Labcorp Holdings Inc. $LH Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund increased its holdings in Labcorp Holdings Inc. (NYSE:LH) by 12.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,795 shares of the medical research company’s stock after buying an additional 4,800 shares during the quarter. New York State Common Retirement Fund owned about 0.05% of Labcorp worth $12,859,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of LH. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Labcorp by 7.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 158,231 shares of the medical research company’s stock valued at $41,537,000 after buying an additional 11,262 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Labcorp by 224.1% in the 2nd quarter. Lazard Asset Management LLC now owns 989,433 shares of the medical research company’s stock valued at $259,734,000 after acquiring an additional 684,153 shares during the period. Franklin Resources Inc. lifted its stake in Labcorp by 3.1% during the second quarter. Franklin Resources Inc. now owns 34,331 shares of the medical research company’s stock worth $9,012,000 after purchasing an additional 1,043 shares in the last quarter. Osaic Holdings Inc. lifted its stake in Labcorp by 13.8% during the 2nd quarter. Osaic Holdings Inc. now owns 38,620 shares of the medical research company’s stock worth $10,025,000 after acquiring an additional 4,690 shares in the last quarter. Finally, Equitable Trust Co. lifted its position in shares of Labcorp by 3.5% during the second quarter. Equitable Trust Co. now owns 77,427 shares of the medical research company’s stock worth $20,325,000 after purchasing an additional 2,644 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Labcorp

In other news, CEO Adam H. Schechter sold 5,745 shares of Labcorp 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 directly owned 87,574 shares in the company, valued at approximately $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.84% of the company’s stock.

Labcorp Trading Down 0.5%

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

Labcorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on LH shares. Mizuho boosted 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. JPMorgan Chase & Co. lifted their target price on shares of Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a report on Friday, November 7th. UBS Group lowered their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Weiss Ratings downgraded shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 29th. Finally, Robert W. Baird set a $313.00 price target on shares of Labcorp in a research report on Wednesday, January 14th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Labcorp presently has a consensus rating of “Moderate Buy” and an average price target of $299.77.

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.