Labcorp Holdings Inc. $LH Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in Labcorp Holdings Inc. (NYSE:LH) by 11.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 185,930 shares of the medical research company’s stock after selling 24,730 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Labcorp were worth $57,287,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of LH. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Labcorp in the third quarter valued at $6,756,000. ProShare Advisors LLC grew its holdings in shares of Labcorp by 0.9% during the third quarter. ProShare Advisors LLC now owns 13,230 shares of the medical research company’s stock valued at $4,076,000 after buying an additional 118 shares during the last quarter. Vise Technologies Inc. increased its position in shares of Labcorp by 56.6% during the third quarter. Vise Technologies Inc. now owns 3,248 shares of the medical research company’s stock worth $1,001,000 after acquiring an additional 1,174 shares in the last quarter. Moss Adams Wealth Advisors LLC increased its position in shares of Labcorp by 6.1% during the third quarter. Moss Adams Wealth Advisors LLC now owns 1,460 shares of the medical research company’s stock worth $450,000 after acquiring an additional 84 shares in the last quarter. Finally, Modera Wealth Management LLC raised its holdings in shares of Labcorp by 3.5% in the 3rd quarter. Modera Wealth Management LLC now owns 1,433 shares of the medical research company’s stock worth $442,000 after acquiring an additional 49 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors.

Labcorp Stock Performance

Shares of LH opened at $353.39 on Wednesday. The company has a market cap of $28.70 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86. The company has a current ratio of 1.41, a quick ratio of 1.22 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average price of $323.91 and a 200-day moving average price of $288.58. Labcorp Holdings Inc. has a 12-month low of $244.52 and a 12-month high of $371.00.

Labcorp (NYSE:LH) last posted its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 earnings per share for the quarter, topping the consensus estimate of $4.64 by $0.14. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Labcorp had a net margin of 6.88% and a return on equity of 17.13%. Labcorp’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.18 earnings per share. As a group, equities analysts forecast that Labcorp Holdings Inc. will post 18.51 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 24th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, November 24th. This represents a $2.88 annualized dividend and a yield of 0.8%. Labcorp’s payout ratio is 23.63%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LH. UBS Group raised their price target on shares of Labcorp from $380.00 to $420.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. JPMorgan Chase & Co. boosted their price objective on Labcorp from $330.00 to $360.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Robert W. Baird increased their price objective on Labcorp from $361.00 to $396.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Piper Sandler increased their price objective on Labcorp from $300.00 to $309.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $365.67.

Insiders Place Their Bets

In other Labcorp news, CEO Adam Schechter sold 4,669 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $320.37, for a total transaction of $1,495,807.53. Following the transaction, the chief executive officer directly owned 102,565 shares in the company, valued at $32,858,749.05. This trade represents a 4.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kerrii Anderson sold 3,000 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $318.02, for a total transaction of $954,060.00. Following the completion of the sale, the director directly owned 6,563 shares of the company’s stock, valued at $2,087,165.26. This represents a 31.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,747 shares of company stock valued at $2,839,263 over the last quarter. 0.84% of the stock is owned by corporate insiders.

Labcorp Company Profile

Labcorp (NYSE: LH), formally Laboratory Corporation of America Holdings, is a global life sciences and healthcare company headquartered in Burlington, North Carolina. The company provides laboratory testing and diagnostic services to physicians, hospitals, health systems, employers, insurers and consumers.

Through its diagnostics operations, Labcorp offers routine and specialty testing, oncology diagnostics, women’s health testing, genetic testing, pathology services and other laboratory services.