Grisanti Capital Management LLC boosted its stake in shares of Laboratory Corporation of America Holdings (NYSE:LH) by 32.8% during the second quarter, Holdings Channel reports. The fund owned 56,831 shares of the medical research company’s stock after buying an additional 14,041 shares during the period. Laboratory Corporation of America Holdings comprises approximately 3.8% of Grisanti Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Grisanti Capital Management LLC’s holdings in Laboratory Corporation of America Holdings were worth $8,759,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in LH. Raymond James Trust N.A. increased its position in shares of Laboratory Corporation of America Holdings by 29.0% in the first quarter. Raymond James Trust N.A. now owns 3,115 shares of the medical research company’s stock valued at $447,000 after buying an additional 701 shares during the last quarter. Sheets Smith Wealth Management purchased a new position in shares of Laboratory Corporation of America Holdings during the first quarter valued at about $215,000. Gulf International Bank UK Ltd increased its position in shares of Laboratory Corporation of America Holdings by 9.4% in the first quarter. Gulf International Bank UK Ltd now owns 32,581 shares of the medical research company’s stock valued at $4,674,000 after buying an additional 2,800 shares during the last quarter. National Pension Service increased its position in shares of Laboratory Corporation of America Holdings by 0.8% in the first quarter. National Pension Service now owns 89,705 shares of the medical research company’s stock valued at $12,916,000 after buying an additional 751 shares during the last quarter. Finally, Murphy Capital Management Inc. purchased a new position in shares of Laboratory Corporation of America Holdings during the first quarter valued at about $215,000. 91.89% of the stock is currently owned by institutional investors and hedge funds.

Laboratory Corporation of America Holdings (NYSE:LH) opened at 156.21 on Friday. The firm has a market cap of $15.90 billion, a price-to-earnings ratio of 21.88 and a beta of 0.94. Laboratory Corporation of America Holdings has a 12 month low of $119.51 and a 12 month high of $164.22. The company’s 50-day moving average is $155.35 and its 200 day moving average is $144.27.

Laboratory Corporation of America Holdings (NYSE:LH) last posted its quarterly earnings results on Wednesday, July 26th. The medical research company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.40 by $0.07. The business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Laboratory Corporation of America Holdings had a net margin of 7.57% and a return on equity of 16.85%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $2.36 earnings per share. On average, equities research analysts predict that Laboratory Corporation of America Holdings will post $9.51 earnings per share for the current year.

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LH has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Laboratory Corporation of America Holdings from a “hold” rating to a “sell” rating in a research note on Wednesday, April 19th. Jefferies Group LLC reduced their price objective on shares of Laboratory Corporation of America Holdings from $159.00 to $157.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. Credit Suisse Group reissued a “buy” rating and set a $146.00 price objective on shares of Laboratory Corporation of America Holdings in a research note on Sunday, May 28th. ValuEngine downgraded shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research note on Saturday, June 3rd. Finally, BidaskClub downgraded shares of Laboratory Corporation of America Holdings from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Laboratory Corporation of America Holdings presently has a consensus rating of “Buy” and an average price target of $159.00.

In related news, insider Lisa J. Uthgenannt sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $160.00, for a total transaction of $800,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Lance Berberian sold 3,613 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $139.84, for a total transaction of $505,241.92. Following the sale, the senior vice president now owns 5,789 shares of the company’s stock, valued at $809,533.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,581 shares of company stock valued at $2,256,899. 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).

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

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