Bank of New York Mellon Corp Sells 46,932 Shares of Laboratory Corporation of America Holdings (NYSE:LH)

Bank of New York Mellon Corp trimmed its stake in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 893,740 shares of the medical research company’s stock after selling 46,932 shares during the quarter. Bank of New York Mellon Corp owned about 0.88% of Laboratory Corporation of America worth $134,928,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in LH. LS Investment Advisors LLC boosted its position in Laboratory Corporation of America by 3.9% during the second quarter. LS Investment Advisors LLC now owns 4,659 shares of the medical research company’s stock worth $718,000 after purchasing an additional 175 shares during the period. Aperio Group LLC boosted its position in Laboratory Corporation of America by 23.3% during the second quarter. Aperio Group LLC now owns 51,991 shares of the medical research company’s stock worth $8,014,000 after purchasing an additional 9,813 shares during the period. APG Asset Management N.V. boosted its position in Laboratory Corporation of America by 10.6% during the second quarter. APG Asset Management N.V. now owns 423,427 shares of the medical research company’s stock worth $65,267,000 after purchasing an additional 40,642 shares during the period. Financial Architects Inc boosted its position in Laboratory Corporation of America by 4.1% during the second quarter. Financial Architects Inc now owns 1,613 shares of the medical research company’s stock worth $248,000 after purchasing an additional 64 shares during the period. Finally, Quantitative Systematic Strategies LLC boosted its position in Laboratory Corporation of America by 28.7% during the second quarter. Quantitative Systematic Strategies LLC now owns 6,949 shares of the medical research company’s stock worth $1,058,000 after purchasing an additional 1,550 shares during the period. 91.45% of the stock is owned by hedge funds and other institutional investors.

Shares of Laboratory Corporation of America Holdings (LH) traded down $0.25 during midday trading on Thursday, reaching $155.26. The company’s stock had a trading volume of 371,166 shares, compared to its average volume of 721,130. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.75 and a current ratio of 1.89. The firm has a market capitalization of $15,801.40, a P/E ratio of 16.69, a price-to-earnings-growth ratio of 1.65 and a beta of 0.87. Laboratory Corporation of America Holdings has a 12-month low of $125.50 and a 12-month high of $164.22.

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

A number of equities research analysts have recently issued reports on LH shares. ValuEngine cut shares of Laboratory Corporation of America from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Robert W. Baird reissued a “hold” rating and issued a $166.00 target price on shares of Laboratory Corporation of America in a research report on Tuesday, October 17th. Zacks Investment Research cut shares of Laboratory Corporation of America from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Barclays boosted their target price on shares of Laboratory Corporation of America from $183.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, October 26th. Finally, Mizuho set a $165.00 target price on shares of Laboratory Corporation of America and gave the company a “neutral” rating in a research report on Friday, December 1st. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $170.92.

In other Laboratory Corporation of America news, Director Dwight Gary Gilliland sold 971 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $153.52, for a total transaction of $149,067.92. Following the completion of the transaction, the director now owns 3,501 shares of the company’s stock, valued at $537,473.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by insiders.

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Laboratory Corporation of America 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).

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

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