Hsbc Holdings PLC increased its holdings in Labcorp Holdings Inc. (NYSE:LH – Free Report) by 6.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 201,073 shares of the medical research company’s stock after acquiring an additional 11,571 shares during the period. Hsbc Holdings PLC’s holdings in Labcorp were worth $53,548,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LH. Accredited Investors Inc. acquired a new position in shares of Labcorp in the 1st quarter valued at $2,842,000. Resona Asset Management Co. Ltd. increased its position in shares of Labcorp by 0.3% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 26,330 shares of the medical research company’s stock worth $7,009,000 after purchasing an additional 89 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in shares of Labcorp during the 1st quarter worth about $3,686,000. American Capital Advisory LLC raised its holdings in Labcorp by 0.5% in the 1st quarter. American Capital Advisory LLC now owns 10,940 shares of the medical research company’s stock valued at $2,919,000 after buying an additional 59 shares during the period. Finally, Resonant Capital Advisors LLC raised its holdings in Labcorp by 8.2% in the 1st quarter. Resonant Capital Advisors LLC now owns 4,084 shares of the medical research company’s stock valued at $1,090,000 after buying an additional 311 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.
Labcorp Stock Performance
NYSE LH opened at $280.86 on Tuesday. 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 company has a market cap of $23.03 billion, a P/E ratio of 24.88, a P/E/G ratio of 1.88 and a beta of 0.89. The stock has a 50-day moving average of $266.74 and a two-hundred day moving average of $268.21. Labcorp Holdings Inc. has a 1-year low of $241.81 and a 1-year high of $293.72.
Labcorp Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 28th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, August 28th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp’s dividend payout ratio is 25.51%.
Insider Buying and Selling at Labcorp
In other news, CEO Adam H. Schechter sold 5,903 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $254.50, for a total transaction of $1,502,313.50. Following the sale, the chief executive officer owned 107,234 shares of the company’s stock, valued at approximately $27,291,053. This represents a 5.22% 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. Also, EVP Kathryn W. Kyle sold 762 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $263.89, for a total value of $201,084.18. Following the completion of the sale, the executive vice president owned 3,813 shares in the company, valued at approximately $1,006,212.57. The trade was a 16.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,991 shares of company stock valued at $1,796,696 in the last 90 days. Company insiders own 0.84% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have weighed in on LH shares. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Bank of America boosted their price target on shares of Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Evercore restated an “outperform” rating and issued a $300.00 price objective on shares of Labcorp in a report on Wednesday, April 8th. Robert W. Baird increased their price objective on shares of Labcorp from $335.00 to $338.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Labcorp in a report on Friday, May 8th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $314.40.
Check Out Our Latest Stock Report on Labcorp
Labcorp Company Profile
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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