Allianz Asset Management GmbH Buys 8,178 Shares of Labcorp Holdings Inc. $LH

Allianz Asset Management GmbH grew its position in Labcorp Holdings Inc. (NYSE:LH) by 3.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 215,569 shares of the medical research company’s stock after acquiring an additional 8,178 shares during the period. Allianz Asset Management GmbH’s holdings in Labcorp were worth $61,881,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of LH. Brighton Jones LLC bought a new position in Labcorp in the fourth quarter valued at about $991,000. Integrated Wealth Concepts LLC raised its holdings in Labcorp by 7.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company’s stock valued at $565,000 after buying an additional 177 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Labcorp by 52.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock worth $82,353,000 after buying an additional 121,304 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Labcorp by 7.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,257 shares of the medical research company’s stock worth $2,955,000 after acquiring an additional 755 shares during the last quarter. Finally, DAVENPORT & Co LLC increased its position in Labcorp by 4.9% in the 2nd quarter. DAVENPORT & Co LLC now owns 3,901 shares of the medical research company’s stock valued at $1,024,000 after acquiring an additional 181 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.

Insider Buying and Selling at Labcorp

In other news, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total value of $1,509,498.75. Following the completion of the sale, 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 legal filing with the SEC, which is available through this link. 0.84% of the stock is owned by corporate insiders.

Labcorp Stock Up 1.5%

Shares of Labcorp stock opened at $276.19 on Thursday. The stock’s 50-day moving average is $261.41 and its 200 day moving average is $267.47. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $293.72. The firm has a market cap of $22.90 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 1.71 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp’s dividend payout ratio (DPR) is 28.29%.

Analyst Upgrades and Downgrades

LH has been the topic of a number of recent research reports. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Robert W. Baird set a $313.00 price target on Labcorp in a research report on Wednesday, January 14th. Truist Financial set a $320.00 price target on Labcorp in a research note on Tuesday, October 14th. JPMorgan Chase & Co. lifted their price objective on Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Finally, UBS Group decreased their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $299.77.

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.