Wafra Inc. acquired a new position in shares of Laboratory Corp. of America Holdings (NYSE:LH) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 91,482 shares of the medical research company’s stock, valued at approximately $16,424,000. Laboratory Corp. of America comprises 0.6% of Wafra Inc.’s holdings, making the stock its 29th largest position. Wafra Inc. owned about 0.09% of Laboratory Corp. of America at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of LH. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Laboratory Corp. of America by 7,033.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 642 shares of the medical research company’s stock worth $115,000 after purchasing an additional 633 shares in the last quarter. Squar Milner Financial Services LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth approximately $150,000. LeJeune Puetz Investment Counsel LLC acquired a new stake in shares of Laboratory Corp. of America during the 2nd quarter worth approximately $166,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Laboratory Corp. of America during the 1st quarter worth approximately $155,000. Finally, Checchi Capital Advisers LLC acquired a new stake in Laboratory Corp. of America in the second quarter valued at approximately $211,000. 92.37% of the stock is currently owned by institutional investors.

Laboratory Corp. of America stock traded up $0.45 during midday trading on Friday, hitting $172.98. 755,582 shares of the stock were exchanged, compared to its average volume of 659,788. Laboratory Corp. of America Holdings has a 52-week low of $146.68 and a 52-week high of $190.35. The stock has a market cap of $17.52 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.72 and a beta of 0.97. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.32 and a current ratio of 1.42.

Laboratory Corp. of America (NYSE:LH) last announced its quarterly earnings data on Wednesday, July 25th. The medical research company reported $2.98 EPS for the quarter, topping the consensus estimate of $2.92 by $0.06. The business had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.85 billion. Laboratory Corp. of America had a net margin of 11.59% and a return on equity of 16.38%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 earnings per share. analysts predict that Laboratory Corp. of America Holdings will post 11.52 EPS for the current fiscal year.

A number of analysts have weighed in on LH shares. Mizuho restated a “hold” rating on shares of Laboratory Corp. of America in a research report on Friday, May 25th. Barclays raised their price target on shares of Laboratory Corp. of America from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, May 25th. KeyCorp raised shares of Laboratory Corp. of America from a “sector weight” rating to an “overweight” rating and set a $210.00 price target for the company in a research note on Thursday, June 7th. Deutsche Bank downgraded shares of Laboratory Corp. of America from a “buy” rating to a “hold” rating and set a $172.00 target price for the company. in a research note on Wednesday, June 27th. Finally, ValuEngine downgraded shares of Laboratory Corp. of America from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Laboratory Corp. of America has a consensus rating of “Buy” and a consensus target price of $196.76.

About Laboratory Corp. of America

Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. It operates through two segments, LabCorp Diagnostics and Covance Drug Development. It offers a range of clinical laboratory tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, prostate-specific antigen, tests for sexually-transmitted diseases, hepatitis C tests, vitamin D, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by hospitals, physicians and other healthcare providers and commercial clients to assist in the diagnosis, monitoring and treatment of diseases and medical conditions through the examination of substances in blood, tissues, and other specimens.

Further Reading: Moving Average (MA)

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

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