Wedge Capital Management L L P NC boosted its holdings in Labcorp Holdings Inc. (NYSE:LH – Free Report) by 1.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 109,674 shares of the medical research company’s stock after buying an additional 1,842 shares during the period. Wedge Capital Management L L P NC’s holdings in Labcorp were worth $30,709,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in LH. UBS Group AG raised its position in Labcorp by 2.2% in the 4th quarter. UBS Group AG now owns 495,535 shares of the medical research company’s stock worth $124,320,000 after buying an additional 10,706 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Labcorp by 106.5% in the 1st quarter. Fifth Third Bancorp now owns 57,981 shares of the medical research company’s stock worth $15,470,000 after buying an additional 29,899 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Labcorp by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 2,137,010 shares of the medical research company’s stock worth $534,023,000 after buying an additional 13,775 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Labcorp by 61.3% in the fourth quarter. CIBC Asset Management Inc now owns 19,974 shares of the medical research company’s stock worth $5,011,000 after acquiring an additional 7,592 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Labcorp by 103.1% in the fourth quarter. Victory Capital Management Inc. now owns 5,356,825 shares of the medical research company’s stock worth $1,343,922,000 after acquiring an additional 2,719,475 shares during the period. 95.94% of the stock is currently owned by hedge funds and other institutional investors.
Labcorp Trading Up 0.4%
Shares of LH stock opened at $322.62 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.80 and a quick ratio of 1.53. The company has a market cap of $26.16 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 1.86 and a beta of 0.87. Labcorp Holdings Inc. has a 1 year low of $244.52 and a 1 year high of $323.97. The firm has a fifty day moving average price of $282.70 and a 200-day moving average price of $273.60.
Labcorp Dividend Announcement
The business 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 $0.72 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $2.88 annualized dividend and a dividend yield of 0.9%. Labcorp’s dividend payout ratio (DPR) is 23.82%.
Analysts Set New Price Targets
LH has been the topic of a number of recent research reports. Mizuho set a $355.00 target price on Labcorp in a report on Monday. Morgan Stanley boosted their price target on Labcorp from $308.00 to $338.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Piper Sandler upped their price target on shares of Labcorp from $300.00 to $309.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Labcorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Finally, Bank of America raised their price objective on shares of Labcorp from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Labcorp has a consensus rating of “Moderate Buy” and an average price target of $330.00.
View Our Latest Stock Analysis on LH
Insider Transactions at Labcorp
In related news, EVP Kathryn W. Kyle sold 762 shares of the stock in a transaction that occurred 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 directly owned 3,813 shares of the company’s stock, valued at approximately $1,006,212.57. This represents a 16.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Bryan T. Vaughn sold 234 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $286.19, for a total transaction of $66,968.46. Following the sale, the executive vice president owned 6,746 shares in the company, valued at approximately $1,930,637.74. The trade was a 3.35% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 2,012 shares of company stock valued at $577,810 over the last quarter. 0.84% of the stock is currently owned by company insiders.
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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