Caprock Group LLC Takes Position in Labcorp Holdings Inc. $LH

Caprock Group LLC acquired a new position in shares of Labcorp Holdings Inc. (NYSE:LH) in the third quarter, HoldingsChannel reports. The fund acquired 3,757 shares of the medical research company’s stock, valued at approximately $1,045,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in shares of Labcorp in the 4th quarter valued at about $991,000. Integrated Wealth Concepts LLC raised its holdings in Labcorp by 7.9% in the first 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 period. Goldman Sachs Group Inc. lifted its position in Labcorp by 52.2% during the first quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock valued at $82,353,000 after buying an additional 121,304 shares in the last quarter. MGO One Seven LLC acquired a new stake in shares of Labcorp in the second quarter worth $239,000. Finally, Ritholtz Wealth Management raised its stake in shares of Labcorp by 36.1% in the 2nd quarter. Ritholtz Wealth Management now owns 2,338 shares of the medical research company’s stock valued at $614,000 after acquiring an additional 620 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on LH. UBS Group decreased their price target 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. Robert W. Baird set a $313.00 target price on Labcorp in a research note on Wednesday, January 14th. Weiss Ratings raised Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 10th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Labcorp from $317.00 to $319.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Labcorp currently has a consensus rating of “Moderate Buy” and an average price target of $300.75.

Insider Activity at Labcorp

In related news, CEO Adam H. Schechter sold 5,273 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $284.38, for a total transaction of $1,499,535.74. Following the sale, the chief executive officer owned 87,343 shares of the company’s stock, valued at $24,838,602.34. The trade was a 5.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jonathan C. Meltzer sold 87 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $290.42, for a total value of $25,266.54. Following the transaction, the executive vice president directly owned 2,782 shares of the company’s stock, valued at approximately $807,948.44. The trade was a 3.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.84% of the stock is owned by company insiders.

Labcorp Stock Performance

LH stock opened at $282.64 on Monday. The stock’s 50 day simple moving average is $263.59 and its 200 day simple moving average is $268.65. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $293.72. The firm has a market cap of $23.43 billion, a P/E ratio of 27.76, a P/E/G ratio of 1.78 and a beta of 1.03. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, February 27th. Labcorp’s payout ratio is presently 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.