now owns 258,753 shares in the company, valued at $40,587,995.58. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director R Sanders Williams sold 3,100 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $156.88, for a total transaction of $486,328.00. Following the completion of the sale, the director now owns 10,073 shares in the company, valued at approximately $1,580,252.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 222,968 shares of company stock worth $34,980,922. 0.90% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in LH. Regentatlantic Capital LLC boosted its stake in Laboratory Corporation of America Holdings by 0.5% during the second quarter. Regentatlantic Capital LLC now owns 1,696 shares of the medical research company’s stock worth $261,000 after buying an additional 8 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in Laboratory Corporation of America Holdings by 0.6% during the first quarter. Oppenheimer & Co. Inc. now owns 2,411 shares of the medical research company’s stock worth $346,000 after buying an additional 15 shares in the last quarter. New Amsterdam Partners LLC NY boosted its stake in Laboratory Corporation of America Holdings by 0.7% during the second quarter. New Amsterdam Partners LLC NY now owns 3,847 shares of the medical research company’s stock worth $593,000 after buying an additional 27 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Laboratory Corporation of America Holdings by 0.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,143 shares of the medical research company’s stock worth $594,000 after buying an additional 31 shares in the last quarter. Finally, Mason Street Advisors LLC boosted its stake in Laboratory Corporation of America Holdings by 0.3% during the first quarter. Mason Street Advisors LLC now owns 14,137 shares of the medical research company’s stock worth $2,028,000 after buying an additional 47 shares in the last quarter. Institutional investors and hedge funds own 93.19% of the company’s stock.

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).

Analyst Recommendations for Laboratory Corporation of America Holdings (NYSE:LH)

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