Canada Pension Plan Investment Board Boosts Position in Laboratory Corp. of America Holdings (LH)

Canada Pension Plan Investment Board increased its holdings in Laboratory Corp. of America Holdings (NYSE:LH) by 8,216.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,322 shares of the medical research company’s stock after buying an additional 45,765 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Laboratory Corp. of America were worth $8,045,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Legacy Financial Advisors Inc. raised its stake in Laboratory Corp. of America by 763.9% during the 3rd quarter. Legacy Financial Advisors Inc. now owns 622 shares of the medical research company’s stock worth $108,000 after acquiring an additional 550 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its stake in Laboratory Corp. of America by 7,033.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 642 shares of the medical research company’s stock worth $115,000 after acquiring an additional 633 shares during the period. Fort L.P. bought a new stake in Laboratory Corp. of America during the 2nd quarter worth approximately $118,000. Rational Advisors LLC raised its stake in Laboratory Corp. of America by 4,966.7% during the 3rd quarter. Rational Advisors LLC now owns 760 shares of the medical research company’s stock worth $132,000 after acquiring an additional 745 shares during the period. Finally, NuWave Investment Management LLC raised its stake in Laboratory Corp. of America by 5,786.7% during the 3rd quarter. NuWave Investment Management LLC now owns 883 shares of the medical research company’s stock worth $154,000 after acquiring an additional 868 shares during the period. Institutional investors own 91.68% of the company’s stock.

In related news, Director R Sanders Williams sold 350 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $162.14, for a total value of $56,749.00. Following the sale, the director now owns 7,886 shares in the company, valued at $1,278,636.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 3,700 shares of the business’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $163.29, for a total transaction of $604,173.00. Following the completion of the sale, the director now owns 21,795 shares in the company, valued at approximately $3,558,905.55. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

A number of equities research analysts have commented on LH shares. Deutsche Bank decreased their target price on shares of Laboratory Corp. of America from $195.00 to $190.00 and set a “hold” rating on the stock in a research note on Monday, August 20th. Robert W. Baird reduced their price objective on shares of Laboratory Corp. of America from $205.00 to $190.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Mizuho reiterated a “neutral” rating on shares of Laboratory Corp. of America in a research report on Wednesday, September 19th. SunTrust Banks reduced their price objective on shares of Laboratory Corp. of America to $175.00 and set a “buy” rating on the stock in a research report on Monday, December 3rd. Finally, Morgan Stanley reduced their price objective on shares of Laboratory Corp. of America from $202.00 to $180.00 and set an “overweight” rating on the stock in a research report on Monday, December 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $179.69.

Laboratory Corp. of America stock opened at $141.96 on Friday. The company has a market cap of $14.46 billion, a PE ratio of 14.79, a P/E/G ratio of 1.47 and a beta of 0.99. The company has a current ratio of 1.55, a quick ratio of 1.44 and a debt-to-equity ratio of 0.83. Laboratory Corp. of America Holdings has a 1 year low of $139.18 and a 1 year high of $190.35.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings data on Wednesday, October 24th. The medical research company reported $2.74 earnings per share (EPS) for the quarter, missing the 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 company’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.46 EPS. As a group, analysts anticipate that Laboratory Corp. of America Holdings will post 10.99 earnings per share for the current fiscal year.

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Laboratory Corp. of America Company Profile

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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