Labcorp Holdings Inc. $LH Position Decreased by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lowered its holdings in Labcorp Holdings Inc. (NYSE:LH) by 9.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,642,241 shares of the medical research company’s stock after selling 181,265 shares during the period. Labcorp accounts for 2.2% of Diamond Hill Capital Management Inc.’s investment portfolio, making the stock its 10th biggest position. Diamond Hill Capital Management Inc.’s holdings in Labcorp were worth $471,422,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Labcorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 9,879,225 shares of the medical research company’s stock valued at $2,593,395,000 after acquiring an additional 156,717 shares during the last quarter. State Street Corp grew its holdings in Labcorp by 0.9% in the second quarter. State Street Corp now owns 3,863,039 shares of the medical research company’s stock valued at $1,014,086,000 after purchasing an additional 36,003 shares during the period. Geode Capital Management LLC increased its position in Labcorp by 2.2% during the second quarter. Geode Capital Management LLC now owns 2,113,460 shares of the medical research company’s stock worth $552,445,000 after purchasing an additional 44,630 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Labcorp by 2.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,000,828 shares of the medical research company’s stock worth $528,739,000 after purchasing an additional 43,509 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Labcorp by 28.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock valued at $476,995,000 after purchasing an additional 401,808 shares during the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research report on Friday. Robert W. Baird set a $313.00 price objective on Labcorp in a report on Wednesday, January 14th. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. UBS Group dropped their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Finally, Weiss Ratings lowered shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 29th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $300.75.

Insiders Place Their Bets

In related news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the sale, the chief executive officer owned 87,574 shares of the company’s stock, valued at $23,010,068.50. The trade was a 6.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.84% of the company’s stock.

Labcorp Stock Down 0.2%

NYSE LH opened at $277.55 on Friday. 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 fifty-two week low of $209.38 and a fifty-two week high of $293.72. The business has a 50 day moving average price of $261.79 and a two-hundred day moving average price of $267.89. The stock has a market cap of $23.01 billion, a PE ratio of 27.26, a P/E/G ratio of 1.75 and a beta of 1.03.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 27th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, February 27th. Labcorp’s dividend payout ratio (DPR) is presently 28.29%.

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.