Illinois Municipal Retirement Fund Purchases 6,094 Shares of Labcorp Holdings Inc. $LH

Illinois Municipal Retirement Fund lifted its position in Labcorp Holdings Inc. (NYSE:LH) by 12.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,684 shares of the medical research company’s stock after purchasing an additional 6,094 shares during the period. Illinois Municipal Retirement Fund owned about 0.07% of Labcorp worth $15,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in Labcorp during the second quarter valued at about $263,070,000. Lazard Asset Management LLC grew 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 purchasing an additional 684,153 shares in the last quarter. Nordea Investment Management AB raised its stake in Labcorp by 28.2% during the 2nd quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock valued at $476,995,000 after purchasing an additional 401,808 shares during the period. Pacer Advisors Inc. lifted its holdings in Labcorp by 4,070.6% in the 3rd quarter. Pacer Advisors Inc. now owns 305,746 shares of the medical research company’s stock worth $87,767,000 after purchasing an additional 298,415 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in Labcorp by 402.7% in the 2nd quarter. Marshall Wace LLP now owns 348,096 shares of the medical research company’s stock worth $91,379,000 after purchasing an additional 278,855 shares during the period. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Labcorp Stock Down 4.0%

Shares of NYSE:LH opened at $278.22 on Friday. The company has a market cap of $23.06 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.82 and a beta of 1.03. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month 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. The company has a 50-day moving average price of $263.11 and a 200 day moving average price of $268.42.

Labcorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders 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 dividend yield of 1.0%. Labcorp’s payout ratio is 28.29%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on LH shares. Mizuho lifted their price objective on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. UBS Group decreased their price target on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Weiss Ratings raised Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Finally, Robert W. Baird set a $313.00 price target on Labcorp in a research note on Wednesday, January 14th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $300.75.

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.