Madison Asset Management LLC Trims Position in Labcorp Holdings Inc. $LH

Madison Asset Management LLC decreased its holdings in Labcorp Holdings Inc. (NYSE:LH) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 556,122 shares of the medical research company’s stock after selling 14,685 shares during the quarter. Labcorp comprises approximately 1.8% of Madison Asset Management LLC’s portfolio, making the stock its 12th biggest position. Madison Asset Management LLC owned 0.67% of Labcorp worth $159,640,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC purchased a new position in shares of Labcorp during the fourth quarter valued at about $991,000. Integrated Wealth Concepts LLC boosted its position in Labcorp by 7.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company’s stock valued at $565,000 after acquiring an additional 177 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings 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 worth $82,353,000 after acquiring an additional 121,304 shares during the period. Vontobel Holding Ltd. raised its position in shares of Labcorp by 7.9% in the 2nd quarter. Vontobel Holding Ltd. now owns 3,057 shares of the medical research company’s stock worth $802,000 after acquiring an additional 225 shares in the last quarter. Finally, Callan Family Office LLC purchased a new position in shares of Labcorp in the 2nd quarter valued at approximately $373,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Labcorp Stock Performance

LH stock opened at $284.33 on Wednesday. The stock’s 50 day simple moving average is $262.29 and its 200 day simple moving average is $268.20. The company has a current ratio of 1.55, a quick ratio of 1.35 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 stock has a market capitalization of $23.57 billion, a PE ratio of 27.93, a price-to-earnings-growth ratio of 1.73 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 given a $0.72 dividend. 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 1.0%. Labcorp’s payout ratio is 28.29%.

Analysts Set New Price Targets

LH has been the subject of a number of research reports. Robert W. Baird set a $313.00 price objective on Labcorp in a report on Wednesday, January 14th. Mizuho upped their target price on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Weiss Ratings cut shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, December 29th. 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, February 6th. Finally, Truist Financial set a $320.00 target price on shares of Labcorp in a research note on Tuesday, October 14th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Labcorp currently has a consensus 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.