Stack Financial Management Inc Sells 53,208 Shares of Laboratory Corporation of America Holdings (LH)

Stack Financial Management Inc lowered its stake in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 31.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 118,490 shares of the medical research company’s stock after selling 53,208 shares during the period. Laboratory Corporation of America Holdings accounts for 1.9% of Stack Financial Management Inc’s investment portfolio, making the stock its 21st largest position. Stack Financial Management Inc owned 0.12% of Laboratory Corporation of America Holdings worth $17,888,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Acrospire Investment Management LLC lifted its stake in shares of Laboratory Corporation of America Holdings by 16.5% in the 2nd quarter. Acrospire Investment Management LLC now owns 705 shares of the medical research company’s stock valued at $109,000 after purchasing an additional 100 shares during the last quarter. Sun Life Financial INC lifted its stake in shares of Laboratory Corporation of America Holdings by 9,200.0% in the 2nd quarter. Sun Life Financial INC now owns 744 shares of the medical research company’s stock valued at $115,000 after purchasing an additional 736 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Laboratory Corporation of America Holdings by 83.9% in the 2nd quarter. IFP Advisors Inc now owns 1,146 shares of the medical research company’s stock valued at $177,000 after purchasing an additional 523 shares during the last quarter. Hourglass Capital LLC acquired a new position in shares of Laboratory Corporation of America Holdings in the 2nd quarter valued at $200,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Laboratory Corporation of America Holdings in the 1st quarter valued at $208,000. 93.39% of the stock is currently owned by institutional investors.

Shares of Laboratory Corporation of America Holdings (NYSE:LH) traded down 1.284% during midday trading on Monday, reaching $153.405. The company’s stock had a trading volume of 208,387 shares. The firm has a market capitalization of $15.62 billion, a price-to-earnings ratio of 21.485 and a beta of 0.92. Laboratory Corporation of America Holdings has a 52 week low of $119.51 and a 52 week high of $164.22. The firm’s 50 day moving average is $152.21 and its 200 day moving average is $149.42.

Laboratory Corporation of America Holdings (NYSE:LH) last issued its quarterly earnings data on Wednesday, October 25th. The medical research company reported $2.46 EPS for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.08. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Laboratory Corporation of America Holdings had a return on equity of 16.75% and a net margin of 7.40%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.25 earnings per share. Equities analysts forecast that Laboratory Corporation of America Holdings will post $9.52 EPS for the current fiscal year.

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Several equities analysts have recently commented on LH shares. Credit Suisse Group lowered Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 price target on the stock. in a research note on Thursday, July 13th. They noted that the move was a valuation call. Barclays PLC reaffirmed an “overweight” rating and issued a $182.00 price target (up previously from $175.00) on shares of Laboratory Corporation of America Holdings in a research note on Monday, July 17th. Craig Hallum reaffirmed a “buy” rating and issued a $179.00 price target (up previously from $157.00) on shares of Laboratory Corporation of America Holdings in a research note on Thursday, July 27th. Zacks Investment Research raised Laboratory Corporation of America Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Morgan Stanley upped their price target on Laboratory Corporation of America Holdings from $154.00 to $166.00 and gave the company an “overweight” rating in a research note on Thursday, August 10th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Laboratory Corporation of America Holdings presently has an average rating of “Buy” and an average price target of $169.00.

In other Laboratory Corporation of America Holdings news, CEO David P. King sold 132,713 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $157.06, for a total transaction of $20,843,903.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David P. King sold 44,687 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $156.86, for a total value of $7,009,602.82. Following the transaction, the chief executive officer now owns 258,753 shares in the company, valued at approximately $40,587,995.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 222,968 shares of company stock worth $34,980,922. 0.90% of the stock is currently owned by insiders.

About Laboratory Corporation of America Holdings

Laboratory Corporation of America Holdings is a life sciences company that is integrated in guiding patient care, providing clinical laboratory and end-to-end drug development services. The Company operates as a healthcare diagnostics company. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

Institutional Ownership by Quarter for Laboratory Corporation of America Holdings (NYSE:LH)

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