Allianz Asset Management GmbH Has $61.88 Million Stake in Labcorp Holdings Inc. $LH

Allianz Asset Management GmbH boosted its position in shares of Labcorp Holdings Inc. (NYSE:LH) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,569 shares of the medical research company’s stock after acquiring an additional 8,178 shares during the quarter. Allianz Asset Management GmbH owned 0.26% of Labcorp worth $61,881,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Labcorp

In other news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction on 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 approximately $23,010,068.50. This trade represents a 6.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Labcorp Price Performance

Shares of NYSE:LH opened at $276.19 on Thursday. The firm has a 50 day moving average of $261.41 and a 200-day moving average of $267.47. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72. 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 stock has a market capitalization of $22.90 billion, a PE ratio of 27.13, a PEG ratio of 1.71 and a beta of 1.03.

Labcorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.72 per share. The ex-dividend date is Friday, February 27th. This represents a $2.88 annualized dividend and a yield of 1.0%. Labcorp’s dividend payout ratio is presently 28.29%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LH shares. JPMorgan Chase & Co. increased their price objective on Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Truist Financial set a $320.00 price target on shares of Labcorp in a research note on Tuesday, October 14th. Weiss Ratings cut shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Robert W. Baird set a $313.00 target price on shares of Labcorp in a research report on Wednesday, January 14th. Finally, 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. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Labcorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.77.

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.