State of Tennessee Treasury Department Sells 15,608 Shares of Laboratory Corporation of America Holdings (LH)

State of Tennessee Treasury Department decreased its stake in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 29.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 37,433 shares of the medical research company’s stock after selling 15,608 shares during the period. State of Tennessee Treasury Department’s holdings in Laboratory Corporation of America Holdings were worth $5,770,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of LH. Parallel Advisors LLC increased its stake in Laboratory Corporation of America Holdings by 377.7% in the 1st quarter. Parallel Advisors LLC now owns 1,261 shares of the medical research company’s stock worth $177,000 after acquiring an additional 997 shares during the last quarter. IFP Advisors Inc increased its position in shares of Laboratory Corporation of America Holdings by 83.9% during the 2nd quarter. IFP Advisors Inc now owns 1,146 shares of the medical research company’s stock valued at $177,000 after purchasing an additional 523 shares during the last quarter. Hourglass Capital LLC bought a new position in shares of Laboratory Corporation of America Holdings during the 2nd quarter valued at about $200,000. Ingalls & Snyder LLC bought a new position in shares of Laboratory Corporation of America Holdings during the 1st quarter valued at about $206,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Laboratory Corporation of America Holdings during the 1st quarter valued at about $208,000. 93.21% of the stock is currently owned by institutional investors and hedge funds.

LH has been the topic of several recent research reports. Credit Suisse Group reiterated a “buy” rating and set a $146.00 price objective on shares of Laboratory Corporation of America Holdings in a research report on Sunday, May 28th. ValuEngine lowered Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research report on Saturday, June 3rd. BidaskClub lowered Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Barclays PLC reiterated an “overweight” rating and set a $182.00 price objective (up from $175.00) on shares of Laboratory Corporation of America Holdings in a research report on Monday, July 17th. Finally, Craig Hallum reiterated a “buy” rating and set a $179.00 price objective (up from $157.00) on shares of Laboratory Corporation of America Holdings in a research report on Thursday, July 27th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Laboratory Corporation of America Holdings currently has a consensus rating of “Buy” and a consensus target price of $160.09.

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Shares of Laboratory Corporation of America Holdings (NYSE LH) opened at 157.55 on Monday. Laboratory Corporation of America Holdings has a 12-month low of $119.51 and a 12-month high of $164.22. The stock has a market cap of $16.04 billion, a PE ratio of 22.07 and a beta of 0.94. The firm has a 50-day moving average price of $156.94 and a 200 day moving average price of $147.10.

Laboratory Corporation of America Holdings (NYSE:LH) last released its earnings results on Wednesday, July 26th. The medical research company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.07. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Laboratory Corporation of America Holdings had a return on equity of 16.85% and a net margin of 7.57%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.36 earnings per share. Equities research analysts expect that Laboratory Corporation of America Holdings will post $9.52 earnings per share for the current year.

In related news, insider Lisa J. Uthgenannt sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $160.00, for a total value of $800,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO David P. King sold 44,687 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $156.86, for a total value of $7,009,602.82. Following the completion of the transaction, the chief executive officer now directly owns 258,753 shares in the company, valued at approximately $40,587,995.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 222,968 shares of company stock worth $34,980,922. Insiders own 0.90% of the company’s stock.

About Laboratory Corporation of America Holdings

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).

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

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