Illinois Municipal Retirement Fund Purchases 6,094 Shares of Labcorp Holdings Inc. $LH

Illinois Municipal Retirement Fund increased its position in shares of Labcorp Holdings Inc. (NYSE:LH) by 12.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,684 shares of the medical research company’s stock after purchasing an additional 6,094 shares during the period. Illinois Municipal Retirement Fund’s holdings in Labcorp were worth $15,698,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harbor Asset Planning Inc. purchased a new position in shares of Labcorp during the second quarter valued at approximately $25,000. Caldwell Trust Co purchased a new position in Labcorp during the 2nd quarter valued at $25,000. Financial Gravity Companies Inc. bought a new position in Labcorp in the 2nd quarter valued at $26,000. Motco purchased a new stake in Labcorp in the third quarter worth $32,000. Finally, Headlands Technologies LLC lifted its position in shares of Labcorp by 300.0% during the second quarter. Headlands Technologies LLC now owns 128 shares of the medical research company’s stock worth $34,000 after purchasing an additional 96 shares during the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LH. UBS Group cut their price target on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Robert W. Baird set a $313.00 target price on shares of Labcorp in a research report on Wednesday, January 14th. Mizuho boosted their price target on Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. upped their target price on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $300.75.

Labcorp Trading Down 4.0%

Shares of NYSE LH opened at $278.22 on Friday. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $293.72. The business has a fifty day moving average price of $263.11 and a 200 day moving average price of $268.42. The stock has a market capitalization of $23.06 billion, a P/E ratio of 27.33, a price-to-earnings-growth ratio of 1.82 and a beta of 1.03. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be paid a $0.72 dividend. The ex-dividend date 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 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.