Laboratory Corp. of America (NYSE:LH) had its price target cut by analysts at KeyCorp from $210.00 to $165.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has an “overweight” rating on the medical research company’s stock. KeyCorp’s price objective would indicate a potential upside of 16.23% from the stock’s current price. KeyCorp also issued estimates for Laboratory Corp. of America’s FY2018 earnings at $11.02 EPS, Q1 2019 earnings at $2.64 EPS, Q2 2019 earnings at $2.86 EPS, Q3 2019 earnings at $2.84 EPS, Q4 2019 earnings at $2.88 EPS, FY2019 earnings at $11.21 EPS and FY2020 earnings at $12.00 EPS. The analysts noted that the move was a valuation call.
Other equities analysts have also issued reports about the company. Goldman Sachs Group decreased their price objective on Laboratory Corp. of America to $190.00 in a report on Sunday, December 2nd. Morgan Stanley increased their price objective on Laboratory Corp. of America from $192.00 to $202.00 and gave the stock a “buy” rating in a report on Monday, September 10th. Argus reissued a “buy” rating on shares of Laboratory Corp. of America in a report on Wednesday, August 22nd. Craig Hallum decreased their price objective on Laboratory Corp. of America from $201.00 to $193.00 and set a “buy” rating for the company in a report on Wednesday, October 3rd. Finally, Bank of America assumed coverage on Laboratory Corp. of America in a report on Friday, October 19th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Laboratory Corp. of America currently has a consensus rating of “Hold” and an average price target of $179.69.
NYSE:LH opened at $141.96 on Thursday. The company has a market cap of $14.49 billion, a PE ratio of 14.79, a P/E/G ratio of 1.47 and a beta of 0.99. Laboratory Corp. of America has a 52 week low of $139.18 and a 52 week high of $190.35. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.55 and a quick ratio of 1.44.
Laboratory Corp. of America (NYSE:LH) last posted its earnings results on Wednesday, October 24th. The medical research company reported $2.74 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.88 by ($0.14). The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.84 billion. Laboratory Corp. of America had a net margin of 13.27% and a return on equity of 17.13%. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the company posted $2.46 earnings per share. Equities research analysts anticipate that Laboratory Corp. of America will post 10.99 EPS for the current year.
In other Laboratory Corp. of America news, Director R Sanders Williams sold 350 shares of the company’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $162.14, for a total value of $56,749.00. Following the completion of the sale, the director now directly owns 7,886 shares in the company, valued at $1,278,636.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kerrii B. Anderson sold 3,700 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $163.29, for a total value of $604,173.00. Following the completion of the sale, the director now owns 21,795 shares of the company’s stock, valued at $3,558,905.55. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. OppenheimerFunds Inc. lifted its position in shares of Laboratory Corp. of America by 113.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 1,700,776 shares of the medical research company’s stock valued at $305,341,000 after acquiring an additional 903,554 shares during the last quarter. Egerton Capital UK LLP acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter valued at $150,989,000. BlackRock Inc. lifted its position in shares of Laboratory Corp. of America by 9.1% during the 2nd quarter. BlackRock Inc. now owns 8,711,292 shares of the medical research company’s stock valued at $1,563,937,000 after acquiring an additional 729,038 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in shares of Laboratory Corp. of America by 16,859.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 544,566 shares of the medical research company’s stock valued at $1,062,784,000 after acquiring an additional 541,355 shares during the last quarter. Finally, Redmile Group LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter valued at $51,776,000. Hedge funds and other institutional investors own 91.68% of the company’s stock.
About Laboratory Corp. of America
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.
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