Laboratory Co. of America (NYSE:LH) Given New $300.00 Price Target at Morgan Stanley

Laboratory Co. of America (NYSE:LHGet Rating) had its target price reduced by Morgan Stanley from $360.00 to $300.00 in a research note released on Wednesday, Stock Target Advisor reports. They currently have an overweight rating on the medical research company’s stock.

A number of other analysts have also issued reports on the stock. Citigroup lifted their price objective on shares of Laboratory Co. of America from $340.00 to $350.00 in a research note on Friday, February 11th. Wells Fargo & Company dropped their price objective on shares of Laboratory Co. of America from $290.00 to $235.00 and set an equal weight rating on the stock in a research note on Monday, April 25th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Laboratory Co. of America from $294.00 to $265.00 in a research note on Tuesday, May 3rd. Credit Suisse Group dropped their price objective on shares of Laboratory Co. of America from $344.00 to $312.00 in a research note on Monday, May 2nd. Finally, Mizuho reduced their price objective on shares of Laboratory Co. of America from $354.00 to $323.00 in a research note on Wednesday, May 4th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Laboratory Co. of America currently has an average rating of Buy and a consensus target price of $297.09.

Shares of LH stock opened at $257.87 on Wednesday. The stock has a market cap of $23.90 billion, a price-to-earnings ratio of 11.83 and a beta of 1.04. The company has a quick ratio of 1.81, a current ratio of 1.98 and a debt-to-equity ratio of 0.51. Laboratory Co. of America has a fifty-two week low of $232.01 and a fifty-two week high of $317.17. The firm’s 50 day moving average price is $259.11 and its two-hundred day moving average price is $274.27.

Laboratory Co. of America (NYSE:LHGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The medical research company reported $6.11 earnings per share for the quarter, beating analysts’ consensus estimates of $5.88 by $0.23. The firm had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Laboratory Co. of America had a net margin of 13.24% and a return on equity of 23.84%. Laboratory Co. of America’s revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $8.79 earnings per share. On average, equities analysts forecast that Laboratory Co. of America will post 19.9 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 9th. Shareholders of record on Thursday, May 19th will be issued a $0.72 dividend. The ex-dividend date is Wednesday, May 18th. This represents a $2.88 dividend on an annualized basis and a yield of 1.12%. Laboratory Co. of America’s dividend payout ratio is currently 13.22%.

In other Laboratory Co. of America news, CMO Amy B. Summy sold 249 shares of the firm’s stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $262.21, for a total value of $65,290.29. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark S. Schroeder sold 2,356 shares of Laboratory Co. of America stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $277.11, for a total value of $652,871.16. The disclosure for this sale can be found here. Insiders sold 3,177 shares of company stock worth $874,306 in the last three months. 0.31% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Laboratory Co. of America by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,859,128 shares of the medical research company’s stock valued at $2,863,118,000 after acquiring an additional 106,063 shares during the period. BlackRock Inc. increased its stake in shares of Laboratory Co. of America by 15.7% during the first quarter. BlackRock Inc. now owns 9,576,779 shares of the medical research company’s stock valued at $2,525,014,000 after acquiring an additional 1,302,369 shares during the period. State Street Corp increased its stake in shares of Laboratory Co. of America by 2.7% during the fourth quarter. State Street Corp now owns 4,423,702 shares of the medical research company’s stock valued at $1,389,971,000 after acquiring an additional 117,371 shares during the period. Geode Capital Management LLC increased its stake in shares of Laboratory Co. of America by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 1,876,827 shares of the medical research company’s stock valued at $588,268,000 after acquiring an additional 41,781 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Laboratory Co. of America by 2.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,591,004 shares of the medical research company’s stock valued at $447,843,000 after acquiring an additional 34,864 shares during the period. 92.02% of the stock is currently owned by institutional investors.

About Laboratory Co. of America (Get Rating)

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various 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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Analyst Recommendations for Laboratory Co. of America (NYSE:LH)

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