Saudi Central Bank lifted its stake in Labcorp Holdings Inc. (NYSE:LH – Free Report) by 88.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,768 shares of the medical research company’s stock after purchasing an additional 2,708 shares during the quarter. Saudi Central Bank’s holdings in Labcorp were worth $1,615,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of LH. Hilton Head Capital Partners LLC acquired a new position in Labcorp during the 4th quarter valued at approximately $27,000. JPL Wealth Management LLC acquired a new stake in shares of Labcorp during the third quarter worth $28,000. DV Equities LLC purchased a new stake in shares of Labcorp during the fourth quarter valued at $29,000. Allied Private Wealth LLC purchased a new stake in shares of Labcorp during the second quarter valued at $33,000. Finally, EFG International AG acquired a new position in shares of Labcorp in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.
Labcorp Price Performance
Shares of NYSE LH opened at $324.95 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 stock has a market capitalization of $26.35 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 1.85 and a beta of 0.88. The firm’s 50 day simple moving average is $308.74 and its 200-day simple moving average is $281.29. Labcorp Holdings Inc. has a 12 month low of $244.52 and a 12 month high of $341.80.
Labcorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 28th will be given 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 dividend yield of 0.9%. Labcorp’s dividend payout ratio (DPR) is 23.82%.
Analysts Set New Price Targets
A number of analysts have commented on LH shares. Mizuho set a $355.00 price target on Labcorp in a research report on Monday, August 10th. Piper Sandler raised their price objective on Labcorp from $300.00 to $309.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Barclays lifted their target price on Labcorp from $290.00 to $320.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Truist Financial upped their target price on Labcorp from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Labcorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $330.00.
View Our Latest Research Report on LH
Insider Transactions at Labcorp
In other news, EVP Bryan T. Vaughn sold 234 shares of the business’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 value of $66,968.46. Following the completion of the sale, the executive vice president directly owned 6,746 shares in the company, valued at $1,930,637.74. The trade was a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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, Director Kerrii B. Anderson sold 3,000 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $318.02, for a total value of $954,060.00. Following the transaction, the director owned 6,563 shares in the company, valued at $2,087,165.26. This trade represents a 31.37% 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 have sold 8,919 shares of company stock worth $2,826,593 over the last quarter. Company insiders own 0.84% of the company’s stock.
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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