Redmond Asset Management LLC Sells 17,471 Shares of Laboratory Corporation of America Holdings (LH)

Redmond Asset Management LLC reduced its holdings in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 78.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,800 shares of the medical research company’s stock after selling 17,471 shares during the period. Redmond Asset Management LLC’s holdings in Laboratory Corporation of America Holdings were worth $725,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of LH. Acrospire Investment Management LLC grew its position in Laboratory Corporation of America Holdings by 16.5% during the second quarter. Acrospire Investment Management LLC now owns 705 shares of the medical research company’s stock valued at $109,000 after acquiring an additional 100 shares during the last quarter. Sun Life Financial INC grew its position in Laboratory Corporation of America Holdings by 9,200.0% during the second quarter. Sun Life Financial INC now owns 744 shares of the medical research company’s stock valued at $115,000 after acquiring an additional 736 shares during the last quarter. IFP Advisors Inc grew its position in Laboratory Corporation of America Holdings by 83.9% during the second quarter. IFP Advisors Inc now owns 1,146 shares of the medical research company’s stock valued at $177,000 after acquiring an additional 523 shares during the last quarter. Hourglass Capital LLC bought a new position in Laboratory Corporation of America Holdings during the second quarter valued at approximately $200,000. Finally, TNB Financial bought a new position in Laboratory Corporation of America Holdings during the second quarter valued at approximately $208,000. Institutional investors and hedge funds own 93.54% of the company’s stock.

In other Laboratory Corporation of America Holdings news, insider F Samuel Eberts III sold 31,500 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $155.22, for a total transaction of $4,889,430.00. Following the completion of the transaction, the insider now owns 31,894 shares of the company’s stock, valued at $4,950,586.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief executive officer now directly owns 258,753 shares of the company’s stock, valued at approximately $40,587,995.58. The disclosure for this sale can be found here. Insiders sold 209,871 shares of company stock valued at $32,892,005 in the last ninety days. 0.90% of the stock is currently owned by insiders.

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Shares of Laboratory Corporation of America Holdings (NYSE LH) traded down $0.63 during mid-day trading on Monday, reaching $149.83. The company had a trading volume of 303,781 shares, compared to its average volume of 724,156. Laboratory Corporation of America Holdings has a 12 month low of $123.36 and a 12 month high of $164.22. The stock has a market capitalization of $15,410.00, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.60 and a beta of 0.87. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.89 and a quick ratio of 1.75.

Laboratory Corporation of America Holdings (NYSE:LH) last announced its quarterly earnings results on Wednesday, October 25th. The medical research company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.08. Laboratory Corporation of America Holdings had a return on equity of 16.75% and a net margin of 7.40%. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the firm posted $2.25 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. research analysts predict that Laboratory Corporation of America Holdings will post 9.52 EPS for the current year.

A number of brokerages have commented on LH. Craig Hallum reiterated a “buy” rating and set a $179.00 price target (up from $157.00) on shares of Laboratory Corporation of America Holdings in a research report on Thursday, July 27th. ValuEngine cut shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Barclays PLC restated an “overweight” rating and issued a $182.00 target price (up previously from $175.00) on shares of Laboratory Corporation of America Holdings in a report on Monday, July 17th. Zacks Investment Research cut shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Robert W. Baird restated a “hold” rating and issued a $166.00 target price on shares of Laboratory Corporation of America Holdings in a report on Tuesday, October 17th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $169.00.

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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