Canaccord Genuity Increases Laboratory Corp. of America (LH) Price Target to $165.00

Laboratory Corp. of America (NYSE:LH) had its target price upped by equities research analysts at Canaccord Genuity from $155.00 to $165.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The firm currently has a “hold” rating on the medical research company’s stock. Canaccord Genuity’s price target points to a potential upside of 0.03% from the company’s current price.

Other analysts have also recently issued reports about the company. Jefferies Financial Group raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and raised their price objective for the company from $154.00 to $190.00 in a research report on Tuesday, April 2nd. Citigroup raised their price objective on Laboratory Corp. of America from $157.00 to $176.00 and gave the company a “neutral” rating in a research report on Wednesday. Morgan Stanley set a $175.00 price objective on Laboratory Corp. of America and gave the company a “buy” rating in a research report on Friday, February 22nd. ValuEngine cut Laboratory Corp. of America from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Finally, Zacks Investment Research raised Laboratory Corp. of America from a “hold” rating to a “buy” rating and set a $174.00 price objective for the company in a research report on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $178.27.

Shares of NYSE LH opened at $164.95 on Thursday. Laboratory Corp. of America has a 52 week low of $119.38 and a 52 week high of $190.35. The company has a quick ratio of 1.38, a current ratio of 1.14 and a debt-to-equity ratio of 0.77. The company has a market cap of $16.28 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.63 and a beta of 1.15.

Laboratory Corp. of America (NYSE:LH) last issued its quarterly earnings results on Tuesday, April 30th. The medical research company reported $2.62 EPS for the quarter, beating the consensus estimate of $2.53 by $0.09. Laboratory Corp. of America had a return on equity of 16.59% and a net margin of 8.59%. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the prior year, the firm posted $2.78 earnings per share. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Laboratory Corp. of America will post 11.22 EPS for the current year.

In related news, Director R Sanders Williams sold 1,038 shares of Laboratory Corp. of America stock in a transaction that occurred on Wednesday, February 13th. The stock was sold at an average price of $147.00, for a total transaction of $152,586.00. Following the completion of the sale, the director now directly owns 8,924 shares of the company’s stock, valued at approximately $1,311,828. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.74% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc lifted its holdings in Laboratory Corp. of America by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 10,823,667 shares of the medical research company’s stock worth $1,879,854,000 after purchasing an additional 85,785 shares during the last quarter. BlackRock Inc. increased its stake in Laboratory Corp. of America by 6.9% during the 4th quarter. BlackRock Inc. now owns 9,772,113 shares of the medical research company’s stock worth $1,234,806,000 after acquiring an additional 633,105 shares during the period. Nordea Investment Management AB increased its stake in Laboratory Corp. of America by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 2,120,509 shares of the medical research company’s stock worth $267,945,000 after acquiring an additional 143,426 shares during the period. JPMorgan Chase & Co. increased its stake in Laboratory Corp. of America by 14.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,645,798 shares of the medical research company’s stock worth $285,845,000 after acquiring an additional 213,849 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Laboratory Corp. of America by 2.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,460,214 shares of the medical research company’s stock worth $184,501,000 after acquiring an additional 34,797 shares during the period. 91.65% of the stock is owned by institutional investors and hedge funds.

Laboratory Corp. of America Company Profile

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, LabCorp Diagnostics (LCD) and Covance Drug Development. It offers various clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C and vitamin D products, prostate-specific antigens, tests for sexually-transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

See Also: What are momentum indicators and what do they show?

Analyst Recommendations for Laboratory Corp. of America (NYSE:LH)

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