Labcorp Holdings Inc. $LH Stake Reduced by Cambiar Investors LLC

Cambiar Investors LLC cut its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 21.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 197,869 shares of the medical research company’s stock after selling 55,367 shares during the quarter. Labcorp comprises approximately 2.6% of Cambiar Investors LLC’s investment portfolio, making the stock its 3rd biggest position. Cambiar Investors LLC owned 0.24% of Labcorp worth $56,800,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of LH. Harbor Asset Planning Inc. purchased a new position in Labcorp during the second quarter worth about $25,000. Caldwell Trust Co purchased a new position in shares of Labcorp during the 2nd quarter worth approximately $25,000. Financial Gravity Companies Inc. acquired a new stake in Labcorp in the 2nd quarter valued at approximately $26,000. Motco purchased a new stake in Labcorp in the third quarter valued at approximately $32,000. Finally, Headlands Technologies LLC lifted its stake in Labcorp by 300.0% during the second quarter. Headlands Technologies LLC now owns 128 shares of the medical research company’s stock worth $34,000 after purchasing an additional 96 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LH. Evercore ISI lifted their price objective on Labcorp from $300.00 to $305.00 and gave the company an “outperform” rating in a research note on Friday, October 3rd. JPMorgan Chase & Co. lifted their target price on Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. UBS Group reduced their price target on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Mizuho upped their target price on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.77.

Labcorp Stock Performance

Shares of LH stock opened at $271.06 on Wednesday. The company has a market cap of $22.47 billion, a P/E ratio of 26.63, a PEG ratio of 1.68 and a beta of 1.00. The firm has a fifty day moving average price of $260.70 and a 200 day moving average price of $266.56. The company has a current ratio of 1.55, a quick ratio of 1.35 and a debt-to-equity ratio of 0.59. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72.

Labcorp (NYSE:LH) last announced its quarterly earnings results on Tuesday, October 28th. The medical research company reported $4.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the previous year, the business earned $3.50 EPS. Labcorp’s revenue for the quarter was up 8.6% on a year-over-year basis. Sell-side analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 27th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, February 27th. Labcorp’s dividend payout ratio is 28.29%.

Insider Activity at Labcorp

In related news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the sale, the chief executive officer directly owned 87,574 shares in the company, valued at $23,010,068.50. This trade represents a 6.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richelle P. Parham sold 7,009 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $254.28, for a total transaction of $1,782,248.52. Following the completion of the sale, the director directly owned 2,469 shares of the company’s stock, valued at approximately $627,817.32. This trade represents a 73.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.84% of the company’s stock.

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.