Pictet Asset Management Ltd. Reduces Holdings in Laboratory Corp. of America Holdings (NYSE:LH)

Pictet Asset Management Ltd. cut its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,804 shares of the medical research company’s stock after selling 1,300 shares during the quarter. Pictet Asset Management Ltd. owned 0.05% of Laboratory Corp. of America worth $8,367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Global Retirement Partners LLC boosted its holdings in Laboratory Corp. of America by 168.5% during the 3rd quarter. Global Retirement Partners LLC now owns 349 shares of the medical research company’s stock valued at $59,000 after acquiring an additional 219 shares during the period. Stifel Financial Corp lifted its holdings in Laboratory Corp. of America by 5.9% in the 3rd quarter. Stifel Financial Corp now owns 53,728 shares of the medical research company’s stock worth $9,041,000 after buying an additional 2,973 shares during the period. Virtu Financial LLC purchased a new stake in Laboratory Corp. of America in the 3rd quarter worth approximately $357,000. Endurant Capital Management LP lifted its holdings in Laboratory Corp. of America by 7.3% in the 3rd quarter. Endurant Capital Management LP now owns 88,983 shares of the medical research company’s stock worth $14,949,000 after buying an additional 6,083 shares during the period. Finally, Voya Investment Management LLC lifted its holdings in Laboratory Corp. of America by 0.9% in the 3rd quarter. Voya Investment Management LLC now owns 46,312 shares of the medical research company’s stock worth $7,780,000 after buying an additional 391 shares during the period. Institutional investors own 90.88% of the company’s stock.

In other news, CEO David P. King sold 30,177 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $165.40, for a total value of $4,991,275.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kerrii B. Anderson sold 2,600 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $171.85, for a total value of $446,810.00. The disclosure for this sale can be found here. Insiders sold a total of 35,243 shares of company stock valued at $5,853,829 in the last three months. Corporate insiders own 0.74% of the company’s stock.

LH has been the subject of several research analyst reports. Zacks Investment Research upgraded Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $172.00 price objective for the company in a report on Wednesday, October 9th. Morgan Stanley increased their price objective on Laboratory Corp. of America from $190.00 to $201.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. UBS Group dropped their price objective on Laboratory Corp. of America from $204.00 to $200.00 and set a “buy” rating for the company in a report on Monday, October 21st. Canaccord Genuity reiterated a “hold” rating and issued a $170.00 price objective on shares of Laboratory Corp. of America in a report on Thursday, October 24th. Finally, ValuEngine cut Laboratory Corp. of America from a “hold” rating to a “sell” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Laboratory Corp. of America currently has an average rating of “Hold” and an average target price of $184.90.

Shares of NYSE:LH opened at $172.60 on Tuesday. Laboratory Corp. of America Holdings has a 52-week low of $119.38 and a 52-week high of $178.44. The firm has a market capitalization of $16.73 billion, a P/E ratio of 15.66, a P/E/G ratio of 1.61 and a beta of 1.03. The stock has a 50 day moving average price of $168.53 and a 200-day moving average price of $168.57. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.08 and a current ratio of 1.17.

Laboratory Corp. of America (NYSE:LH) last announced its earnings results on Thursday, October 24th. The medical research company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.05. Laboratory Corp. of America had a return on equity of 15.33% and a net margin of 6.63%. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the company earned $2.74 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. On average, equities analysts forecast that Laboratory Corp. of America Holdings will post 11.26 EPS for the current fiscal year.

Laboratory Corp. of America Profile

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.

Further Reading: What is the Ex-Dividend Date in Investing?

Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Laboratory Corp. of America Holdings (NYSE:LH).

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

Receive News & Ratings for Laboratory Corp. of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Laboratory Corp. of America and related companies with MarketBeat.com's FREE daily email newsletter.