Webster Bank N. A. Reduces Holdings in Laboratory Corp. of America Holdings (LH)

Webster Bank N. A. cut its position in Laboratory Corp. of America Holdings (NYSE:LH) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,754 shares of the medical research company’s stock after selling 624 shares during the quarter. Webster Bank N. A.’s holdings in Laboratory Corp. of America were worth $4,299,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Laboratory Corp. of America by 7,033.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 642 shares of the medical research company’s stock valued at $115,000 after buying an additional 633 shares during the period. Fort L.P. acquired a new stake in Laboratory Corp. of America during the second quarter worth approximately $118,000. Squar Milner Financial Services LLC acquired a new stake in Laboratory Corp. of America during the second quarter worth approximately $150,000. LeJeune Puetz Investment Counsel LLC acquired a new stake in Laboratory Corp. of America during the second quarter worth approximately $166,000. Finally, Mount Yale Investment Advisors LLC acquired a new stake in Laboratory Corp. of America during the first quarter worth approximately $155,000. 92.37% of the stock is owned by institutional investors.

Shares of LH stock traded up $1.61 during trading hours on Friday, reaching $169.86. The company had a trading volume of 795,500 shares, compared to its average volume of 703,193. Laboratory Corp. of America Holdings has a 12 month low of $147.27 and a 12 month high of $190.35. The company has a quick ratio of 1.32, a current ratio of 1.42 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $17.70 billion, a PE ratio of 17.71, a P/E/G ratio of 1.74 and a beta of 0.97.

Laboratory Corp. of America (NYSE:LH) last posted its earnings results on Wednesday, July 25th. The medical research company reported $2.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.06. Laboratory Corp. of America had a return on equity of 16.38% and a net margin of 11.59%. The company had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same quarter last year, the company earned $2.47 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that Laboratory Corp. of America Holdings will post 11.52 earnings per share for the current fiscal year.

Several equities research analysts recently commented on LH shares. Deutsche Bank cut Laboratory Corp. of America from a “buy” rating to a “hold” rating and set a $172.00 target price for the company. in a research note on Wednesday, June 27th. Credit Suisse Group decreased their target price on Laboratory Corp. of America from $197.00 to $195.00 and set an “outperform” rating for the company in a research note on Tuesday, September 4th. SunTrust Banks reaffirmed a “buy” rating and set a $220.00 target price on shares of Laboratory Corp. of America in a research note on Friday, July 20th. Craig Hallum decreased their target price on Laboratory Corp. of America from $201.00 to $193.00 and set a “buy” rating for the company in a research note on Wednesday, October 3rd. Finally, Zacks Investment Research raised Laboratory Corp. of America from a “sell” rating to a “hold” rating in a research note on Thursday, October 4th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $196.12.

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

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