Labcorp Holdings Inc. $LH is Diamond Hill Capital Management Inc.’s 10th Largest Position

Diamond Hill Capital Management Inc. trimmed its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 9.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,642,241 shares of the medical research company’s stock after selling 181,265 shares during the quarter. Labcorp accounts for approximately 2.2% of Diamond Hill Capital Management Inc.’s portfolio, making the stock its 10th biggest position. Diamond Hill Capital Management Inc. owned about 1.98% of Labcorp worth $471,422,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. Signature Estate & Investment Advisors LLC raised its position in Labcorp by 2.9% in the third quarter. Signature Estate & Investment Advisors LLC now owns 23,359 shares of the medical research company’s stock valued at $6,705,000 after purchasing an additional 662 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Labcorp by 112.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 641 shares of the medical research company’s stock valued at $181,000 after purchasing an additional 339 shares in the last quarter. Linscomb Wealth Inc. raised its stake in Labcorp by 3.4% in the third quarter. Linscomb Wealth Inc. now owns 15,376 shares of the medical research company’s stock valued at $4,414,000 after buying an additional 501 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Labcorp by 3,917.6% during the 3rd quarter. Bessemer Group Inc. now owns 183,242 shares of the medical research company’s stock worth $52,600,000 after acquiring an additional 178,681 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its holdings in Labcorp by 29.7% during the third quarter. SBI Securities Co. Ltd. now owns 336 shares of the medical research company’s stock worth $96,000 after purchasing an additional 77 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Wall Street Analysts Forecast Growth

LH has been the subject of several research reports. Mizuho upped their price target on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. 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 report on Wednesday, October 29th. JPMorgan Chase & Co. lifted their price objective on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a report on Friday. Truist Financial set a $320.00 target price on Labcorp in a report on Tuesday, October 14th. Finally, Weiss Ratings cut Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, December 29th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $300.75.

Labcorp Stock Performance

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 fifty day moving average of $261.79 and a 200-day moving average of $267.89. The stock has a market cap of $23.01 billion, a price-to-earnings ratio of 27.26, a price-to-earnings-growth ratio of 1.75 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. Shareholders of record on Friday, February 27th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, February 27th. Labcorp’s dividend payout ratio is 28.29%.

Insider Activity

In other news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 87,574 shares in the company, valued at $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.84% of the stock is owned by corporate insiders.

Labcorp 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.