Bessemer Group Inc. Boosts Stake in Labcorp Holdings Inc. $LH

Bessemer Group Inc. boosted its position in Labcorp Holdings Inc. (NYSE:LH) by 3,917.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 183,242 shares of the medical research company’s stock after purchasing an additional 178,681 shares during the period. Bessemer Group Inc.’s holdings in Labcorp were worth $52,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Harbor Asset Planning Inc. purchased a new position in Labcorp during the 2nd quarter valued at $25,000. Caldwell Trust Co bought a new stake in shares of Labcorp during the second quarter worth $25,000. Financial Gravity Companies Inc. bought a new position in shares of Labcorp in the second quarter worth about $26,000. Motco bought a new position in shares of Labcorp in the third quarter worth about $32,000. Finally, Hantz Financial Services Inc. increased its stake in Labcorp by 48.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 122 shares of the medical research company’s stock worth $35,000 after buying an additional 40 shares during the period. Institutional investors own 95.94% of the company’s stock.

Insider Transactions at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total value of $1,509,498.75. Following the completion of the transaction, the chief executive officer directly owned 87,574 shares in the company, valued at approximately $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.84% of the stock is owned by company insiders.

Labcorp Stock Up 0.7%

Labcorp stock opened at $278.15 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. The firm has a market cap of $23.06 billion, a P/E ratio of 27.32, a P/E/G ratio of 1.74 and a beta of 1.03. The business has a fifty day moving average of $261.61 and a two-hundred day moving average of $267.54. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $293.72.

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 27th will be given 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 yield of 1.0%. Labcorp’s dividend payout ratio (DPR) is presently 28.29%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. 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 note on Friday, October 17th. Weiss Ratings cut Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. UBS Group lowered their target price on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Finally, Truist Financial set a $320.00 price target on Labcorp in a research report on Tuesday, October 14th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Labcorp presently has a consensus rating of “Moderate Buy” and an average price target of $300.58.

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.