Zacks Investment Research upgraded shares of Laboratory Corporation of America Holdings (NYSE:LH) from a sell rating to a hold rating in a research report sent to investors on Thursday.

According to Zacks, “LabCorp posted a better-than-expected quarter with second-quarter earnings and revenues, both topping the respective Zacks Consensus Estimate. While Diagnostics business was strong, Covance Drug Development provided dull numbers. As per LabCorp, the impact of the cancellation by sponsors of two large clinical studies in late 2016 affected the results. This apart, an unfavorable foreign exchange continues to hamper overall result. Yet, an increased 2017 guidance boosted investors’ confidence indicating chances of respite anytime soon. We believe that with the integration of newer acquisitions, LabCorp is perfectly positioned to drive long-term profitable growth. We note that, this overall mixed performance has been reflected in the company’s share price trend too. In majority of the last one month, LabCorp was trading below the broader industry. However, of late it has started to tread up and is currently trading above the industry.”

A number of other research analysts also recently commented on LH. Jefferies Group LLC dropped their price target on Laboratory Corporation of America Holdings from $159.00 to $157.00 and set a hold rating for the company in a research note on Friday, April 28th. Credit Suisse Group reaffirmed a buy rating and issued a $146.00 price target on shares of Laboratory Corporation of America Holdings in a research note on Sunday, May 28th. ValuEngine downgraded Laboratory Corporation of America Holdings from a buy rating to a hold rating in a research note on Saturday, June 3rd. BidaskClub downgraded Laboratory Corporation of America Holdings from a buy rating to a hold rating in a research note on Friday, June 9th. Finally, Barclays PLC reaffirmed an overweight rating and issued a $182.00 price target (up previously from $175.00) on shares of Laboratory Corporation of America Holdings in a research note on Monday, July 17th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $158.42.

Laboratory Corporation of America Holdings (NYSE LH) traded down 0.52% during midday trading on Thursday, hitting $159.23. 362,025 shares of the stock traded hands. The stock has a market capitalization of $16.31 billion, a PE ratio of 22.30 and a beta of 0.93. Laboratory Corporation of America Holdings has a 12-month low of $119.51 and a 12-month high of $164.22. The firm’s 50 day moving average is $150.88 and its 200-day moving average is $142.56.

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, beating the Zacks’ consensus estimate of $2.40 by $0.07. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.47 billion. Laboratory Corporation of America Holdings had a return on equity of 16.85% and a net margin of 7.57%. Laboratory Corporation of America Holdings’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.36 earnings per share. On average, analysts anticipate that Laboratory Corporation of America Holdings will post $9.47 EPS for the current fiscal year.

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In other news, SVP Lance Berberian sold 3,613 shares of the business’s stock in a transaction dated 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 directly owns 5,789 shares in the company, valued at $809,533.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jean-Luc Belingard sold 992 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $142.19, for a total value of $141,052.48. Following the sale, the director now owns 32,935 shares in the company, valued at $4,683,027.65. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in Laboratory Corporation of America Holdings by 377.7% in the first quarter. Parallel Advisors LLC now owns 1,261 shares of the medical research company’s stock valued at $177,000 after buying an additional 997 shares during the period. TNB Financial purchased a new stake in Laboratory Corporation of America Holdings during the second quarter valued at $208,000. Union Bankshares Corp purchased a new stake in Laboratory Corporation of America Holdings during the second quarter valued at $211,000. Indiana Trust & Investment Management CO purchased a new stake in Laboratory Corporation of America Holdings during the first quarter valued at $202,000. Finally, Ingalls & Snyder LLC purchased a new stake in Laboratory Corporation of America Holdings during the first quarter valued at $206,000. Institutional investors own 91.58% of the company’s stock.

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

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