Zacks Investment Research downgraded shares of Laboratory Corp. of America Holdings (NYSE:LH) from a buy rating to a hold rating in a research report report published on Friday morning.

According to Zacks, “We believe the recently completed buyout of Sequenom will boost LabCorp's women's health test menu. LabCorp continues to gain from organic growth by introducing new tests to existing and new customers in the near term. In this regard, worth mentioning are the recent launches of Zika MAC-ELISA test (developed by CDC), a set of new tests including Roche cobas EGFR Mutation Test v2 and a complementary PDL1 diagnostic test for bladder cancer.  However on the flip side, strengthening of dollar continues to weigh on the stock. Additionally intense competition from its major competitor, Quest Diagnostics, and other commercial laboratories and hospitals is a major headwind. We are also highly disappointed with the recent CMS proposal related to Protecting Access to Medicare Act (PAMA).”

Several other equities analysts also recently commented on the company. SunTrust Banks Inc. reiterated a buy rating on shares of Laboratory Corp. of America Holdings in a research note on Thursday, July 28th. Barclays PLC set a $155.00 price objective on Laboratory Corp. of America Holdings and gave the company a buy rating in a research note on Monday, August 29th. Canaccord Genuity set a $155.00 price objective on Laboratory Corp. of America Holdings and gave the company a buy rating in a research note on Wednesday, September 14th. Citigroup Inc. initiated coverage on Laboratory Corp. of America Holdings in a research note on Friday, September 9th. They issued a neutral rating and a $156.00 price objective on the stock. They noted that the move was a valuation call. Finally, Credit Suisse Group AG reiterated an outperform rating and issued a $143.00 price objective (up previously from $135.00) on shares of Laboratory Corp. of America Holdings in a research note on Thursday, June 9th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $141.57.

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

Shares of Laboratory Corp. of America Holdings (NYSE:LH) traded up 0.436% during midday trading on Friday, hitting $139.475. The company’s stock had a trading volume of 246,832 shares. The firm has a market cap of $14.27 billion, a P/E ratio of 23.157 and a beta of 0.86. Laboratory Corp. of America Holdings has a 52-week low of $97.79 and a 52-week high of $141.32. The stock’s 50 day moving average is $136.75 and its 200-day moving average is $130.62.

Laboratory Corp. of America Holdings (NYSE:LH) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.30 by $0.01. Laboratory Corp. of America Holdings had a return on equity of 17.01% and a net margin of 6.64%. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the prior year, the business earned $2.09 earnings per share. Laboratory Corp. of America Holdings’s revenue for the quarter was up 7.4% on a year-over-year basis. Equities analysts predict that Laboratory Corp. of America Holdings will post $8.81 EPS for the current fiscal year.

In related news, Director Robert E. Mittelstaedt, Jr. sold 992 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $140.15, for a total value of $139,028.80. Following the sale, the director now owns 12,340 shares in the company, valued at $1,729,451. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Glenn A. Eisenberg sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $140.10, for a total transaction of $1,120,800.00. Following the completion of the sale, the chief financial officer now owns 8,668 shares in the company, valued at approximately $1,214,386.80. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

A number of large investors have recently modified their holdings of the company. Wexford Capital LP bought a new stake in shares of Laboratory Corp. of America Holdings during the first quarter valued at about $508,000. Aviva PLC boosted its stake in shares of Laboratory Corp. of America Holdings by 2.1% in the first quarter. Aviva PLC now owns 51,410 shares of the company’s stock valued at $6,022,000 after buying an additional 1,069 shares in the last quarter. ING Groep NV bought a new stake in shares of Laboratory Corp. of America Holdings during the first quarter valued at about $276,000. Burgundy Asset Management Ltd. boosted its stake in shares of Laboratory Corp. of America Holdings by 2.5% in the first quarter. Burgundy Asset Management Ltd. now owns 42,591 shares of the company’s stock valued at $4,989,000 after buying an additional 1,044 shares in the last quarter. Finally, Landscape Capital Management L.L.C. boosted its stake in shares of Laboratory Corp. of America Holdings by 267.6% in the first quarter. Landscape Capital Management L.L.C. now owns 15,880 shares of the company’s stock valued at $1,860,000 after buying an additional 11,560 shares in the last quarter. Institutional investors own 91.89% of the company’s stock.

Laboratory Corp. of America Holdings Company Profile

Laboratory Corporation of America Holdings is a healthcare diagnostics company. The Company, together with its subsidiaries, is engaged in providing clinical laboratory services and drug development support. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

5 Day Chart for NYSE:LH

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