Oppenheimer Asset Management Inc. Sells 2,230 Shares of Labcorp Holdings Inc. $LH

Oppenheimer Asset Management Inc. lessened its position in shares of Labcorp Holdings Inc. (NYSE:LH) by 17.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,224 shares of the medical research company’s stock after selling 2,230 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Labcorp were worth $2,935,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Harbor Asset Planning Inc. bought a new stake in Labcorp in the 2nd quarter valued at about $25,000. Caldwell Trust Co purchased a new position in shares of Labcorp in the second quarter worth about $25,000. Financial Gravity Companies Inc. bought a new stake in shares of Labcorp in the second quarter valued at approximately $26,000. Motco purchased a new stake in shares of Labcorp during the 3rd quarter valued at approximately $32,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of Labcorp by 48.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 122 shares of the medical research company’s stock valued at $35,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Labcorp Price Performance

Labcorp stock opened at $289.95 on Thursday. The stock has a market cap of $24.04 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.79 and a beta of 1.03. 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 business has a 50-day simple moving average of $262.77 and a 200 day simple moving average of $268.35. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72.

Labcorp Announces Dividend

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 $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, February 27th. Labcorp’s dividend payout ratio is 28.29%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Mizuho lifted their price target on Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. JPMorgan Chase & Co. increased their price objective on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Robert W. Baird set a $313.00 price target on shares of Labcorp in a report on Wednesday, January 14th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Labcorp currently has a consensus rating of “Moderate Buy” and an average target price of $300.75.

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.