Published On: Thu, Sep 15th, 2016

Canaccord Genuity Analysts Give Laboratory Corp. of America Holdings (LH) a $155.00 Price Target

Laboratory Corp. of America Holdings (NYSE:LH) has been given a $155.00 target price by Canaccord Genuity in a report released on Wednesday. The firm presently has a a “buy” rating on the stock. Canaccord Genuity’s price target indicates a potential upside of 15.09% from the stock’s previous close.
LH has been the subject of several other research reports. KeyCorp reiterated a “buy” rating and issued a $143.00 price objective on shares of Laboratory Corp. of America Holdings in a research note on Sunday, May 22nd. Zacks Investment Research upgraded shares of Laboratory Corp. of America Holdings from a “hold” rating to a “buy” rating and set a $143.00 price objective for the company in a research note on Tuesday, May 17th. SunTrust Banks Inc. reiterated a “buy” rating on shares of Laboratory Corp. of America Holdings in a research note on Thursday, July 28th. Evercore ISI increased their price objective on shares of Laboratory Corp. of America Holdings from $147.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Finally, Barclays PLC set a $155.00 price objective on shares of Laboratory Corp. of America Holdings and gave the company a “buy” rating in a research note on Monday, August 29th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $140.86.
Shares of Laboratory Corp. of America Holdings (NYSE:LH) traded up 1.27% during midday trading on Wednesday, hitting $134.68. The company had a trading volume of 631,321 shares. The company has a market capitalization of $13.78 billion, a price-to-earnings ratio of 22.36 and a beta of 0.85. Laboratory Corp. of America Holdings has a 12-month low of $97.79 and a 12-month high of $141.32. The company’s 50-day moving average price is $138.18 and its 200 day moving average price is $127.80.

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Laboratory Corp. of America Holdings (NYSE:LH) last posted its earnings results on Wednesday, July 27th. The company reported $2.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.01. Laboratory Corp. of America Holdings had a net margin of 6.64% and a return on equity of 17.01%. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same quarter in the prior year, the business posted $2.09 EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. Equities research analysts predict that Laboratory Corp. of America Holdings will post $8.82 earnings per share for the current fiscal year.
In other Laboratory Corp. of America Holdings news, insider Lisa J. Uthgenannt sold 1,177 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $140.00, for a total value of $164,780.00. Following the transaction, the insider now owns 3,660 shares in the company, valued at $512,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Mittelstaedt, Jr. sold 992 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $140.15, for a total transaction of $139,028.80. Following the completion of the transaction, the director now owns 12,340 shares in the company, valued at approximately $1,729,451. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp boosted its position in Laboratory Corp. of America Holdings by 158.7% in the fourth quarter. Stifel Financial Corp now owns 103,838 shares of the company’s stock worth $6,411,000 after buying an additional 63,698 shares during the last quarter. Pioneer Investment Management Inc. boosted its position in Laboratory Corp. of America Holdings by 246.4% in the fourth quarter. Pioneer Investment Management Inc. now owns 26,829 shares of the company’s stock worth $3,317,000 after buying an additional 19,085 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Laboratory Corp. of America Holdings by 5.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 15,579 shares of the company’s stock worth $1,926,000 after buying an additional 800 shares during the last quarter. Norges Bank purchased a new position in Laboratory Corp. of America Holdings during the fourth quarter worth about $117,275,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Laboratory Corp. of America Holdings by 14.4% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 22,964 shares of the company’s stock worth $2,690,000 after buying an additional 2,897 shares during the last quarter. Hedge funds and other institutional investors own 92.11% of the company’s stock.
About Laboratory Corp. of America Holdings
Laboratory Corporation of America Holdings is a healthcare diagnostics company. The Company, together with its subsidiaries, is engaged in providing clinical laboratory services and drug development support. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

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