Eaton Vance Management Boosts Position in Laboratory Corporation of America Holdings (LH)

Eaton Vance Management increased its stake in Laboratory Corporation of America Holdings (NYSE:LH) by 233.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,577 shares of the medical research company’s stock after purchasing an additional 8,800 shares during the quarter. Eaton Vance Management’s holdings in Laboratory Corporation of America Holdings were worth $1,939,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of LH. BlackRock Inc. raised its holdings in shares of Laboratory Corporation of America Holdings by 3,602.5% in the 1st quarter. BlackRock Inc. now owns 8,074,378 shares of the medical research company’s stock worth $1,158,430,000 after purchasing an additional 7,856,297 shares during the period. Schroder Investment Management Group raised its holdings in shares of Laboratory Corporation of America Holdings by 1,337.1% in the 2nd quarter. Schroder Investment Management Group now owns 860,802 shares of the medical research company’s stock worth $130,885,000 after purchasing an additional 800,902 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Laboratory Corporation of America Holdings by 139.4% in the 1st quarter. JPMorgan Chase & Co. now owns 677,069 shares of the medical research company’s stock worth $97,139,000 after purchasing an additional 394,247 shares during the period. Bessemer Group Inc. raised its holdings in shares of Laboratory Corporation of America Holdings by 43.6% in the 2nd quarter. Bessemer Group Inc. now owns 1,288,017 shares of the medical research company’s stock worth $198,535,000 after purchasing an additional 391,145 shares during the period. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its holdings in shares of Laboratory Corporation of America Holdings by 901.1% in the 2nd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 335,545 shares of the medical research company’s stock worth $8,748,000 after purchasing an additional 302,028 shares during the period. 93.19% of the stock is currently owned by institutional investors.

Laboratory Corporation of America Holdings (NYSE LH) opened at 154.15 on Thursday. The stock has a market capitalization of $15.69 billion, a price-to-earnings ratio of 21.59 and a beta of 0.94. The company has a 50-day moving average of $156.24 and a 200-day moving average of $147.88. Laboratory Corporation of America Holdings has a 1-year low of $119.51 and a 1-year high of $164.22.

Laboratory Corporation of America Holdings (NYSE:LH) last released its quarterly earnings results on Wednesday, July 26th. The medical research company reported $2.47 earnings per share 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 business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm earned $2.36 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts anticipate that Laboratory Corporation of America Holdings will post $9.54 earnings per share for the current fiscal year.

In other news, CEO David P. King sold 44,687 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $156.86, for a total value of $7,009,602.82. Following the completion of the sale, the chief executive officer now directly owns 258,753 shares of the company’s stock, valued at $40,587,995.58. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Glenn A. Eisenberg sold 5,968 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $159.46, for a total transaction of $951,657.28. Following the completion of the sale, the chief financial officer now directly owns 18,122 shares of the company’s stock, valued at $2,889,734.12. The disclosure for this sale can be found here. Insiders sold 222,968 shares of company stock worth $34,980,922 over the last quarter. Insiders own 0.90% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This piece was originally posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of US and international copyright & trademark legislation. The correct version of this piece can be read at https://ledgergazette.com/2017/09/21/eaton-vance-management-boosts-position-in-laboratory-corporation-of-america-holdings-lh.html.

A number of equities research analysts recently commented on LH shares. ValuEngine cut shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a report on Saturday, June 3rd. Barclays PLC lifted their price target on shares of Laboratory Corporation of America Holdings from $182.00 to $183.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. BidaskClub raised shares of Laboratory Corporation of America Holdings from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $170.00 price target (up previously from $157.00) on shares of Laboratory Corporation of America Holdings in a report on Wednesday, September 13th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $146.00 price target on shares of Laboratory Corporation of America Holdings in a report on Sunday, May 28th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $164.00.

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)

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 MarketBeat.com's FREE daily email newsletter.

Leave a Reply