Laboratory Corp. of America (LH) Downgraded to “Underperform” at Bank of America

Bank of America lowered shares of Laboratory Corp. of America (NYSE:LH) from a neutral rating to an underperform rating in a report issued on Thursday, January 3rd, MarketBeat Ratings reports.

Several other research firms have also recently issued reports on LH. Goldman Sachs Group dropped their price target on Laboratory Corp. of America to $190.00 in a report on Sunday, December 2nd. Morgan Stanley dropped their price target on Laboratory Corp. of America from $202.00 to $180.00 in a report on Sunday, December 9th. Craig Hallum dropped their price target on Laboratory Corp. of America from $201.00 to $193.00 and set a buy rating on the stock in a report on Wednesday, October 3rd. William Blair reaffirmed a buy rating on shares of Laboratory Corp. of America in a report on Monday, December 3rd. Finally, SunTrust Banks lowered their price objective on shares of Laboratory Corp. of America to $175.00 and set a buy rating on the stock in a research report on Monday, December 3rd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $179.07.

NYSE:LH opened at $131.92 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.55 and a quick ratio of 1.44. Laboratory Corp. of America has a one year low of $119.38 and a one year high of $190.35. The stock has a market capitalization of $13.09 billion, a P/E ratio of 13.74, a PEG ratio of 1.32 and a beta of 1.09.

Laboratory Corp. of America (NYSE:LH) last issued its earnings results on Wednesday, October 24th. The medical research company reported $2.74 EPS for the quarter, missing the Zacks’ consensus estimate of $2.88 by ($0.14). The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.84 billion. Laboratory Corp. of America had a net margin of 13.27% and a return on equity of 17.13%. The business’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.46 earnings per share. On average, analysts predict that Laboratory Corp. of America will post 10.99 EPS for the current year.

In other news, Director R Sanders Williams sold 350 shares of Laboratory Corp. of America stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $162.14, for a total value of $56,749.00. Following the completion of the transaction, the director now owns 7,886 shares of the company’s stock, valued at approximately $1,278,636.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kerrii B. Anderson sold 3,700 shares of Laboratory Corp. of America stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $163.29, for a total transaction of $604,173.00. Following the completion of the transaction, the director now directly owns 21,795 shares of the company’s stock, valued at approximately $3,558,905.55. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue raised its position in shares of Laboratory Corp. of America by 8.8% in the 4th quarter. State of Alaska Department of Revenue now owns 95,515 shares of the medical research company’s stock valued at $12,067,000 after buying an additional 7,688 shares in the last quarter. Cerebellum GP LLC bought a new stake in shares of Laboratory Corp. of America during the 4th quarter valued at approximately $248,000. CENTRAL TRUST Co grew its holdings in shares of Laboratory Corp. of America by 22.0% during the 4th quarter. CENTRAL TRUST Co now owns 1,301 shares of the medical research company’s stock valued at $164,000 after purchasing an additional 235 shares during the last quarter. Chesley Taft & Associates LLC grew its holdings in shares of Laboratory Corp. of America by 26.9% during the 4th quarter. Chesley Taft & Associates LLC now owns 5,330 shares of the medical research company’s stock valued at $673,000 after purchasing an additional 1,130 shares during the last quarter. Finally, Private Trust Co. NA bought a new stake in shares of Laboratory Corp. of America during the 4th quarter valued at approximately $416,000. Institutional investors and hedge funds own 90.90% of the company’s stock.

About Laboratory Corp. of America

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.

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Analyst Recommendations for Laboratory Corp. of America (NYSE:LH)

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