Labcorp (NYSE:LH) Price Target Raised to $319.00

Labcorp (NYSE:LH) had its price target raised by JPMorgan Chase & Co. from $317.00 to $319.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the medical research company’s stock.

LH has been the topic of a number of other reports. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Robert W. Baird set a $313.00 target price on shares of Labcorp in a research report on Wednesday, January 14th. Weiss Ratings downgraded shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, December 29th. UBS Group cut their price target on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Finally, Truist Financial set a $320.00 price target on Labcorp in a research report on Tuesday, October 14th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $300.75.

Labcorp Stock Performance

NYSE:LH opened at $277.55 on Friday. The stock has a 50 day simple moving average of $261.79 and a 200 day simple moving average of $268.01. The stock has a market cap of $23.01 billion, a P/E ratio of 27.26, a PEG ratio of 1.75 and a beta of 1.03. Labcorp has a 1-year low of $209.38 and a 1-year high of $293.72. The company has a current ratio of 1.55, a quick ratio of 1.35 and a debt-to-equity ratio of 0.59.

Labcorp Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.0%. Labcorp’s dividend payout ratio (DPR) is 28.29%.

Insider Buying and Selling

In other news, CEO Adam H. Schechter sold 5,745 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 87,574 shares in the company, valued at approximately $23,010,068.50. This trade represents a 6.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Labcorp

Large investors have recently modified their holdings of the business. Norges Bank bought a new position in Labcorp during the 2nd quarter worth $263,070,000. Lazard Asset Management LLC raised its position in shares of Labcorp by 224.1% during the second quarter. Lazard Asset Management LLC now owns 989,433 shares of the medical research company’s stock worth $259,734,000 after acquiring an additional 684,153 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Labcorp by 20.0% in the third quarter. Victory Capital Management Inc. now owns 2,637,350 shares of the medical research company’s stock worth $756,878,000 after acquiring an additional 440,224 shares during the period. Nordea Investment Management AB lifted its stake in shares of Labcorp by 28.2% in the second quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after acquiring an additional 401,808 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Labcorp by 4,070.6% in the third quarter. Pacer Advisors Inc. now owns 305,746 shares of the medical research company’s stock valued at $87,767,000 after acquiring an additional 298,415 shares during the last quarter. Institutional investors own 95.94% of the company’s stock.

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.