Envestnet Asset Management Inc. Reduces Stock Holdings in Labcorp Holdings Inc. $LH

Envestnet Asset Management Inc. lowered its holdings in Labcorp Holdings Inc. (NYSE:LH) by 5.5% during the third quarter, Holdings Channel reports. The fund owned 261,849 shares of the medical research company’s stock after selling 15,188 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Labcorp were worth $75,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Harbor Asset Planning Inc. acquired a new stake in Labcorp during the 2nd quarter worth about $25,000. Caldwell Trust Co purchased a new stake in shares of Labcorp in the second quarter worth about $25,000. Financial Gravity Companies Inc. purchased a new stake in shares of Labcorp in the second quarter worth about $26,000. Motco acquired a new stake in Labcorp during the third quarter worth about $32,000. Finally, Headlands Technologies LLC raised its position in Labcorp by 300.0% during the second quarter. Headlands Technologies LLC now owns 128 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 96 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Labcorp Stock Performance

NYSE:LH opened at $277.55 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.55. The stock has a market capitalization of $23.01 billion, a PE ratio of 27.26, a P/E/G ratio of 1.75 and a beta of 1.03. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $293.72. The company has a fifty day moving average of $261.79 and a two-hundred day moving average of $268.01.

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 27th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp’s dividend payout ratio (DPR) is currently 28.29%.

Insider Transactions at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 87,574 shares in the company, valued at approximately $23,010,068.50. The trade was a 6.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on LH. Mizuho upped their price objective on Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Weiss Ratings cut shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Robert W. Baird set a $313.00 price target on shares of Labcorp in a report on Wednesday, January 14th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research note on Friday. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $300.75.

About Labcorp

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.