Labcorp Holdings Inc. $LH Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans boosted its holdings in Labcorp Holdings Inc. (NYSE:LH) by 8.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 563,006 shares of the medical research company’s stock after buying an additional 45,610 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.68% of Labcorp worth $161,617,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Harbor Asset Planning Inc. acquired a new stake in Labcorp during the 2nd quarter worth approximately $25,000. Caldwell Trust Co purchased a new stake in shares of Labcorp during the second quarter worth about $25,000. Financial Gravity Companies Inc. acquired a new stake in shares of Labcorp in the second quarter worth approximately $26,000. Motco acquired a new stake in Labcorp during the third quarter worth about $32,000. Finally, Headlands Technologies LLC increased its position in shares of Labcorp by 300.0% in the second quarter. Headlands Technologies LLC now owns 128 shares of the medical research company’s stock worth $34,000 after acquiring an additional 96 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LH. Truist Financial set a $320.00 price target on shares of Labcorp in a research note on Tuesday, October 14th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Mizuho boosted their price target 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. Robert W. Baird set a $313.00 target price on shares of Labcorp in a research note on Wednesday, January 14th. Finally, UBS Group cut their price target on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $299.77.

Insider Activity

In other news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total value of $1,509,498.75. Following the transaction, the chief executive officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.84% of the company’s stock.

Labcorp Price Performance

Shares of LH stock opened at $271.48 on Friday. The stock has a 50 day moving average of $261.12 and a two-hundred day moving average of $266.89. The company has a market capitalization of $22.51 billion, a P/E ratio of 26.67, a P/E/G ratio of 1.70 and a beta of 1.00. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be issued 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 dividend yield of 1.1%. Labcorp’s dividend payout ratio (DPR) is presently 28.29%.

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.