Sumitomo Mitsui Trust Group Inc. Buys 22,018 Shares of Labcorp Holdings Inc. $LH

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 11.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 210,102 shares of the medical research company’s stock after purchasing an additional 22,018 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Labcorp worth $55,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Labcorp by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company’s stock valued at $2,262,817,000 after purchasing an additional 71,464 shares during the last quarter. Select Equity Group L.P. lifted its position in Labcorp by 39.1% during the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock valued at $516,696,000 after purchasing an additional 624,099 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position 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 valued at $528,739,000 after purchasing an additional 43,509 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Labcorp by 28.2% during the second quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after acquiring an additional 401,808 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Labcorp by 28.9% during the first quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock worth $330,750,000 after acquiring an additional 318,865 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value of $529,900.00. Following the transaction, the director owned 6,656 shares in the company, valued at $1,763,507.20. The trade was a 23.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares in the company, valued at approximately $24,895,642.82. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,546 shares of company stock worth $3,094,692 in the last quarter. Corporate insiders own 0.84% of the company’s stock.

Labcorp Stock Performance

Shares of LH stock opened at $275.54 on Tuesday. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72. The stock has a market cap of $22.90 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 1.79 and a beta of 0.89. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average price is $278.69 and its 200-day moving average price is $260.38.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Wednesday, November 26th will be paid a $0.72 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp’s payout ratio is presently 31.79%.

Analysts Set New Price Targets

Several research firms have commented on LH. Mizuho lifted their price target on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Truist Financial set a $320.00 target price on shares of Labcorp in a research note on Tuesday, October 14th. Robert W. Baird set a $311.00 target price on shares of Labcorp in a research note on Monday, August 25th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Labcorp in a research note on Wednesday, October 8th. Finally, UBS Group lifted their target price on shares of Labcorp from $305.00 to $325.00 and gave the stock a “buy” rating in a research note on Friday, October 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Labcorp presently has a consensus rating of “Moderate Buy” and an average price target of $296.46.

Labcorp Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.