Laboratory Co. of America (NYSE:LH) Price Target Cut to $300.00 by Analysts at Morgan Stanley

Laboratory Co. of America (NYSE:LHGet Rating) had its price objective decreased by investment analysts at Morgan Stanley from $360.00 to $300.00 in a research report issued to clients and investors 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 suggests a potential upside of 20.99% from the company’s previous close.

Other research analysts have also issued reports about the stock. Wells Fargo & Company cut their target price on shares of Laboratory Co. of America from $290.00 to $235.00 and set an “equal weight” rating on the stock in a research note on Monday, April 25th. Zacks Investment Research lowered shares of Laboratory Co. of America from a “strong-buy” rating to a “hold” rating and set a $292.00 target price on the stock. in a research note on Friday, February 4th. Truist Financial lowered their price objective on shares of Laboratory Co. of America from $350.00 to $320.00 in a report on Friday, April 29th. StockNews.com initiated coverage on shares of Laboratory Co. of America in a report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Credit Suisse Group lowered their price objective on shares of Laboratory Co. of America from $344.00 to $312.00 in a report on Monday, May 2nd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $297.09.

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

Laboratory Co. of America (NYSE:LHGet Rating) last posted its earnings results on Thursday, April 28th. The medical research company reported $6.11 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.90 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm posted $8.79 EPS. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. Sell-side analysts expect that Laboratory Co. of America will post 19.9 earnings per share for the current year.

In other news, CMO Amy B. Summy sold 249 shares of the business’s stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $262.21, for a total transaction of $65,290.29. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director R Sanders Williams sold 572 shares of the business’s stock in a transaction on Friday, March 25th. The shares were 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. Over the last ninety days, insiders sold 3,177 shares of company stock worth $874,306. 0.31% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of LH. Neuberger Berman Group LLC increased its position in shares of Laboratory Co. of America by 5.4% during the 1st quarter. Neuberger Berman Group LLC now owns 7,373 shares of the medical research company’s stock valued at $1,944,000 after purchasing an additional 378 shares during the last quarter. Toroso Investments LLC increased its position in shares of Laboratory Co. of America by 10.5% during the 1st quarter. Toroso Investments LLC now owns 10,832 shares of the medical research company’s stock valued at $2,856,000 after purchasing an additional 1,032 shares during the last quarter. Sawgrass Asset Management LLC purchased a new stake in shares of Laboratory Co. of America during the 1st quarter valued at about $11,432,000. Gabelli Funds LLC grew its stake in shares of Laboratory Co. of America by 0.7% during the 1st quarter. Gabelli Funds LLC now owns 53,905 shares of the medical research company’s stock valued at $14,213,000 after acquiring an additional 395 shares during the period. Finally, Baader Bank INC grew its stake in shares of Laboratory Co. of America by 7.1% during the 1st quarter. Baader Bank INC now owns 3,006 shares of the medical research company’s stock valued at $793,000 after acquiring an additional 200 shares during the period. 92.02% of the stock is owned by institutional investors and hedge funds.

About Laboratory Co. of America (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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