Kornitzer Capital Management Inc. KS Has $4.36 Million Holdings in Laboratory Corp. of America Holdings (NYSE:LH)

Kornitzer Capital Management Inc. KS lessened its position in Laboratory Corp. of America Holdings (NYSE:LH) by 4.6% in the third quarter, HoldingsChannel reports. The fund owned 25,965 shares of the medical research company’s stock after selling 1,255 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Laboratory Corp. of America were worth $4,362,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Private Trust Co. NA boosted its position in shares of Laboratory Corp. of America by 1.4% during the second quarter. Private Trust Co. NA now owns 5,172 shares of the medical research company’s stock valued at $894,000 after buying an additional 72 shares during the last quarter. Carroll Financial Associates Inc. boosted its position in shares of Laboratory Corp. of America by 9.4% during the second quarter. Carroll Financial Associates Inc. now owns 1,368 shares of the medical research company’s stock valued at $236,000 after buying an additional 118 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Laboratory Corp. of America by 3.8% during the second quarter. Crossmark Global Holdings Inc. now owns 12,061 shares of the medical research company’s stock valued at $2,085,000 after buying an additional 439 shares during the last quarter. Retirement Systems of Alabama boosted its position in shares of Laboratory Corp. of America by 76.9% during the second quarter. Retirement Systems of Alabama now owns 81,197 shares of the medical research company’s stock valued at $14,039,000 after buying an additional 35,285 shares during the last quarter. Finally, Triangle Securities Wealth Management boosted its position in shares of Laboratory Corp. of America by 5.2% during the second quarter. Triangle Securities Wealth Management now owns 3,228 shares of the medical research company’s stock valued at $568,000 after buying an additional 160 shares during the last quarter. 90.22% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently issued reports on the company. KeyCorp lifted their target price on Laboratory Corp. of America from $172.00 to $192.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. 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 report on Tuesday, July 16th. UBS Group cut their price objective on Laboratory Corp. of America from $204.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Barclays set a $200.00 price objective on Laboratory Corp. of America and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Zacks Investment Research raised Laboratory Corp. of America from a “sell” rating to a “hold” rating and set a $172.00 price objective on the stock in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. Laboratory Corp. of America has a consensus rating of “Buy” and an average target price of $184.90.

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LH stock traded up $2.61 during midday trading on Friday, hitting $168.41. The company’s stock had a trading volume of 427,859 shares, compared to its average volume of 720,532. The stock’s 50-day moving average price is $167.04 and its 200 day moving average price is $167.26. The company has a quick ratio of 1.08, a current ratio of 1.17 and a debt-to-equity ratio of 0.93. 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 market cap of $16.04 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.85 and a beta of 1.01.

Laboratory Corp. of America (NYSE:LH) last posted its quarterly earnings data on Thursday, October 24th. The medical research company reported $2.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.85 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.91 billion. Laboratory Corp. of America had a return on equity of 15.33% and a net margin of 6.63%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.74 earnings per share. As a group, equities analysts forecast that Laboratory Corp. of America Holdings will post 11.26 earnings per share for the current fiscal year.

In other Laboratory Corp. of America 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 can be accessed through this hyperlink. Also, SVP Lance Berberian sold 5,902 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $169.80, for a total value of $1,002,159.60. Following the completion of the sale, the senior vice president now owns 6,097 shares in the company, valued at $1,035,270.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,145 shares of company stock worth $6,855,988. Corporate insiders own 0.74% of the company’s stock.

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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