Stack Financial Management Inc Sells 4,388 Shares of Laboratory Corp. of America Holdings (NYSE:LH)

Stack Financial Management Inc lowered its position in shares of Laboratory Corp. of America Holdings (NYSE:LH) by 3.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 108,006 shares of the medical research company’s stock after selling 4,388 shares during the quarter. Laboratory Corp. of America makes up about 2.1% of Stack Financial Management Inc’s investment portfolio, making the stock its 18th largest position. Stack Financial Management Inc’s holdings in Laboratory Corp. of America were worth $18,674,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Laboratory Corp. of America by 10.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,905 shares of the medical research company’s stock valued at $4,133,000 after acquiring an additional 2,234 shares during the period. Private Ocean LLC grew its stake in Laboratory Corp. of America by 54.3% in the second quarter. Private Ocean LLC now owns 213 shares of the medical research company’s stock valued at $36,000 after acquiring an additional 75 shares during the period. Mcrae Capital Management Inc. grew its stake in Laboratory Corp. of America by 0.8% in the second quarter. Mcrae Capital Management Inc. now owns 65,870 shares of the medical research company’s stock valued at $11,389,000 after acquiring an additional 525 shares during the period. BP PLC acquired a new position in Laboratory Corp. of America in the second quarter valued at about $1,694,000. Finally, SG Americas Securities LLC grew its stake in Laboratory Corp. of America by 777.2% in the second quarter. SG Americas Securities LLC now owns 22,754 shares of the medical research company’s stock valued at $3,934,000 after acquiring an additional 20,160 shares during the period. Institutional investors own 90.92% of the company’s stock.

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

Shares of LH stock traded up $0.50 on Friday, hitting $164.94. 441,864 shares of the stock were exchanged, compared to its average volume of 814,155. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.12 and a quick ratio of 1.03. The stock has a market cap of $16.20 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.50 and a beta of 1.05. The business has a 50-day moving average of $171.14. Laboratory Corp. of America Holdings has a fifty-two week low of $119.38 and a fifty-two week high of $182.75.

Laboratory Corp. of America (NYSE:LH) last posted its quarterly earnings data on Thursday, July 25th. The medical research company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.03. The company had revenue of $2.88 billion during 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%. Laboratory Corp. of America’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 earned $2.98 earnings per share. As a group, equities research analysts expect that Laboratory Corp. of America Holdings will post 11.29 earnings per share for the current fiscal year.

A number of research firms have issued reports on LH. Canaccord Genuity boosted their target price on Laboratory Corp. of America from $155.00 to $165.00 and gave the company a “hold” rating in a research note on Thursday, May 2nd. TheStreet raised Laboratory Corp. of America from a “c+” rating to a “b-” rating in a research note on Friday, May 3rd. Zacks Investment Research raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Thursday, May 16th. Morgan Stanley boosted their target price on Laboratory Corp. of America from $175.00 to $190.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Deutsche Bank raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and boosted their target price for the company from $180.00 to $220.00 in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $185.23.

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

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