Envestnet Asset Management Inc. Sells 15,188 Shares of Labcorp Holdings Inc. $LH

Envestnet Asset Management Inc. decreased its holdings in Labcorp Holdings Inc. (NYSE:LH) by 5.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 261,849 shares of the medical research company’s stock after selling 15,188 shares during the period. Envestnet Asset Management Inc. owned about 0.32% of Labcorp worth $75,166,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Labcorp during the 2nd quarter worth $263,070,000. Lazard Asset Management LLC raised its holdings in Labcorp by 224.1% in the second quarter. Lazard Asset Management LLC now owns 989,433 shares of the medical research company’s stock worth $259,734,000 after purchasing an additional 684,153 shares in the last quarter. Nordea Investment Management AB raised its holdings in Labcorp by 28.2% in the second quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after purchasing an additional 401,808 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Labcorp by 4,070.6% during the third quarter. Pacer Advisors Inc. now owns 305,746 shares of the medical research company’s stock valued at $87,767,000 after buying an additional 298,415 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Labcorp by 402.7% in the 2nd quarter. Marshall Wace LLP now owns 348,096 shares of the medical research company’s stock valued at $91,379,000 after buying an additional 278,855 shares in the last quarter. Hedge funds and other 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 the firm’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 completion of the transaction, 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 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 Price Performance

Shares of LH opened at $277.55 on Monday. The firm has a market capitalization of $23.01 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 1.75 and a beta of 1.03. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $293.72. The company’s fifty day moving average price is $261.79 and its 200-day moving average price is $268.01.

Labcorp Dividend Announcement

The company also recently declared 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. This represents a $2.88 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, February 27th. Labcorp’s payout ratio is presently 28.29%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research note on Friday. Mizuho upped their price target on Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Robert W. Baird set a $313.00 price objective on Labcorp in a research report on Wednesday, January 14th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Truist Financial set a $320.00 price target on Labcorp in a research note on Tuesday, October 14th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Labcorp currently has a consensus rating of “Moderate Buy” and an average price target of $300.75.

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.