Labcorp Holdings Inc. $LH Stake Lessened by Jensen Investment Management Inc.

Jensen Investment Management Inc. decreased its holdings in Labcorp Holdings Inc. (NYSE:LH) by 8.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,140 shares of the medical research company’s stock after selling 2,200 shares during the period. Jensen Investment Management Inc.’s holdings in Labcorp were worth $7,217,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Labcorp by 7.7% during the second 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 purchasing an additional 11,262 shares during the last quarter. Lazard Asset Management LLC increased its holdings in 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 buying 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 during the period. Osaic Holdings Inc. boosted its holdings in Labcorp by 13.8% during the second quarter. Osaic Holdings Inc. now owns 38,620 shares of the medical research company’s stock valued at $10,025,000 after purchasing an additional 4,690 shares in the last quarter. Finally, Independent Advisor Alliance lifted its position in shares of Labcorp by 166.6% during the 3rd quarter. Independent Advisor Alliance now owns 12,111 shares of the medical research company’s stock worth $3,477,000 after buying an additional 7,568 shares during the period. Institutional investors own 95.94% of the company’s stock.

Labcorp Stock Performance

Shares of LH stock opened at $284.33 on Wednesday. The company’s fifty day simple moving average is $262.29 and its 200-day simple moving average is $268.20. The company has a quick ratio of 1.35, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72. The firm has a market cap of $23.57 billion, a PE ratio of 27.93, a P/E/G ratio of 1.73 and a beta of 1.03.

Labcorp Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LH shares. Robert W. Baird set a $313.00 price target on shares of Labcorp in a report on Wednesday, January 14th. Weiss Ratings cut Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Mizuho raised 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. Finally, JPMorgan Chase & Co. lifted their price objective on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.