Jennison Associates LLC Lowers Stake in Laboratory Corp. of America Holdings (NYSE:LH)

Jennison Associates LLC lessened its stake in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 1.4% during the second quarter, HoldingsChannel reports. The firm owned 442,822 shares of the medical research company’s stock after selling 6,370 shares during the period. Jennison Associates LLC’s holdings in Laboratory Corp. of America were worth $76,564,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new position in Laboratory Corp. of America in the 2nd quarter worth approximately $32,000. Meeder Asset Management Inc. bought a new position in Laboratory Corp. of America in the 2nd quarter worth approximately $33,000. Legacy Advisors LLC bought a new position in Laboratory Corp. of America in the 2nd quarter worth approximately $33,000. Osborn Williams & Donohoe LLC bought a new position in Laboratory Corp. of America in the 1st quarter worth approximately $32,000. Finally, Private Ocean LLC grew its holdings in Laboratory Corp. of America by 54.3% in the 2nd quarter. Private Ocean LLC now owns 213 shares of the medical research company’s stock worth $36,000 after buying an additional 75 shares in the last quarter. Institutional investors own 89.72% of the company’s stock.

In other news, Director R Sanders Williams sold 500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $162.91, for a total transaction of $81,455.00. Following the completion of the sale, the director now owns 6,886 shares in the company, valued at approximately $1,121,798.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Der Vaart Sandra D. Van sold 2,328 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $176.75, for a total value of $411,474.00. Following the sale, the senior vice president now owns 2,328 shares of the company’s stock, valued at approximately $411,474. The disclosure for this sale can be found here. Insiders sold 21,491 shares of company stock valued at $3,677,189 over the last 90 days. 0.74% of the stock is currently owned by insiders.



A number of equities analysts recently issued reports on LH shares. Citigroup increased their price objective on Laboratory Corp. of America from $157.00 to $176.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Bank of America raised Laboratory Corp. of America from an “underperform” rating to a “neutral” rating and set a $174.60 price objective for the company in a report on Tuesday, July 16th. UBS Group increased their price objective on Laboratory Corp. of America from $178.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Barclays set a $200.00 price objective on Laboratory Corp. of America and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, Mizuho increased their price objective on Laboratory Corp. of America from $150.00 to $174.00 and gave the stock a “neutral” rating in a report on Monday, May 20th. One equities 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 stock. The company has an average rating of “Buy” and an average price target of $185.91.

LH traded down $2.08 during trading on Friday, reaching $165.86. The stock had a trading volume of 420,717 shares, compared to its average volume of 690,786. The firm has a market capitalization of $16.41 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 1.53 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. Laboratory Corp. of America Holdings has a 1-year low of $119.38 and a 1-year high of $178.44. The stock has a 50 day moving average of $169.48 and a two-hundred day moving average of $160.78.

Laboratory Corp. of America (NYSE:LH) last released its earnings results on Thursday, July 25th. The medical research company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.90 by $0.03. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.89 billion. Laboratory Corp. of America had a return on equity of 16.28% and a net margin of 8.19%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.98 earnings per share. On average, research analysts forecast that Laboratory Corp. of America Holdings will post 11.28 EPS for the current fiscal year.

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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