Sequoia Financial Advisors LLC lowered its holdings in Labcorp Holdings Inc. (NYSE:LH – Free Report) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,636 shares of the medical research company’s stock after selling 6,982 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Labcorp were worth $32,187,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LH. Victory Capital Management Inc. boosted its stake in Labcorp by 103.1% in the 4th quarter. Victory Capital Management Inc. now owns 5,356,825 shares of the medical research company’s stock valued at $1,343,922,000 after buying an additional 2,719,475 shares in the last quarter. Boston Partners acquired a new stake in shares of Labcorp in the 4th quarter valued at $480,271,000. Norges Bank bought a new stake in shares of Labcorp in the 4th quarter worth about $248,006,000. Wellington Management Group LLP increased its position in shares of Labcorp by 15.9% during the 3rd quarter. Wellington Management Group LLP now owns 2,105,791 shares of the medical research company’s stock worth $604,488,000 after purchasing an additional 289,029 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Labcorp by 79.1% during the 3rd quarter. Marshall Wace LLP now owns 623,550 shares of the medical research company’s stock valued at $178,996,000 after purchasing an additional 275,454 shares during the last quarter. Institutional investors own 95.94% of the company’s stock.
Labcorp Trading Down 0.3%
Shares of NYSE LH traded down $0.82 during midday trading on Friday, reaching $276.81. 432,958 shares of the stock were exchanged, compared to its average volume of 587,229. Labcorp Holdings Inc. has a 12 month low of $241.81 and a 12 month high of $293.72. The company has a market capitalization of $22.70 billion, a price-to-earnings ratio of 24.52, a P/E/G ratio of 1.94 and a beta of 0.89. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.73 and a quick ratio of 1.54. The business has a 50-day simple moving average of $264.07 and a two-hundred day simple moving average of $267.08.
Labcorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, August 28th. Labcorp’s dividend payout ratio is currently 25.51%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on LH shares. Weiss Ratings restated a “buy (b-)” rating on shares of Labcorp in a research report on Friday, May 8th. Wall Street Zen lowered Labcorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Evercore reiterated an “outperform” rating and set a $300.00 price target on shares of Labcorp in a research report on Wednesday, April 8th. Finally, Robert W. Baird set a $334.00 price objective on shares of Labcorp in a research report on Friday, May 1st. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Labcorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $313.33.
Check Out Our Latest Research Report on LH
Insider Activity
In related news, EVP Bryan T. Vaughn sold 234 shares of Labcorp stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $286.19, for a total value of $66,968.46. Following the sale, the executive vice president owned 6,746 shares of the company’s stock, valued at approximately $1,930,637.74. The trade was a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kathryn W. Kyle sold 762 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $263.89, for a total value of $201,084.18. Following the sale, the executive vice president owned 3,813 shares in the company, valued at approximately $1,006,212.57. This represents a 16.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,991 shares of company stock worth $1,796,696 in the last quarter. Corporate insiders own 0.84% of the company’s stock.
About Labcorp
Laboratory Corporation of America Holdings, commonly known as Labcorp (NYSE: LH), is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.
Labcorp’s core businesses encompass clinical laboratory testing and pharmaceutical development services.
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