Laboratory Corporation of America Holdings (NYSE:LH) Rating Lowered to Hold at Zacks Investment Research

Laboratory Corporation of America Holdings (NYSE:LH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, October 27th.

According to Zacks, “LabCorp’s third-quarter earnings topped the Zacks Consensus Estimate. Strong year-over-year increase in both earnings and revenues were encouraging too. LabCorp Diagnostics business was strong on improving price, mix, acquisition and favorable foreign exchange. Also after several quarters of dull show, Covance Drug Development reported strong growth on the back of the acquisition of Chiltern, strong organic growth and favorable foreign currency translation. An increased 2017 guidance boosts investors’ confidence indicating chances of this bullish trend to be maintained in the fourth quarter too. Over the last six months LabCorp has been trading above the broader industry. On the flip side, revenue growth was constrained by the impact from multiple hurricanes during the quarter. Also, the current economic uncertainty including challenging volume environment for testing laboratories and utilization weaknesses are looming headwinds.”

A number of other analysts have also recently commented on the stock. Craig Hallum reaffirmed a “buy” rating and set a $179.00 price target (up previously from $157.00) on shares of Laboratory Corporation of America Holdings in a research report on Thursday, July 27th. Robert W. Baird reissued a “hold” rating and set a $166.00 price objective on shares of Laboratory Corporation of America Holdings in a research report on Tuesday, October 17th. Wells Fargo & Company assumed coverage on shares of Laboratory Corporation of America Holdings in a research report on Thursday, October 12th. They set an “outperform” rating and a $175.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Laboratory Corporation of America Holdings from $154.00 to $166.00 and gave the stock an “overweight” rating in a research report on Thursday, August 10th. Finally, Credit Suisse Group lowered shares of Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 target price on the stock. in a report on Thursday, July 13th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $169.00.

Laboratory Corporation of America Holdings (NYSE:LH) traded up $0.04 on Friday, hitting $149.91. The company’s stock had a trading volume of 591,900 shares, compared to its average volume of 722,362. Laboratory Corporation of America Holdings has a 1 year low of $123.36 and a 1 year high of $164.22. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.89 and a quick ratio of 1.75. The firm has a market cap of $15,360.00, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 1.59 and a beta of 0.87.

Laboratory Corporation of America Holdings (NYSE:LH) last posted its quarterly earnings results on Wednesday, October 25th. The medical research company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.08. Laboratory Corporation of America Holdings had a return on equity of 16.75% and a net margin of 7.40%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the company posted $2.25 earnings per share. Laboratory Corporation of America Holdings’s quarterly revenue was up 9.5% on a year-over-year basis. research analysts expect that Laboratory Corporation of America Holdings will post 9.52 EPS for the current year.

TRADEMARK VIOLATION WARNING: “Laboratory Corporation of America Holdings (NYSE:LH) Rating Lowered to Hold at Zacks Investment Research” was originally published by BBNS and is the property of of BBNS. If you are reading this news story on another site, it was stolen and republished in violation of US and international copyright & trademark laws. The correct version of this news story can be viewed at https://baseballnewssource.com/markets/zacks-investment-research-downgrades-laboratory-corporation-of-america-holdings-lh-to-hold/1740603.html.

In related news, Director Dwight Gary Gilliland sold 971 shares of Laboratory Corporation of America Holdings stock in a transaction on Monday, October 30th. The shares were sold at an average price of $153.52, for a total value of $149,067.92. Following the transaction, the director now owns 3,501 shares in the company, valued at approximately $537,473.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider F Samuel Eberts III sold 31,500 shares of Laboratory Corporation of America Holdings stock in a transaction on Friday, August 25th. The stock was sold at an average price of $155.22, for a total transaction of $4,889,430.00. Following the completion of the transaction, the insider now owns 31,894 shares in the company, valued at approximately $4,950,586.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 209,871 shares of company stock valued at $32,892,005. Insiders own 0.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in LH. Janus Henderson Group PLC increased its position in shares of Laboratory Corporation of America Holdings by 5,992.1% in the second quarter. Janus Henderson Group PLC now owns 889,631 shares of the medical research company’s stock valued at $137,128,000 after acquiring an additional 875,028 shares during the period. Schroder Investment Management Group boosted its stake in shares of Laboratory Corporation of America Holdings by 1,337.1% during the 2nd quarter. Schroder Investment Management Group now owns 860,802 shares of the medical research company’s stock valued at $130,885,000 after purchasing an additional 800,902 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Laboratory Corporation of America Holdings by 70.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,543,126 shares of the medical research company’s stock valued at $237,857,000 after purchasing an additional 637,848 shares in the last quarter. Empyrean Capital Partners LP bought a new stake in shares of Laboratory Corporation of America Holdings during the 2nd quarter valued at about $92,484,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Laboratory Corporation of America Holdings by 57.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,350,903 shares of the medical research company’s stock valued at $202,298,000 after purchasing an additional 492,866 shares in the last quarter. Hedge funds and other institutional investors own 93.54% of the company’s stock.

About Laboratory Corporation of America Holdings

Laboratory Corporation of America Holdings is a life sciences company that is integrated in guiding patient care, providing clinical laboratory and end-to-end drug development services. The Company operates as a healthcare diagnostics company. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD).

Get a free copy of the Zacks research report on Laboratory Corporation of America Holdings (LH)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Laboratory Corporation of America Holdings (NYSE:LH)

Receive News & Ratings for Laboratory Corporation of America Holdings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Laboratory Corporation of America Holdings and related companies with our FREE daily email newsletter.

 


Latest News

Seattle Mariners Start Offseason With a Bang: Three Trades Over Four Days
Seattle Mariners Start Offseason With a Bang: Three Trades Over Four Days
MLB Commissioner: New Rule for Pace-of-Play in 2018
MLB Commissioner: New Rule for Pace-of-Play in 2018
Alex Cobb Could Be Good Fit for Cubs
Alex Cobb Could Be Good Fit for Cubs
Joey Votto Is One of Baseball’s Best Hitters
Joey Votto Is One of Baseball’s Best Hitters
Hunter Pence May Become Part-Time Player
Hunter Pence May Become Part-Time Player
Perfect 300 Bowled by Red Sox Right Fielder Mookie Betts
Perfect 300 Bowled by Red Sox Right Fielder Mookie Betts


Leave a Reply

 
© 2006-2017 BBNS.