161,429 Labcorp Holdings Inc. $LH Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments reduced its Labcorp stake by 7.2%, selling 161,429 shares in the third quarter. It still held 2,075,528 shares, worth about $632.2 million at quarter-end.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $369.08; targets ranged from $309 to $420.
• Labcorp beat quarterly earnings and revenue estimates, reporting $4.78 EPS and $3.81 billion in revenue. Revenue grew 6.9% year over year, and the company declared a $0.72 quarterly dividend.

Allspring Global Investments Holdings LLC trimmed its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 7.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,075,528 shares of the medical research company's stock after selling 161,429 shares during the quarter. Labcorp accounts for approximately 1.0% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 8th largest holding. Allspring Global Investments Holdings LLC owned about 2.56% of Labcorp worth $632,206,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in LH. Dimensional Fund Advisors LP lifted its holdings in shares of Labcorp by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,332,775 shares of the medical research company's stock valued at $355,569,000 after buying an additional 28,584 shares during the period. Royal Bank of Canada lifted its holdings in Labcorp by 19.4% in the first quarter. Royal Bank of Canada now owns 820,442 shares of the medical research company's stock valued at $218,901,000 after acquiring an additional 133,549 shares during the period. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Labcorp in the second quarter valued at $168,222,000. Bessemer Group Inc. boosted its position in shares of Labcorp by 47.3% during the 1st quarter. Bessemer Group Inc. now owns 579,036 shares of the medical research company's stock worth $154,493,000 after purchasing an additional 185,847 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Labcorp during the 2nd quarter worth $142,125,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LH. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $355.00 price objective on shares of Labcorp in a research note on Thursday, October 29th. Piper Sandler upped their target price on shares of Labcorp from $300.00 to $309.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. UBS Group increased their target price on shares of Labcorp from $380.00 to $420.00 and gave the company a "buy" rating in a report on Thursday, October 29th. Bank of America increased their target price on shares of Labcorp from $300.00 to $320.00 and gave the company a "buy" rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Labcorp from $330.00 to $360.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $369.08.

Labcorp Stock Up 0.1%

Shares of NYSE LH opened at $366.90 on Monday. The firm's 50-day moving average is $325.66 and its two-hundred day moving average is $290.01. The company has a market capitalization of $29.79 billion, a PE ratio of 30.10, a price-to-earnings-growth ratio of 2.07 and a beta of 0.86. Labcorp Holdings Inc. has a 12-month low of $244.52 and a 12-month high of $373.34. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.22.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 earnings per share for the quarter, topping analysts' consensus estimates of $4.64 by $0.14. Labcorp had a net margin of 6.88% and a return on equity of 17.13%. The business had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $3.76 billion. During the same period last year, the company posted $4.18 EPS. The company's revenue was up 6.9% on a year-over-year basis. Equities analysts anticipate that Labcorp Holdings Inc. will post 18.51 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 24th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, November 24th. Labcorp's payout ratio is 23.63%.

Insider Buying and Selling

In other news, EVP Bryan Vaughn sold 306 shares of the company's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $353.70, for a total value of $108,232.20. Following the sale, the executive vice president directly owned 6,845 shares in the company, valued at $2,421,076.50. This represents a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Adam Schechter sold 4,669 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $320.37, for a total value of $1,495,807.53. Following the completion of the sale, the chief executive officer owned 102,565 shares in the company, valued at $32,858,749.05. This represents a 4.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 9,053 shares of company stock valued at $2,947,495. 0.84% of the stock is owned by insiders.

Labcorp Company Profile

Labcorp NYSE: LH, formally Laboratory Corporation of America Holdings, is a global life sciences company that provides diagnostic testing and services to patients, physicians, hospitals, employers and other health care organizations. Its offerings include routine and specialty laboratory tests, anatomic pathology and genetic testing.

The company also supports pharmaceutical and biotechnology companies with laboratory services for drug development and clinical trials, including testing and analysis used in research and clinical studies.

Labcorp was formed in 1995 through the combination of National Health Laboratories and Roche Biomedical Laboratories.

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