Evercore Wealth Management LLC Cuts Stock Holdings in Laboratory Co. of America Holdings (NYSE:LH)

Evercore Wealth Management LLC trimmed its holdings in shares of Laboratory Co. of America Holdings (NYSE:LH) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,832 shares of the medical research company’s stock after selling 183 shares during the period. Evercore Wealth Management LLC’s holdings in Laboratory Co. of America were worth $722,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of LH. Railway Pension Investments Ltd purchased a new stake in shares of Laboratory Co. of America during the first quarter worth about $9,768,000. American International Group Inc. boosted its holdings in shares of Laboratory Co. of America by 4.0% during the first quarter. American International Group Inc. now owns 40,767 shares of the medical research company’s stock worth $10,397,000 after purchasing an additional 1,575 shares during the period. Banque Cantonale Vaudoise boosted its holdings in shares of Laboratory Co. of America by 106.6% during the first quarter. Banque Cantonale Vaudoise now owns 4,556 shares of the medical research company’s stock worth $1,162,000 after purchasing an additional 2,351 shares during the period. Wilbanks Smith & Thomas Asset Management LLC boosted its holdings in shares of Laboratory Co. of America by 7.2% during the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 43,541 shares of the medical research company’s stock worth $11,104,000 after purchasing an additional 2,918 shares during the period. Finally, United Asset Strategies Inc. boosted its holdings in shares of Laboratory Co. of America by 2.9% during the first quarter. United Asset Strategies Inc. now owns 26,380 shares of the medical research company’s stock worth $6,728,000 after purchasing an additional 735 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

In related news, CEO Paul R. Kirchgraber sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 6th. The shares were sold at an average price of $276.55, for a total value of $691,375.00. Following the sale, the chief executive officer now owns 7,844 shares in the company, valued at $2,169,258.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Der Vaart Sandra D. Van sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $266.56, for a total transaction of $1,199,520.00. Following the completion of the sale, the executive vice president now owns 9,737 shares in the company, valued at approximately $2,595,494.72. The disclosure for this sale can be found here. Insiders have sold 9,600 shares of company stock valued at $2,590,711 in the last three months. 0.31% of the stock is owned by insiders.

Shares of NYSE LH opened at $277.49 on Thursday. Laboratory Co. of America Holdings has a fifty-two week low of $170.05 and a fifty-two week high of $284.17. The firm’s 50 day simple moving average is $270.65. The company has a market capitalization of $27.11 billion, a P/E ratio of 9.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.04. The company has a quick ratio of 1.55, a current ratio of 1.67 and a debt-to-equity ratio of 0.50.

Laboratory Co. of America (NYSE:LH) last announced its quarterly earnings results on Wednesday, April 28th. The medical research company reported $8.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $7.32 by $1.47. The company had revenue of $4.16 billion during the quarter, compared to the consensus estimate of $3.88 billion. Laboratory Co. of America had a net margin of 17.26% and a return on equity of 34.07%. As a group, research analysts forecast that Laboratory Co. of America Holdings will post 22.9 earnings per share for the current year.

A number of analysts have recently weighed in on LH shares. Robert W. Baird set a $276.78 target price on shares of Laboratory Co. of America and gave the stock a “buy” rating in a report on Wednesday. Zacks Investment Research raised shares of Laboratory Co. of America from a “hold” rating to a “buy” rating and set a $290.00 price target for the company in a research note on Wednesday, June 30th. Argus increased their price target on shares of Laboratory Co. of America from $270.00 to $295.00 and gave the stock a “buy” rating in a research note on Thursday, May 20th. Jefferies Financial Group increased their price target on shares of Laboratory Co. of America from $300.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, May 3rd. Finally, Truist Securities increased their price target on shares of Laboratory Co. of America from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, April 14th. Thirteen investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $281.75.

Laboratory Co. of America Company Profile

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates in two segments, Labcorp Diagnostics (Dx) and Labcorp Drug Development (DD). It offers various 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.

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Institutional Ownership by Quarter for Laboratory Co. of America (NYSE:LH)

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