Candriam S.C.A. Trims Stock Position in Labcorp Holdings Inc. $LH

Candriam S.C.A. decreased its stake in Labcorp Holdings Inc. (NYSE:LH) by 39.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,666 shares of the medical research company’s stock after selling 30,172 shares during the quarter. Candriam S.C.A. owned approximately 0.06% of Labcorp worth $13,396,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Harbor Asset Planning Inc. acquired a new position in Labcorp in the second quarter valued at approximately $25,000. Caldwell Trust Co purchased a new position in shares of Labcorp during the 2nd quarter valued at approximately $25,000. Financial Gravity Companies Inc. acquired a new position in shares of Labcorp in the 2nd quarter valued at $26,000. Motco purchased a new stake in Labcorp during the third quarter worth $32,000. Finally, Hantz Financial Services Inc. grew its position in Labcorp by 48.8% during the third quarter. Hantz Financial Services Inc. now owns 122 shares of the medical research company’s stock valued at $35,000 after buying an additional 40 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on LH shares. Robert W. Baird set a $313.00 price objective on shares of Labcorp in a research report on Wednesday, January 14th. Weiss Ratings cut Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 29th. JPMorgan Chase & Co. increased their price target on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Mizuho boosted their price objective on Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Finally, Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $300.75.

Labcorp Stock Up 3.8%

LH stock opened at $284.33 on Wednesday. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72. The company has a quick ratio of 1.35, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. The firm has a 50-day simple moving average of $262.29 and a 200-day simple moving average of $268.20. The stock has a market capitalization of $23.57 billion, a P/E ratio of 27.93, a P/E/G ratio of 1.73 and a beta of 1.03.

Labcorp Dividend Announcement

The company also recently disclosed 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. The ex-dividend date 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 presently 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.