Laboratory Corp. of America (LH) Lowered to “Hold” at Canaccord Genuity

Canaccord Genuity cut shares of Laboratory Corp. of America (NYSE:LH) from a buy rating to a hold rating in a research report sent to investors on Thursday, Marketbeat reports. They currently have $162.00 price target on the medical research company’s stock, down from their previous price target of $190.00.

LH has been the topic of a number of other research reports. Deutsche Bank cut Laboratory Corp. of America from a buy rating to a hold rating and set a $172.00 price target on the stock. in a report on Wednesday, June 27th. Bank of America initiated coverage on Laboratory Corp. of America in a report on Friday, October 19th. They issued a buy rating on the stock. Credit Suisse Group lowered their price target on Laboratory Corp. of America from $197.00 to $195.00 and set an outperform rating on the stock in a report on Tuesday, September 4th. SunTrust Banks restated a buy rating and issued a $220.00 price target on shares of Laboratory Corp. of America in a report on Friday, July 20th. Finally, Zacks Investment Research upgraded Laboratory Corp. of America from a sell rating to a hold rating in a report on Thursday, October 4th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $192.19.

Shares of LH traded down $2.11 on Thursday, reaching $154.53. The stock had a trading volume of 950,737 shares, compared to its average volume of 718,626. The stock has a market cap of $17.26 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.58 and a beta of 0.97. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.42 and a quick ratio of 1.32. Laboratory Corp. of America has a twelve month low of $147.70 and a twelve month high of $190.35.



Laboratory Corp. of America (NYSE:LH) last released its quarterly earnings results on Wednesday, October 24th. The medical research company reported $2.74 earnings per share for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.14). The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.84 billion. Laboratory Corp. of America had a return on equity of 16.38% and a net margin of 11.59%. The business’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.46 EPS. Research analysts expect that Laboratory Corp. of America will post 11.52 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Laboratory Corp. of America by 9.1% in the 2nd quarter. BlackRock Inc. now owns 8,711,292 shares of the medical research company’s stock valued at $1,563,937,000 after buying an additional 729,038 shares in the last quarter. Iridian Asset Management LLC CT lifted its stake in Laboratory Corp. of America by 4.0% in the 2nd quarter. Iridian Asset Management LLC CT now owns 1,758,908 shares of the medical research company’s stock valued at $315,777,000 after buying an additional 67,987 shares in the last quarter. OppenheimerFunds Inc. lifted its stake in Laboratory Corp. of America by 113.3% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,700,776 shares of the medical research company’s stock valued at $305,341,000 after buying an additional 903,554 shares in the last quarter. Bessemer Group Inc. lifted its stake in Laboratory Corp. of America by 1.2% in the 2nd quarter. Bessemer Group Inc. now owns 1,113,356 shares of the medical research company’s stock valued at $199,880,000 after buying an additional 13,293 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Laboratory Corp. of America by 7.5% in the 2nd quarter. Jennison Associates LLC now owns 974,351 shares of the medical research company’s stock valued at $174,925,000 after buying an additional 67,926 shares in the last quarter. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

About Laboratory Corp. of America

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.

Read More: Earnings Per Share (EPS) Explained

Analyst Recommendations for Laboratory Corp. of America (NYSE:LH)

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