Trust Co. of Vermont purchased a new position in shares of Labcorp Holdings Inc. (NYSE:LH – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,374 shares of the medical research company’s stock, valued at approximately $665,000.
A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Labcorp by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 9,850,631 shares of the medical research company’s stock valued at $2,471,326,000 after purchasing an additional 37,197 shares during the last quarter. Victory Capital Management Inc. lifted its stake in 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 purchasing an additional 2,719,475 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Labcorp by 1.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,226,446 shares of the medical research company’s stock valued at $607,241,000 after buying an additional 22,170 shares during the period. Geode Capital Management LLC boosted its position in Labcorp by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 2,137,010 shares of the medical research company’s stock valued at $534,023,000 after buying an additional 13,775 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Labcorp by 15.9% during the third quarter. Wellington Management Group LLP now owns 2,105,791 shares of the medical research company’s stock valued at $604,488,000 after buying an additional 289,029 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.
Labcorp Price Performance
Shares of Labcorp stock opened at $322.68 on Wednesday. The company’s fifty day simple moving average is $288.51 and its two-hundred day simple moving average is $275.48. Labcorp Holdings Inc. has a 12-month low of $244.52 and a 12-month high of $329.47. The firm has a market cap of $26.17 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 1.84 and a beta of 0.87. The company has a quick ratio of 1.53, a current ratio of 1.80 and a debt-to-equity ratio of 0.69.
Labcorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 28th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $2.88 dividend on an annualized basis and a yield of 0.9%. Labcorp’s dividend payout ratio is presently 23.82%.
Wall Street Analyst Weigh In
Several research analysts have recently commented on LH shares. Barclays lifted their price objective on Labcorp from $290.00 to $320.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Weiss Ratings raised Labcorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Bank of America boosted their price objective on Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Piper Sandler increased their price objective on Labcorp from $300.00 to $309.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Labcorp currently has a consensus rating of “Moderate Buy” and an average target price of $330.00.
View Our Latest Analysis on Labcorp
Insider Buying and Selling at Labcorp
In other Labcorp news, EVP Amy B. Summy sold 924 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $306.74, for a total value of $283,427.76. Following the completion of the sale, the executive vice president owned 6,956 shares in the company, valued at approximately $2,133,683.44. This trade represents a 11.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kathryn W. Kyle sold 762 shares of Labcorp 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 completion of 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 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 have sold a total of 9,681 shares of company stock worth $3,027,677 over the last three months. 0.84% of the stock is owned by corporate insiders.
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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