Sequoia Financial Advisors LLC boosted its position in shares of Labcorp Holdings Inc. (NYSE:LH – Free Report) by 5.5% in the second quarter, Holdings Channel reports. The firm owned 127,231 shares of the medical research company’s stock after purchasing an additional 6,595 shares during the period. Sequoia Financial Advisors LLC’s holdings in Labcorp were worth $35,625,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Hilton Head Capital Partners LLC acquired a new stake in Labcorp in the fourth quarter worth $27,000. JPL Wealth Management LLC acquired a new position in shares of Labcorp in the 3rd quarter valued at $28,000. DV Equities LLC bought a new stake in shares of Labcorp in the 4th quarter valued at $29,000. Allied Private Wealth LLC bought a new stake in shares of Labcorp in the 2nd quarter valued at $33,000. Finally, EFG International AG acquired a new stake in Labcorp during the 4th quarter worth $33,000. Institutional investors own 95.94% of the company’s stock.
Labcorp Stock Performance
Shares of Labcorp stock opened at $321.17 on Thursday. The firm has a market cap of $26.05 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 1.84 and a beta of 0.88. The stock’s 50-day moving average is $309.48 and its 200-day moving average is $281.56. Labcorp Holdings Inc. has a one year low of $244.52 and a one year high of $341.80. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.80 and a quick ratio of 1.53.
Labcorp Dividend Announcement
The company 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 23.82%.
Insider Activity at Labcorp
In other news, CEO Adam H. Schechter sold 4,669 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $320.37, for a total value of $1,495,807.53. Following the sale, the chief executive officer owned 102,565 shares of the company’s stock, valued at $32,858,749.05. The trade was a 4.35% decrease in their ownership of the stock. 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 Bryan T. Vaughn sold 234 shares of the stock in a transaction 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 transaction, the executive vice president owned 6,746 shares of the company’s stock, valued at $1,930,637.74. The trade was a 3.35% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 8,919 shares of company stock worth $2,826,593. 0.84% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
LH has been the topic of several recent analyst reports. Truist Financial lifted their target price on Labcorp from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Bank of America lifted their price objective on Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a report on Monday, July 13th. Robert W. Baird set a $352.00 price objective on Labcorp in a research report on Friday, July 31st. Finally, Morgan Stanley increased their target price on Labcorp from $308.00 to $338.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $330.00.
Read Our Latest Research Report on LH
Labcorp Profile
Labcorp (NYSE: LH), formerly Laboratory Corporation of America Holdings, is a global life sciences and laboratory services company headquartered in Burlington, North Carolina. The company provides diagnostic testing and related services to physicians, hospitals, health systems, employers, government agencies and consumers.
Its diagnostics business offers routine and specialty laboratory testing, including molecular, genetic, oncology, women’s health, infectious disease and pathology services.
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