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CEO of Laboratory Corp. of America Sold More than 80,000 Shares
Posted by: GuruFocus (IP Logged)
Date: July 11, 2012 09:39PM
On July 9, 2012, President & CEO of Laboratory Corp. of America Holdings (LH) David P King sold 84,800 shares of LH at an average price of $92.11. The total transaction amount is $7,810,928.
Laboratory Corporation of America Holdings is one of the largest independent clinical laboratory company's in the United States. It has a market cap of $8.9 billion; its shares were traded at around $93.11 with a P/E ratio of 14 and P/S ratio of 1.6. Laboratory Corp. Of America Holdings had an annual average earnings growth of 14.8% over the past 10 years.
Since May 6, 2009, David P. King served as Chairman of the Board, President and Chief Executive Officer of the Company. Before that, he served as director, Executive Vice President, COO, and Executive Vice President of Strategic Planning and Corporate Development. He was hired into Laboratory Corp of America Holdings in September 2001 as Senior Vice President, General Counsel and Chief Compliance Officer. Before joining the Company, Mr. King was a partner with Hogan & Hartson LLP from 1992 to 2001.
On January 25, David P King sold 20,000 shares of LH stock at the average price of 92. In March, CFO, EVP William B Hayes sold 93,061 shares of LH stock. Other Directors and Officers have also sold shares of LH stock.
GuruFocus Gurus Joel Greenblatt, Ray Dalio, and Glenn Greenberg have all increased their positions in LH, whereas GuruFocus Gurus John Hussman, Ronald Muhlenkamp, and Mark Hillman have all reduced their position in the Company. Edward Owens and Wallace Weitz have both left their position unchanged or slightly adjusted.
On April 19, Laboratory Corporation announced their 2012 first quarter financial results. The Company reported net earnings for this quarter was $161.6 million and revenues were $1.4 billion.
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