Wedge Capital Management L L P NC Buys New Shares in Laboratory Corp. of America Holdings (NYSE:LH)

Wedge Capital Management L L P NC bought a new stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 197,410 shares of the medical research company’s stock, valued at approximately $34,132,000. Wedge Capital Management L L P NC owned approximately 0.20% of Laboratory Corp. of America as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LH. Shine Investment Advisory Services Inc. increased its holdings in shares of Laboratory Corp. of America by 30.7% in the first quarter. Shine Investment Advisory Services Inc. now owns 277 shares of the medical research company’s stock worth $42,000 after purchasing an additional 65 shares during the last quarter. ETF Managers Group LLC increased its stake in Laboratory Corp. of America by 8.1% during the first quarter. ETF Managers Group LLC now owns 883 shares of the medical research company’s stock worth $135,000 after acquiring an additional 66 shares during the last quarter. Squar Milner Financial Services LLC increased its stake in Laboratory Corp. of America by 6.4% during the second quarter. Squar Milner Financial Services LLC now owns 1,090 shares of the medical research company’s stock worth $188,000 after acquiring an additional 66 shares during the last quarter. Hartford Investment Management Co. increased its stake in Laboratory Corp. of America by 0.3% during the second quarter. Hartford Investment Management Co. now owns 20,629 shares of the medical research company’s stock worth $3,567,000 after acquiring an additional 67 shares during the last quarter. Finally, Diversified Trust Co increased its stake in Laboratory Corp. of America by 4.1% during the second quarter. Diversified Trust Co now owns 1,763 shares of the medical research company’s stock worth $305,000 after acquiring an additional 70 shares during the last quarter. Institutional investors own 90.78% of the company’s stock.

Shares of LH traded down $0.20 during mid-day trading on Wednesday, reaching $163.72. 104,998 shares of the company’s stock traded hands, compared to its average volume of 792,920. The stock has a market capitalization of $16.37 billion, a PE ratio of 14.86, a P/E/G ratio of 1.50 and a beta of 1.05. The firm’s 50-day moving average is $170.72. Laboratory Corp. of America Holdings has a 12 month low of $119.38 and a 12 month high of $182.75. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.03 and a current ratio of 1.12.



Laboratory Corp. of America (NYSE:LH) last released its earnings results on Thursday, July 25th. The medical research company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates of $2.90 by $0.03. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.89 billion. Laboratory Corp. of America had a return on equity of 16.28% and a net margin of 8.19%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.98 earnings per share. As a group, equities research analysts forecast that Laboratory Corp. of America Holdings will post 11.29 EPS for the current year.

Several equities research analysts have weighed in on the company. Bank of America raised Laboratory Corp. of America from an “underperform” rating to a “neutral” rating and set a $174.60 price objective on the stock in a research note on Tuesday, July 16th. Barclays set a $200.00 price objective on Laboratory Corp. of America and gave the stock a “buy” rating in a research note on Monday, July 15th. Deutsche Bank raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $180.00 to $220.00 in a research note on Thursday, June 20th. Mizuho boosted their price objective on Laboratory Corp. of America from $150.00 to $174.00 and gave the stock a “neutral” rating in a research note on Monday, May 20th. Finally, Zacks Investment Research raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $185.23.

In related news, Director R Sanders Williams sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $162.91, for a total value of $81,455.00. Following the completion of the sale, the director now owns 6,886 shares in the company, valued at $1,121,798.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Glenn A. Eisenberg sold 5,563 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $176.75, for a total value of $983,260.25. Following the completion of the sale, the chief financial officer now owns 17,059 shares of the company’s stock, valued at approximately $3,015,178.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,491 shares of company stock worth $3,677,189. Insiders own 0.74% of the company’s stock.

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.

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

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