Labcorp Holdings Inc. $LH Shares Acquired by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. lifted its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 7,065.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,393 shares of the medical research company’s stock after buying an additional 11,234 shares during the quarter. Labcorp accounts for approximately 1.2% of Raleigh Capital Management Inc.’s holdings, making the stock its 16th largest holding. Raleigh Capital Management Inc.’s holdings in Labcorp were worth $3,270,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Harbor Asset Planning Inc. purchased a new stake in shares of Labcorp during the second quarter valued at approximately $25,000. Caldwell Trust Co acquired a new stake in Labcorp during the 2nd quarter valued at $25,000. Financial Gravity Companies Inc. purchased a new stake in Labcorp during the 2nd quarter worth $26,000. Motco purchased a new stake in Labcorp during the 3rd quarter worth $32,000. Finally, Headlands Technologies LLC lifted its holdings in Labcorp by 300.0% in the 2nd quarter. Headlands Technologies LLC now owns 128 shares of the medical research company’s stock worth $34,000 after buying an additional 96 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LH. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. UBS Group dropped their price target on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Mizuho increased their price objective on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Weiss Ratings lowered shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Ten investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $299.77.

Labcorp Trading Down 0.5%

Shares of NYSE:LH opened at $270.28 on Tuesday. The company has a 50 day moving average of $261.21 and a 200-day moving average of $267.20. The company has a current ratio of 1.55, a quick ratio of 1.35 and a debt-to-equity ratio of 0.59. The firm has a market cap of $22.41 billion, a P/E ratio of 26.55, a P/E/G ratio of 1.71 and a beta of 1.03. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $293.72.

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend 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 other Labcorp news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total value of $1,509,498.75. Following the transaction, the chief executive officer owned 87,574 shares in the company, valued at $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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.