Atria Investments Inc Cuts Stake in Labcorp Holdings Inc. $LH

Atria Investments Inc cut its position in Labcorp Holdings Inc. (NYSE:LH) by 19.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,242 shares of the medical research company’s stock after selling 1,978 shares during the quarter. Atria Investments Inc’s holdings in Labcorp were worth $2,366,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in LH. Brighton Jones LLC bought a new position in Labcorp in the 4th quarter valued at approximately $991,000. Integrated Wealth Concepts LLC increased its position in Labcorp by 7.9% in the first quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company’s stock worth $565,000 after buying an additional 177 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Labcorp by 52.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock valued at $82,353,000 after buying an additional 121,304 shares in the last quarter. MGO One Seven LLC purchased a new position in shares of Labcorp in the 2nd quarter worth approximately $239,000. Finally, Ritholtz Wealth Management raised its stake in shares of Labcorp by 36.1% in the second quarter. Ritholtz Wealth Management now owns 2,338 shares of the medical research company’s stock valued at $614,000 after acquiring an additional 620 shares during the period. Institutional investors own 95.94% of the company’s stock.

Labcorp Stock Up 1.6%

Shares of NYSE:LH opened at $282.64 on Tuesday. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $293.72. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35. The stock has a market cap of $23.43 billion, a P/E ratio of 27.76, a P/E/G ratio of 1.78 and a beta of 1.03. The firm has a fifty day moving average price of $264.06 and a 200 day moving average price of $268.81.

Labcorp Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have recently weighed in on LH. Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Weiss Ratings raised shares of Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 10th. Robert W. Baird set a $313.00 price objective on Labcorp in a research report on Wednesday, January 14th. JPMorgan Chase & Co. raised their target price on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Finally, UBS Group decreased their price target on Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Ten research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $300.75.

Insider Buying and Selling

In other news, CEO Adam H. Schechter sold 5,273 shares of Labcorp stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $284.38, for a total transaction of $1,499,535.74. Following the completion of the transaction, the chief executive officer owned 87,343 shares of the company’s stock, valued at $24,838,602.34. The trade was a 5.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jonathan C. Meltzer sold 87 shares of Labcorp stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $290.42, for a total value of $25,266.54. Following the transaction, the executive vice president owned 2,782 shares of the company’s stock, valued at $807,948.44. This represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.84% of the company’s stock.

Labcorp Company 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.