Victory Capital Management Inc. raised its stake in Labcorp Holdings Inc. (NYSE:LH – Free Report) by 103.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,356,825 shares of the medical research company’s stock after buying an additional 2,719,475 shares during the period. Labcorp comprises 0.8% of Victory Capital Management Inc.’s holdings, making the stock its 18th biggest holding. Victory Capital Management Inc. owned about 6.46% of Labcorp worth $1,343,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. boosted its position in Labcorp by 214.5% in the 4th quarter. Vontobel Holding Ltd. now owns 8,234 shares of the medical research company’s stock valued at $2,066,000 after buying an additional 5,616 shares during the period. Boston Partners purchased a new stake in Labcorp in the 4th quarter valued at about $480,271,000. Storgate LLC purchased a new stake in Labcorp in the 4th quarter valued at about $680,000. Dynamic Technology Lab Private Ltd purchased a new stake in Labcorp in the 4th quarter valued at about $695,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Labcorp by 575.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 162 shares of the medical research company’s stock worth $41,000 after purchasing an additional 138 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.
Labcorp Trading Up 0.1%
NYSE LH opened at $265.45 on Friday. The company has a quick ratio of 1.54, a current ratio of 1.73 and a debt-to-equity ratio of 0.68. The firm has a market cap of $21.77 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.86 and a beta of 0.90. The company has a 50 day moving average price of $262.65 and a 200 day moving average price of $265.77. Labcorp Holdings Inc. has a 52 week low of $241.81 and a 52 week high of $293.72.
Labcorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Friday, May 29th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, May 29th. Labcorp’s payout ratio is 25.51%.
Insider Activity at Labcorp
In other Labcorp news, CEO Adam H. Schechter sold 5,903 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $254.50, for a total transaction of $1,502,313.50. Following the transaction, the chief executive officer owned 107,234 shares in the company, valued at approximately $27,291,053. This represents a 5.22% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $263.89, for a total transaction of $201,084.18. Following the transaction, the executive vice president owned 3,813 shares in the company, valued at $1,006,212.57. The trade was a 16.66% decrease in their position. 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 own 0.84% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on LH. Wall Street Zen lowered shares of Labcorp from a “buy” rating to a “hold” rating in a report on Saturday. Morgan Stanley reissued an “overweight” rating on shares of Labcorp in a report on Tuesday, February 17th. Robert W. Baird set a $334.00 price objective on shares of Labcorp in a report on Friday, May 1st. Piper Sandler lifted their price objective on shares of Labcorp from $270.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. Finally, Evercore reissued an “outperform” rating and set a $300.00 price objective on shares of Labcorp in a report on Wednesday, April 8th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $308.00.
Labcorp 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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