Redmond Asset Management LLC Decreases Position in Laboratory Corp. of America Holdings (LH)

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Redmond Asset Management LLC trimmed its holdings in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 39.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,300 shares of the medical research company’s stock after selling 1,500 shares during the period. Redmond Asset Management LLC’s holdings in Laboratory Corp. of America were worth $291,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in LH. JFS Wealth Advisors LLC acquired a new stake in shares of Laboratory Corp. of America in the 4th quarter valued at about $26,000. Evolution Wealth Advisors LLC acquired a new stake in shares of Laboratory Corp. of America in the 4th quarter valued at about $29,000. Quantamental Technologies LLC acquired a new stake in shares of Laboratory Corp. of America in the 4th quarter valued at about $39,000. Pendal Group Ltd acquired a new stake in shares of Laboratory Corp. of America in the 4th quarter valued at about $61,000. Finally, Enlightenment Research LLC acquired a new stake in shares of Laboratory Corp. of America in the 4th quarter valued at about $88,000. 91.97% of the stock is owned by hedge funds and other institutional investors.

In related news, Director R Sanders Williams sold 1,038 shares of the stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $147.00, for a total transaction of $152,586.00. Following the sale, the director now owns 8,924 shares in the company, valued at $1,311,828. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.73% of the stock is owned by corporate insiders.

A number of equities research analysts have recently issued reports on LH shares. William Blair restated an “outperform” rating on shares of Laboratory Corp. of America in a research note on Wednesday, October 24th. Citigroup cut their target price on shares of Laboratory Corp. of America from $184.00 to $171.00 and set a “neutral” rating on the stock in a research note on Thursday, October 25th. Robert W. Baird cut their target price on shares of Laboratory Corp. of America from $205.00 to $190.00 and set an “outperform” rating on the stock in a research note on Thursday, October 25th. Morgan Stanley cut their target price on shares of Laboratory Corp. of America from $202.00 to $180.00 in a research note on Sunday, December 9th. Finally, KeyCorp cut their target price on shares of Laboratory Corp. of America from $210.00 to $165.00 and set an “overweight” rating on the stock in a research note on Thursday, December 6th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $178.27.

LH opened at $146.76 on Friday. The stock has a market cap of $14.85 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 1.67 and a beta of 1.13. Laboratory Corp. of America Holdings has a fifty-two week low of $119.38 and a fifty-two week high of $190.35. The company has a current ratio of 1.51, a quick ratio of 1.38 and a debt-to-equity ratio of 0.87.

Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings data on Thursday, February 7th. The medical research company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.04. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. Laboratory Corp. of America had a net margin of 8.43% and a return on equity of 17.05%. Laboratory Corp. of America’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.45 earnings per share. Sell-side analysts predict that Laboratory Corp. of America Holdings will post 11.22 earnings per share for the current fiscal year.

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Laboratory Corp. of America 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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