CIBC Asset Management Inc Trims Stock Position in Labcorp Holdings Inc. $LH

CIBC Asset Management Inc decreased its position in Labcorp Holdings Inc. (NYSE:LH) by 13.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,382 shares of the medical research company’s stock after selling 1,855 shares during the period. CIBC Asset Management Inc’s holdings in Labcorp were worth $3,554,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Harbor Asset Planning Inc. purchased a new stake in shares of Labcorp in the 2nd quarter worth $25,000. Caldwell Trust Co purchased a new stake in Labcorp in the second quarter worth about $25,000. Financial Gravity Companies Inc. bought a new position in Labcorp during the 2nd quarter worth about $26,000. Motco purchased a new position in Labcorp during the 3rd quarter valued at about $32,000. Finally, Headlands Technologies LLC raised its holdings in shares of 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 in the last quarter. Institutional investors own 95.94% of the company’s stock.

Insider Buying and Selling

In other Labcorp news, Director Richelle P. Parham sold 7,009 shares of Labcorp stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $254.28, for a total transaction of $1,782,248.52. Following the completion of the sale, the director directly owned 2,469 shares in the company, valued at approximately $627,817.32. The trade was a 73.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Adam H. Schechter sold 5,745 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the completion of the sale, the chief executive officer owned 87,574 shares in the company, valued at $23,010,068.50. The trade was a 6.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.84% of the company’s stock.

Labcorp Stock Performance

Shares of LH stock opened at $271.06 on Wednesday. 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 business has a fifty day moving average of $260.70 and a 200 day moving average of $266.56. The firm has a market capitalization of $22.47 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 1.68 and a beta of 1.00. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $293.72.

Labcorp (NYSE:LH) last announced its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 earnings per share for the quarter, beating analysts’ consensus estimates of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.56 billion. During the same period in the prior year, the company earned $3.50 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. As a group, research analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp’s dividend payout ratio (DPR) is currently 28.29%.

Analyst Ratings Changes

LH has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Weiss Ratings downgraded Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 29th. Mizuho boosted 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Labcorp currently has an average rating of “Moderate Buy” and an average 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.