Laboratory Corporation of America Holdings (NYSE:LH) Position Increased by Montgomery Investment Management Inc.

Montgomery Investment Management Inc. increased its position in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,210 shares of the medical research company’s stock after buying an additional 100 shares during the period. Montgomery Investment Management Inc.’s holdings in Laboratory Corporation of America Holdings were worth $1,420,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. CFO4Life Group LLC purchased a new position in Laboratory Corporation of America Holdings during the first quarter worth $312,000. Oxford Asset Management increased its position in Laboratory Corporation of America Holdings by 68.6% in the first quarter. Oxford Asset Management now owns 51,622 shares of the medical research company’s stock worth $7,406,000 after buying an additional 21,003 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Laboratory Corporation of America Holdings by 2.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 9,900 shares of the medical research company’s stock worth $1,420,000 after buying an additional 199 shares during the period. Elkfork Partners LLC increased its position in Laboratory Corporation of America Holdings by 2.4% in the first quarter. Elkfork Partners LLC now owns 12,936 shares of the medical research company’s stock worth $1,856,000 after buying an additional 308 shares during the period. Finally, Toronto Dominion Bank increased its position in Laboratory Corporation of America Holdings by 55.5% in the first quarter. Toronto Dominion Bank now owns 27,613 shares of the medical research company’s stock worth $3,961,000 after buying an additional 9,857 shares during the period. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Shares of Laboratory Corporation of America Holdings (NYSE LH) traded down 0.42% during midday trading on Friday, hitting $153.91. The company had a trading volume of 460,530 shares. The stock has a 50 day moving average price of $155.89 and a 200 day moving average price of $145.06. Laboratory Corporation of America Holdings has a 1-year low of $119.51 and a 1-year high of $164.22. The firm has a market capitalization of $15.67 billion, a P/E ratio of 21.56 and a beta of 0.94.

Laboratory Corporation of America Holdings (NYSE:LH) last issued its earnings results on Wednesday, July 26th. The medical research company reported $2.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.40 by $0.07. Laboratory Corporation of America Holdings had a net margin of 7.57% and a return on equity of 16.85%. The firm had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the company posted $2.36 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Laboratory Corporation of America Holdings will post $9.50 EPS for the current fiscal year.

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A number of research firms recently weighed in on LH. Morgan Stanley upped their price target on Laboratory Corporation of America Holdings from $154.00 to $166.00 and gave the stock an “overweight” rating in a research note on Thursday, August 10th. Barclays PLC increased their price objective on Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Zacks Investment Research raised Laboratory Corporation of America Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Craig Hallum reissued a “buy” rating and issued a $179.00 price objective (up from $157.00) on shares of Laboratory Corporation of America Holdings in a research note on Thursday, July 27th. Finally, Credit Suisse Group downgraded Laboratory Corporation of America Holdings to a “hold” rating and set a $146.00 price target for the company. in a research report on Thursday, July 13th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $159.75.

In other news, CFO Glenn A. Eisenberg sold 5,968 shares of Laboratory Corporation of America Holdings stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $159.46, for a total value of $951,657.28. Following the sale, the chief financial officer now owns 18,122 shares in the company, valued at $2,889,734.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Lance Berberian sold 3,613 shares of Laboratory Corporation of America Holdings stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $139.84, for a total transaction of $505,241.92. Following the completion of the sale, the senior vice president now owns 5,789 shares in the company, valued at approximately $809,533.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,681 shares of company stock valued at $2,743,227. 0.90% of the stock is currently owned by corporate insiders.

Laboratory Corporation of America Holdings Company Profile

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).

Institutional Ownership by Quarter for Laboratory Corporation of America Holdings (NYSE:LH)

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