DAVENPORT & Co LLC Increases Position in Laboratory Corp. of America Holdings (NYSE:LH)

DAVENPORT & Co LLC boosted its holdings in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 28.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,671 shares of the medical research company’s stock after acquiring an additional 1,040 shares during the period. DAVENPORT & Co LLC’s holdings in Laboratory Corp. of America were worth $776,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Melvin Capital Management LP boosted its holdings in Laboratory Corp. of America by 37.1% in the 1st quarter. Melvin Capital Management LP now owns 2,570,950 shares of the medical research company’s stock valued at $324,942,000 after purchasing an additional 695,317 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Laboratory Corp. of America by 1.4% in the 1st quarter. Franklin Resources Inc. now owns 1,635,316 shares of the medical research company’s stock valued at $206,711,000 after purchasing an additional 22,519 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Laboratory Corp. of America by 1.7% in the 1st quarter. Geode Capital Management LLC now owns 1,516,334 shares of the medical research company’s stock valued at $191,277,000 after purchasing an additional 25,654 shares during the last quarter. Iridian Asset Management LLC CT boosted its holdings in Laboratory Corp. of America by 6.1% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,407,881 shares of the medical research company’s stock valued at $177,942,000 after purchasing an additional 81,156 shares during the last quarter. Finally, Allen Investment Management LLC boosted its holdings in Laboratory Corp. of America by 7.5% in the 1st quarter. Allen Investment Management LLC now owns 1,237,792 shares of the medical research company’s stock valued at $156,445,000 after purchasing an additional 86,771 shares during the last quarter. 88.80% of the stock is owned by institutional investors.

LH has been the topic of several recent analyst reports. Citigroup boosted their target price on shares of Laboratory Corp. of America from $214.00 to $249.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird increased their price target on shares of Laboratory Corp. of America from $199.00 to $219.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Wolfe Research upgraded shares of Laboratory Corp. of America from a “peer perform” rating to an “outperform” rating and raised their target price for the stock from $202.00 to $217.00 in a research note on Monday, July 13th. SunTrust Banks raised their target price on shares of Laboratory Corp. of America from $220.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Barclays raised their price objective on shares of Laboratory Corp. of America from $188.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $214.44.

In other news, EVP Der Vaart Sandra D. Van sold 435 shares of Laboratory Corp. of America stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $170.00, for a total transaction of $73,950.00. Following the completion of the sale, the executive vice president now directly owns 4,044 shares in the company, valued at $687,480. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director R Sanders Williams sold 1,300 shares of Laboratory Corp. of America stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $173.12, for a total transaction of $225,056.00. Following the sale, the director now owns 6,395 shares of the company’s stock, valued at $1,107,102.40. The disclosure for this sale can be found here. Insiders have sold a total of 2,607 shares of company stock valued at $438,814 over the last 90 days. 0.70% of the stock is currently owned by insiders.

NYSE:LH opened at $192.92 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.07 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $177.01 and a two-hundred day moving average price of $167.49. Laboratory Corp. of America Holdings has a twelve month low of $98.02 and a twelve month high of $206.74. The company has a market capitalization of $18.75 billion, a P/E ratio of 18.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.38.

Laboratory Corp. of America (NYSE:LH) last posted its earnings results on Tuesday, July 28th. The medical research company reported $2.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $1.79. Laboratory Corp. of America had a net margin of 3.16% and a return on equity of 14.39%. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same period last year, the firm posted $2.93 EPS. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, equities research analysts predict that Laboratory Corp. of America Holdings will post 13.19 earnings per share for the current year.

About Laboratory Corp. of America

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development. It offers various clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually-transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

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

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