Laboratory Corp. of America Holdings (NYSE:LH) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 1,682,600 shares, a drop of 12.9% from the May 30th total of 1,931,400 shares. Based on an average trading volume of 790,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.7% of the shares of the company are short sold.

In related news, CFO Glenn A. Eisenberg sold 10,000 shares of Laboratory Corp. of America stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $167.40, for a total value of $1,674,000.00. Following the completion of the sale, the chief financial officer now owns 28,366 shares of the company’s stock, valued at approximately $4,748,468.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director R Sanders Williams sold 500 shares of Laboratory Corp. of America stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $162.20, for a total value of $81,100.00. Following the transaction, the director now directly owns 7,386 shares of the company’s stock, valued at approximately $1,198,009.20. The disclosure for this sale can be found here. In the last three months, insiders sold 29,191 shares of company stock valued at $4,948,144. 0.74% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Laboratory Corp. of America in the 4th quarter worth approximately $120,695,000. FMR LLC lifted its position in Laboratory Corp. of America by 81.4% in the 1st quarter. FMR LLC now owns 1,596,659 shares of the medical research company’s stock worth $244,257,000 after buying an additional 716,703 shares during the last quarter. BlackRock Inc. lifted its position in Laboratory Corp. of America by 2.6% in the 1st quarter. BlackRock Inc. now owns 10,029,286 shares of the medical research company’s stock worth $1,534,283,000 after buying an additional 257,173 shares during the last quarter. Fairview Capital Investment Management LLC bought a new stake in Laboratory Corp. of America in the 1st quarter worth approximately $34,081,000. Finally, Iridian Asset Management LLC CT lifted its position in Laboratory Corp. of America by 30.0% in the 1st quarter. Iridian Asset Management LLC CT now owns 937,092 shares of the medical research company’s stock worth $143,356,000 after buying an additional 216,449 shares during the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.

A number of research firms have weighed in on LH. ValuEngine lowered Viewray from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Jefferies Financial Group reaffirmed a “sell” rating on shares of Hi-Crush Partners in a report on Tuesday, April 2nd. Mizuho set a $31.00 target price on Evolus and gave the company a “buy” rating in a report on Monday, May 20th. Deutsche Bank reaffirmed a “buy” rating and set a GBX 2,450 ($32.01) target price on shares of in a report on Thursday, June 20th. Finally, UBS Group lowered Advanced Disposal Services from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a report on Wednesday, May 1st. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $181.33.

Shares of LH traded up $0.50 during trading hours on Friday, reaching $175.45. 790,050 shares of the company’s stock traded hands, compared to its average volume of 603,796. The company has a market capitalization of $17.23 billion, a PE ratio of 15.92, a PEG ratio of 1.81 and a beta of 1.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.05 and a current ratio of 1.14. The firm’s 50 day simple moving average is $169.30. Laboratory Corp. of America has a 12 month low of $119.38 and a 12 month high of $188.65.

Laboratory Corp. of America (NYSE:LH) last issued its quarterly earnings results on Tuesday, April 30th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.53 by $0.09. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. Laboratory Corp. of America had a return on equity of 16.59% and a net margin of 8.59%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $2.78 EPS. Analysts expect that Laboratory Corp. of America will post 11.27 earnings per share for the current year.

About Laboratory Corp. of America

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.

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