Analysts at Citigroup Inc. initiated coverage on Laboratory Corp. of America Holdings (NYSE: LH) stock, rating the company at Neutral. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $150.10, $138.00. Laboratory Corp. of America Holdingsstock has a 52-week high of $141.32.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile, U.S. stocks saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.
The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.
The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.
Stocks were not alone in declines on Friday.
Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.
Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.
Share prices sometimes get a bounce to the upside when analysts inititate coverage.
Shares of Laboratory Corp. of America Holdings (NYSE: LH) opened at $138.00 and traded in a range between, $135.02 and $138.00 on Friday, and last traded at $135.02, which represents a change of $ -4.10 over the previous closing price.
Laboratory Corp. of America Holdings (NYSE: LH) currently has a market cap of 13.81B
The stocks average daily volume is 815,830 shares out of a total float 96,497,000 of and some 760,861 shares traded hands yesterday, 106 percent lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Laboratory Corp. of America Holdings (NYSE: LH) now has a 50-day MA is $138.51 and 200-day MA is $127.15, and it has traded in a 52-week range between $97.79 – 141.32 and today’s last price is -4.46 percent off the 52 week high.
Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
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