Labcorp Holdings Inc. $LH Position Lowered by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Labcorp stake by 11.7% in the third quarter, selling 24,730 shares and retaining 185,930 shares valued at about $57.3 million.
• Labcorp reported quarterly earnings of $4.78 per share, beating estimates of $4.64, while revenue rose 6.9% year over year to $3.81 billion. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $365.67.
• Labcorp declared a quarterly dividend of $0.72 per share ($2.88 annualized), a yield of about 0.8%. Company insiders sold 8,747 shares worth roughly $2.84 million in the last quarter.

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 11.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 185,930 shares of the medical research company's stock after selling 24,730 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Labcorp worth $57,287,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in LH. Fifth Third Bancorp boosted its stake in shares of Labcorp by 106.5% in the 1st quarter. Fifth Third Bancorp now owns 57,981 shares of the medical research company's stock valued at $15,470,000 after purchasing an additional 29,899 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Labcorp during the 2nd quarter worth approximately $7,792,000. Tidal Investments LLC increased its position in Labcorp by 12.4% during the 2nd quarter. Tidal Investments LLC now owns 30,559 shares of the medical research company's stock worth $8,557,000 after purchasing an additional 3,372 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Labcorp during the 2nd quarter worth approximately $168,222,000. Finally, Royal Bank of Canada lifted its stake in Labcorp by 19.4% in the 1st quarter. Royal Bank of Canada now owns 820,442 shares of the medical research company's stock valued at $218,901,000 after purchasing an additional 133,549 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Insider Transactions at Labcorp

In other news, Director Richelle Parham sold 1,078 shares of the firm's stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $361.22, for a total transaction of $389,395.16. Following the completion of the sale, the director owned 2,288 shares of the company's stock, valued at $826,471.36. This trade represents a 32.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kerrii Anderson sold 3,000 shares of Labcorp stock in a transaction on Monday, August 17th. The shares were sold at an average price of $318.02, for a total transaction of $954,060.00. Following the completion of the sale, the director owned 6,563 shares of the company's stock, valued at $2,087,165.26. This represents a 31.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,747 shares of company stock valued at $2,839,263 in the last quarter. 0.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price 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. Mizuho set a $355.00 target price on shares of Labcorp in a research note on Monday, August 10th. Bank of America upped their price target on shares of Labcorp from $300.00 to $320.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Robert W. Baird increased their price target on Labcorp from $361.00 to $396.00 and gave the company an "outperform" rating in a research note on Thursday, October 29th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $388.00 price target on shares of Labcorp in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $365.67.

Labcorp Stock Down 0.6%

Shares of NYSE:LH opened at $353.39 on Wednesday. Labcorp Holdings Inc. has a 1 year low of $244.52 and a 1 year high of $371.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.22. The business's 50-day moving average is $323.91 and its 200-day moving average is $288.58. The company has a market capitalization of $28.70 billion, a price-to-earnings ratio of 19.66, a P/E/G ratio of 2.01 and a beta of 0.86.

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

Labcorp Announces Dividend

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

Labcorp Company Profile

Labcorp NYSE: LH, formally Laboratory Corporation of America Holdings, is a global life sciences and healthcare company headquartered in Burlington, North Carolina. The company provides laboratory testing and diagnostic services to physicians, hospitals, health systems, employers, insurers and consumers.

Through its diagnostics operations, Labcorp offers routine and specialty testing, oncology diagnostics, women's health testing, genetic testing, pathology services and other laboratory services.

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