Kornitzer Capital Management Inc. KS Has $4.36 Million Stock Position in Laboratory Corp. of America Holdings (NYSE:LH)

Kornitzer Capital Management Inc. KS lowered its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 4.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,965 shares of the medical research company’s stock after selling 1,255 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Laboratory Corp. of America were worth $4,362,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the company. Financial Advantage Inc. bought a new stake in Laboratory Corp. of America in the 3rd quarter valued at $26,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth $32,000. Meeder Asset Management Inc. acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth $33,000. Legacy Advisors LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth $33,000. Finally, C M Bidwell & Associates Ltd. grew its holdings in shares of Laboratory Corp. of America by 1,636.4% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 191 shares of the medical research company’s stock worth $33,000 after purchasing an additional 180 shares in the last quarter. Institutional investors own 90.22% of the company’s stock.

NYSE:LH traded up $2.61 during trading hours on Friday, hitting $168.41. The company’s stock had a trading volume of 427,859 shares, compared to its average volume of 720,532. The stock has a fifty day simple moving average of $167.04 and a 200-day simple moving average of $167.26. The company has a market capitalization of $16.04 billion, a P/E ratio of 15.28, a PEG ratio of 1.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.17 and a quick ratio of 1.08. Laboratory Corp. of America Holdings has a twelve month low of $119.38 and a twelve month high of $178.44.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings data on Thursday, October 24th. The medical research company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.91 billion. Laboratory Corp. of America had a return on equity of 15.33% and a net margin of 6.63%. Laboratory Corp. of America’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $2.74 earnings per share. On average, equities analysts predict that Laboratory Corp. of America Holdings will post 11.26 EPS for the current fiscal year.

Several research firms have recently issued reports on LH. Bank of America raised Laboratory Corp. of America from an “underperform” rating to a “neutral” rating and set a $174.60 target price on the stock in a report on Tuesday, July 16th. Zacks Investment Research raised Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $172.00 target price on the stock in a report on Wednesday, October 9th. Canaccord Genuity reissued a “hold” rating and set a $170.00 target price on shares of Laboratory Corp. of America in a report on Thursday, October 24th. KeyCorp increased their target price on Laboratory Corp. of America from $172.00 to $192.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, Morgan Stanley increased their target price on Laboratory Corp. of America from $190.00 to $201.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $184.90.

In other Laboratory Corp. of America news, Director Kerrii B. Anderson sold 2,600 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $171.85, for a total value of $446,810.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David P. King sold 30,177 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $165.40, for a total value of $4,991,275.80. The disclosure for this sale can be found here. Insiders sold 41,145 shares of company stock worth $6,855,988 over the last ninety days. 0.74% of the stock is currently owned by insiders.

About Laboratory Corp. of America

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.

See Also: Current Ratio

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

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