Raleigh Capital Management Inc. Buys 11,234 Shares of Labcorp Holdings Inc. $LH

Raleigh Capital Management Inc. raised its position in Labcorp Holdings Inc. (NYSE:LH) by 7,065.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,393 shares of the medical research company’s stock after buying an additional 11,234 shares during the period. Labcorp accounts for about 1.2% of Raleigh Capital Management Inc.’s investment portfolio, making the stock its 16th biggest position. Raleigh Capital Management Inc.’s holdings in Labcorp were worth $3,270,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Harbor Asset Planning Inc. bought a new position in Labcorp in the 2nd quarter valued at $25,000. Caldwell Trust Co acquired a new stake in shares of Labcorp in the second quarter valued at $25,000. Financial Gravity Companies Inc. acquired a new stake in shares of Labcorp in the second quarter valued at $26,000. Motco bought a new position in shares of Labcorp in the third quarter valued at about $32,000. Finally, Headlands Technologies LLC lifted its position in Labcorp by 300.0% during the 2nd quarter. Headlands Technologies LLC now owns 128 shares of the medical research company’s stock worth $34,000 after buying an additional 96 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Robert W. Baird set a $313.00 target price on shares of Labcorp in a research report on Wednesday, January 14th. Truist Financial set a $320.00 price objective on Labcorp in a report on Tuesday, October 14th. UBS Group lowered their target price on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. JPMorgan Chase & Co. boosted their target price on Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Mizuho raised 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. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $299.77.

Insider Activity at Labcorp

In other news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the transaction, the chief executive officer owned 87,574 shares in the company, valued at $23,010,068.50. The trade was a 6.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Labcorp Stock Performance

Shares of LH stock opened at $270.28 on Tuesday. The stock has a market cap of $22.41 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The stock has a 50-day moving average of $261.21 and a 200-day moving average of $267.20. 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 Holdings Inc. has a one year low of $209.38 and a one year high of $293.72.

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 issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, February 27th. Labcorp’s dividend payout ratio is 28.29%.

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.