Laboratory Co. of America (NYSE:LH) PT Lowered to $300.00 at Morgan Stanley

Laboratory Co. of America (NYSE:LHGet Rating) had its target price cut by investment analysts at Morgan Stanley from $360.00 to $300.00 in a report issued on Wednesday, Stock Target Advisor reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Morgan Stanley’s price objective indicates a potential upside of 20.99% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price objective on shares of Laboratory Co. of America from $290.00 to $235.00 and set an “equal weight” rating for the company in a report on Monday, April 25th. Mizuho cut their price objective on shares of Laboratory Co. of America from $354.00 to $323.00 in a research report on Wednesday, May 4th. StockNews.com initiated coverage on shares of Laboratory Co. of America in a research report on Thursday, March 31st. They set a “buy” rating for the company. Zacks Investment Research lowered shares of Laboratory Co. of America from a “strong-buy” rating to a “hold” rating and set a $292.00 price objective for the company. in a research report on Friday, February 4th. Finally, Truist Financial cut their price objective on shares of Laboratory Co. of America from $350.00 to $320.00 in a research report on Friday, April 29th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $297.09.

LH stock traded down $1.19 during midday trading on Wednesday, reaching $247.96. The company had a trading volume of 5,645 shares, compared to its average volume of 897,355. The stock has a 50 day moving average price of $260.49 and a 200 day moving average price of $274.80. The company has a quick ratio of 1.81, a current ratio of 1.98 and a debt-to-equity ratio of 0.51. Laboratory Co. of America has a fifty-two week low of $232.01 and a fifty-two week high of $317.17. The firm has a market capitalization of $22.99 billion, a PE ratio of 11.38 and a beta of 1.04.

Laboratory Co. of America (NYSE:LHGet Rating) last announced its earnings results on Thursday, April 28th. The medical research company reported $6.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.88 by $0.23. Laboratory Co. of America had a net margin of 13.24% and a return on equity of 23.84%. The company had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the business earned $8.79 EPS. The company’s revenue was down 7.1% on a year-over-year basis. Research analysts predict that Laboratory Co. of America will post 19.9 EPS for the current year.

In other Laboratory Co. of America news, CMO Amy B. Summy sold 249 shares of the stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $262.21, for a total value of $65,290.29. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director R Sanders Williams sold 572 shares of the stock in a transaction on Friday, March 25th. The stock was sold at an average price of $272.98, for a total transaction of $156,144.56. The disclosure for this sale can be found here. Insiders have sold 3,177 shares of company stock worth $874,306 over the last three months. 0.31% of the stock is owned by insiders.

Several large investors have recently modified their holdings of LH. First Republic Investment Management Inc. raised its holdings in shares of Laboratory Co. of America by 4.7% during the third quarter. First Republic Investment Management Inc. now owns 15,327 shares of the medical research company’s stock worth $4,314,000 after acquiring an additional 691 shares during the period. Prospera Financial Services Inc acquired a new stake in Laboratory Co. of America in the 3rd quarter valued at $299,000. Geode Capital Management LLC increased its stake in Laboratory Co. of America by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,835,046 shares of the medical research company’s stock valued at $515,142,000 after buying an additional 59,057 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Laboratory Co. of America by 9.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 2,575 shares of the medical research company’s stock valued at $724,000 after buying an additional 233 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Laboratory Co. of America by 6.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 4,140 shares of the medical research company’s stock valued at $1,165,000 after buying an additional 255 shares during the last quarter. Institutional investors and hedge funds own 92.02% of the company’s stock.

Laboratory Co. of America Company Profile (Get Rating)

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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