Sumitomo Mitsui Trust Holdings Inc. cut its stake in Laboratory Corp. of America Holdings (NYSE:LH) by 11.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 301,946 shares of the company’s stock after selling 37,503 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.30% of Laboratory Corp. of America Holdings worth $39,335,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in LH. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Laboratory Corp. of America Holdings by 1.4% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 7,780 shares of the company’s stock valued at $1,013,000 after buying an additional 110 shares in the last quarter. Concert Wealth Management Inc. boosted its stake in shares of Laboratory Corp. of America Holdings by 0.4% in the second quarter. Concert Wealth Management Inc. now owns 2,393 shares of the company’s stock valued at $313,000 after buying an additional 10 shares in the last quarter. Essex Financial Services Inc. boosted its stake in shares of Laboratory Corp. of America Holdings by 2.0% in the second quarter. Essex Financial Services Inc. now owns 7,196 shares of the company’s stock valued at $937,000 after buying an additional 140 shares in the last quarter. Weybosset Research & Management LLC boosted its stake in shares of Laboratory Corp. of America Holdings by 10.2% in the second quarter. Weybosset Research & Management LLC now owns 24,468 shares of the company’s stock valued at $3,187,000 after buying an additional 2,261 shares in the last quarter. Finally, Gluskin Sheff & Assoc Inc. boosted its stake in shares of Laboratory Corp. of America Holdings by 37.4% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 27,120 shares of the company’s stock valued at $3,533,000 after buying an additional 7,380 shares in the last quarter. Institutional investors and hedge funds own 91.85% of the company’s stock.

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

Laboratory Corp. of America Holdings (NYSE:LH) traded down 0.20% during trading on Wednesday, hitting $138.03. 571,504 shares of the stock were exchanged. The stock has a market cap of $14.12 billion, a P/E ratio of 22.92 and a beta of 0.86. The stock’s 50 day moving average price is $136.74 and its 200 day moving average price is $131.71. Laboratory Corp. of America Holdings has a 12 month low of $97.79 and a 12 month high of $141.32.

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

Several analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Laboratory Corp. of America Holdings from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. Canaccord Genuity set a $155.00 target price on shares of Laboratory Corp. of America Holdings and gave the company a “buy” rating in a research report on Wednesday, September 14th. Mizuho upped their price target on shares of Laboratory Corp. of America Holdings from $132.00 to $145.00 and gave the company a “neutral” rating in a report on Thursday, September 15th. Citigroup Inc. initiated coverage on shares of Laboratory Corp. of America Holdings in a report on Friday, September 9th. They set a “neutral” rating and a $156.00 price target on the stock. They noted that the move was a valuation call. Finally, Barclays PLC set a $155.00 price target on shares of Laboratory Corp. of America Holdings and gave the company a “buy” rating in a report on Monday, August 29th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $141.57.

In related news, insider Lisa J. Uthgenannt sold 1,177 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $140.00, for a total value of $164,780.00. Following the completion of the sale, the insider now owns 3,660 shares in the company, valued at approximately $512,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Glenn A. Eisenberg sold 8,000 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were 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 of the company’s stock, valued at approximately $1,214,386.80. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by insiders.

About Laboratory Corp. of America Holdings

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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