CIBC Asset Management Inc Trims Stake in Labcorp Holdings Inc. $LH

CIBC Asset Management Inc cut its stake in Labcorp Holdings Inc. (NYSE:LH) by 13.0% in the third quarter, HoldingsChannel reports. The fund owned 12,382 shares of the medical research company’s stock after selling 1,855 shares during the period. CIBC Asset Management Inc’s holdings in Labcorp were worth $3,554,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in LH. SP Asset Management LLC lifted its stake in shares of Labcorp by 0.3% in the 2nd quarter. SP Asset Management LLC now owns 14,177 shares of the medical research company’s stock valued at $3,722,000 after purchasing an additional 38 shares during the period. HBK Sorce Advisory LLC raised its position in shares of Labcorp by 4.3% in the third quarter. HBK Sorce Advisory LLC now owns 916 shares of the medical research company’s stock worth $254,000 after acquiring an additional 38 shares during the period. Pure Financial Advisors LLC boosted its stake in shares of Labcorp by 3.9% during the 3rd quarter. Pure Financial Advisors LLC now owns 1,017 shares of the medical research company’s stock worth $292,000 after acquiring an additional 38 shares in the last quarter. Highland Capital Management LLC grew its position in shares of Labcorp by 0.3% during the 2nd quarter. Highland Capital Management LLC now owns 15,322 shares of the medical research company’s stock valued at $4,022,000 after acquiring an additional 40 shares during the period. Finally, Zions Bancorporation National Association UT increased its stake in shares of Labcorp by 21.9% in the 2nd quarter. Zions Bancorporation National Association UT now owns 223 shares of the medical research company’s stock valued at $59,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Robert W. Baird set a $313.00 price objective on Labcorp in a report on Wednesday, January 14th. Weiss Ratings lowered Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, December 29th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Truist Financial set a $320.00 price objective on shares of Labcorp in a report on Tuesday, October 14th. Finally, Evercore ISI lifted their target price on shares of Labcorp from $300.00 to $305.00 and gave the company an “outperform” rating in a research report on Friday, October 3rd. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $299.77.

Insider Buying and Selling at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richelle P. Parham sold 7,009 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $254.28, for a total transaction of $1,782,248.52. Following the completion of the transaction, the director owned 2,469 shares in the company, valued at $627,817.32. The trade was a 73.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.84% of the stock is owned by insiders.

Labcorp Trading Up 1.4%

Shares of Labcorp stock opened at $271.06 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35. The stock’s 50 day simple moving average is $260.70 and its 200-day simple moving average is $266.56. The stock has a market cap of $22.47 billion, a P/E ratio of 26.63, a P/E/G ratio of 1.68 and a beta of 1.00. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $293.72.

Labcorp (NYSE:LH) last announced its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 EPS for the quarter, topping analysts’ consensus estimates of $4.13 by $0.05. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.56 billion. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.50 earnings per share. Analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, February 27th. Labcorp’s payout ratio is currently 28.29%.

Labcorp 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.