River Road Asset Management LLC grew its stake in Labcorp Holdings Inc. (NYSE:LH – Free Report) by 13.4% during the fourth quarter, HoldingsChannel reports. The firm owned 408,256 shares of the medical research company’s stock after purchasing an additional 48,274 shares during the quarter. River Road Asset Management LLC’s holdings in Labcorp were worth $102,423,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Labcorp by 0.4% in 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 buying an additional 37,197 shares during the last quarter. Victory Capital Management Inc. raised its position in Labcorp by 103.1% during the 4th quarter. Victory Capital Management Inc. now owns 5,356,825 shares of the medical research company’s stock worth $1,343,922,000 after buying an additional 2,719,475 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Labcorp by 10.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,204,276 shares of the medical research company’s stock worth $554,728,000 after acquiring an additional 207,962 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Labcorp by 0.6% in 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 acquiring an additional 13,775 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Labcorp by 15.9% in 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 acquiring an additional 289,029 shares in the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.
Labcorp Stock Performance
NYSE:LH opened at $255.96 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. Labcorp Holdings Inc. has a fifty-two week low of $241.81 and a fifty-two week high of $293.72. The stock has a market cap of $20.99 billion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 1.82 and a beta of 0.90. The firm’s fifty day simple moving average is $261.71 and its 200-day simple moving average is $265.56.
Labcorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were issued a $0.72 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp’s dividend payout ratio (DPR) is 25.51%.
Analysts Set New Price Targets
Several research analysts recently issued reports on LH shares. Piper Sandler increased their price target on shares of Labcorp from $270.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Wall Street Zen lowered Labcorp from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Robert W. Baird set a $334.00 target price on Labcorp in a research report on Friday, May 1st. Evercore reissued an “outperform” rating and set a $300.00 target price on shares of Labcorp in a research note on Wednesday, April 8th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Labcorp in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Labcorp currently has an average rating of “Moderate Buy” and an average target price of $308.00.
Check Out Our Latest Report on LH
Insider Transactions at Labcorp
In other news, CEO Adam H. Schechter sold 5,903 shares of Labcorp 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 completion of the sale, the chief executive officer directly owned 107,234 shares in the company, valued at approximately $27,291,053. This trade represents a 5.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 business’s 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 sale, the executive vice president directly owned 3,813 shares in the company, valued at $1,006,212.57. This trade represents a 16.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.84% of the company’s stock.
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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