Fulton Bank N. A. Makes New $213,000 Investment in Laboratory Corp. of America Holdings (NYSE:LH)

Fulton Bank N. A. acquired a new position in Laboratory Corp. of America Holdings (NYSE:LH) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,279 shares of the medical research company’s stock, valued at approximately $213,000.

A number of other institutional investors have also recently bought and sold shares of LH. Melvin Capital Management LP lifted its position in Laboratory Corp. of America by 37.1% during the first quarter. Melvin Capital Management LP now owns 2,570,950 shares of the medical research company’s stock worth $324,942,000 after buying an additional 695,317 shares during the period. Franklin Resources Inc. grew its position in shares of Laboratory Corp. of America by 1.4% in the 1st quarter. Franklin Resources Inc. now owns 1,635,316 shares of the medical research company’s stock worth $206,711,000 after acquiring an additional 22,519 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Laboratory Corp. of America by 1.7% in the 1st quarter. Geode Capital Management LLC now owns 1,516,334 shares of the medical research company’s stock worth $191,277,000 after acquiring an additional 25,654 shares in the last quarter. Iridian Asset Management LLC CT boosted its position in Laboratory Corp. of America by 6.1% during the 1st quarter. Iridian Asset Management LLC CT now owns 1,407,881 shares of the medical research company’s stock valued at $177,942,000 after purchasing an additional 81,156 shares during the period. Finally, Allen Investment Management LLC boosted its position in Laboratory Corp. of America by 7.5% during the 1st quarter. Allen Investment Management LLC now owns 1,237,792 shares of the medical research company’s stock valued at $156,445,000 after purchasing an additional 86,771 shares during the period. 89.81% of the stock is currently owned by institutional investors.

A number of analysts have recently commented on LH shares. Deutsche Bank initiated coverage on Laboratory Corp. of America in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $210.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on Laboratory Corp. of America from $118.00 to $223.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. UBS Group boosted their price objective on Laboratory Corp. of America from $209.00 to $218.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Robert W. Baird upped their price objective on Laboratory Corp. of America from $199.00 to $219.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, Bank of America upped their price objective on Laboratory Corp. of America from $147.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $202.18.

LH stock opened at $174.46 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.07 and a current ratio of 1.18. Laboratory Corp. of America Holdings has a 52 week low of $98.02 and a 52 week high of $196.36. The firm’s fifty day moving average is $170.32 and its 200 day moving average is $165.15. The firm has a market cap of $16.83 billion, a P/E ratio of 54.01, a P/E/G ratio of 2.77 and a beta of 1.38.

Laboratory Corp. of America (NYSE:LH) last released its earnings results on Wednesday, April 29th. The medical research company reported $2.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.95 by $0.42. Laboratory Corp. of America had a net margin of 2.77% and a return on equity of 15.03%. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same quarter last year, the firm earned $2.62 EPS. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, analysts forecast that Laboratory Corp. of America Holdings will post 10.33 EPS for the current year.

In other Laboratory Corp. of America news, EVP Der Vaart Sandra D. Van sold 872 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $160.33, for a total value of $139,807.76. Following the sale, the executive vice president now owns 4,915 shares of the company’s stock, valued at approximately $788,021.95. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 435 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $170.00, for a total transaction of $73,950.00. Following the completion of the sale, the executive vice president now directly owns 4,044 shares in the company, valued at approximately $687,480. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.

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

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