PGGM Investments reduced its holdings in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 17.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 241,834 shares of the medical research company’s stock after selling 51,562 shares during the period. PGGM Investments’ holdings in Laboratory Corp. of America were worth $40,911,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Financial Advantage Inc. purchased a new stake in Laboratory Corp. of America during the third quarter worth $26,000. Rational Advisors LLC boosted its stake in Laboratory Corp. of America by 106.2% during the third quarter. Rational Advisors LLC now owns 200 shares of the medical research company’s stock valued at $34,000 after buying an additional 103 shares in the last quarter. Usca Ria LLC bought a new position in Laboratory Corp. of America during the third quarter valued at about $40,000. CSat Investment Advisory L.P. boosted its stake in Laboratory Corp. of America by 86.1% during the second quarter. CSat Investment Advisory L.P. now owns 255 shares of the medical research company’s stock valued at $45,000 after buying an additional 118 shares in the last quarter. Finally, Bridger Capital Management LLC bought a new position in Laboratory Corp. of America during the third quarter valued at about $54,000. Institutional investors own 90.38% of the company’s stock.
LH stock traded down $0.54 during trading on Friday, hitting $177.20. The company had a trading volume of 12,784 shares, compared to its average volume of 775,145. The company has a fifty day moving average price of $170.71 and a two-hundred day moving average price of $169.42. The company has a current ratio of 1.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.93. The company has a market cap of $17.52 billion, a P/E ratio of 16.08, a P/E/G ratio of 1.77 and a beta of 1.02. Laboratory Corp. of America Holdings has a fifty-two week low of $131.26 and a fifty-two week high of $181.49.
LH has been the subject of several research reports. Bank of America cut Laboratory Corp. of America from a “neutral” rating to an “underperform” rating in a research note on Friday, January 3rd. Zacks Investment Research raised Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $186.00 price objective on the stock in a report on Monday. Canaccord Genuity reissued a “hold” rating and set a $170.00 price objective on shares of Laboratory Corp. of America in a report on Thursday, October 24th. UBS Group decreased their price objective on Laboratory Corp. of America from $204.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Finally, Wells Fargo & Co started coverage on Laboratory Corp. of America in a report on Tuesday, January 7th. They set an “overweight” rating and a $210.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $189.05.
In related news, CEO David P. King sold 30,177 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $165.40, for a total value of $4,991,275.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.74% of the stock is owned by insiders.
Laboratory Corp. of America Profile
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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