$2.90 Billion in Sales Expected for Laboratory Corp. of America Holdings (LH) This Quarter

Wall Street analysts expect Laboratory Corp. of America Holdings (NYSE:LH) to report sales of $2.90 billion for the current quarter, according to Zacks. Eight analysts have issued estimates for Laboratory Corp. of America’s earnings, with estimates ranging from $2.86 billion to $2.91 billion. Laboratory Corp. of America posted sales of $2.87 billion during the same quarter last year, which suggests a positive year over year growth rate of 1%. The company is expected to announce its next earnings report on Wednesday, July 24th.

On average, analysts expect that Laboratory Corp. of America will report full year sales of $11.47 billion for the current fiscal year, with estimates ranging from $11.43 billion to $11.57 billion. For the next fiscal year, analysts anticipate that the company will post sales of $11.90 billion, with estimates ranging from $11.73 billion to $12.16 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that cover Laboratory Corp. of America.

Laboratory Corp. of America (NYSE:LH) last issued its quarterly earnings data on Tuesday, April 30th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.53 by $0.09. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Laboratory Corp. of America had a return on equity of 16.59% and a net margin of 8.59%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.78 EPS.

Several brokerages have recently issued reports on LH. ValuEngine raised Laboratory Corp. of America from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. TheStreet raised Laboratory Corp. of America from a “c+” rating to a “b-” rating in a research report on Friday, May 3rd. Zacks Investment Research downgraded Laboratory Corp. of America from a “buy” rating to a “hold” rating in a research report on Wednesday. UBS Group boosted their target price on Laboratory Corp. of America from $178.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, Canaccord Genuity boosted their target price on Laboratory Corp. of America from $155.00 to $165.00 and gave the company a “hold” rating in a research report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $178.87.

In other Laboratory Corp. of America news, Director Robert E. Mittelstaedt, Jr. sold 3,700 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $166.30, for a total value of $615,310.00. Following the completion of the sale, the director now directly owns 18,909 shares in the company, valued at approximately $3,144,566.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director R Sanders Williams sold 500 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $162.20, for a total value of $81,100.00. Following the completion of the sale, the director now owns 7,386 shares of the company’s stock, valued at $1,198,009.20. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock worth $1,352,410 in the last ninety days. 0.74% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc lifted its stake in shares of Laboratory Corp. of America by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 10,823,667 shares of the medical research company’s stock worth $1,879,854,000 after purchasing an additional 85,785 shares during the last quarter. BlackRock Inc. raised its stake in Laboratory Corp. of America by 2.6% in the first quarter. BlackRock Inc. now owns 10,029,286 shares of the medical research company’s stock valued at $1,534,283,000 after buying an additional 257,173 shares during the last quarter. Nordea Investment Management AB raised its stake in Laboratory Corp. of America by 7.3% in the fourth quarter. Nordea Investment Management AB now owns 2,120,509 shares of the medical research company’s stock valued at $267,945,000 after buying an additional 143,426 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Laboratory Corp. of America by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 1,645,798 shares of the medical research company’s stock valued at $285,845,000 after buying an additional 213,849 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Laboratory Corp. of America by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,460,214 shares of the medical research company’s stock valued at $184,501,000 after buying an additional 34,797 shares during the last quarter. Institutional investors and hedge funds own 91.26% of the company’s stock.

Shares of LH opened at $165.36 on Thursday. The company has a market cap of $15.96 billion, a PE ratio of 15.01, a PEG ratio of 1.68 and a beta of 1.15. Laboratory Corp. of America has a 1 year low of $119.38 and a 1 year high of $190.35. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.05 and a current ratio of 1.14.

Laboratory Corp. of America Company 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.

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