Bank of New York Mellon Corp Sells 23,382 Shares of Labcorp Holdings Inc. $LH

Bank of New York Mellon Corp trimmed its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,771,529 shares of the medical research company’s stock after selling 23,382 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.13% of Labcorp worth $508,535,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Brighton Jones LLC purchased a new position in shares of Labcorp in the 4th quarter valued at $991,000. Integrated Wealth Concepts LLC grew its stake 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 purchasing an additional 177 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Labcorp by 52.2% in the first quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock worth $82,353,000 after purchasing an additional 121,304 shares in the last quarter. Signaturefd LLC lifted its position in shares of Labcorp by 26.5% during the second quarter. Signaturefd LLC now owns 816 shares of the medical research company’s stock valued at $214,000 after buying an additional 171 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its holdings in shares of Labcorp by 7.4% in the 2nd quarter. V Square Quantitative Management LLC now owns 2,437 shares of the medical research company’s stock valued at $640,000 after buying an additional 168 shares in the last quarter. Institutional investors own 95.94% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the completion of the sale, the chief executive officer owned 87,574 shares of the company’s stock, valued at $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richelle P. Parham sold 7,009 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $254.28, for a total value of $1,782,248.52. Following the sale, the director owned 2,469 shares of the company’s stock, valued at approximately $627,817.32. This trade represents a 73.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.84% of the company’s stock.

Labcorp Price Performance

NYSE:LH opened at $268.07 on Thursday. The firm’s fifty day moving average is $260.85 and its two-hundred day moving average is $266.57. The firm has a market cap of $22.22 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 1.71 and a beta of 1.00. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.55. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $293.72.

Labcorp (NYSE:LH) last released its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 EPS for the quarter, topping the consensus estimate of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.56 billion. During the same quarter in the prior year, the firm posted $3.50 EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 27th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, February 27th. Labcorp’s payout ratio is presently 28.29%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LH shares. Barclays boosted their price objective on shares of Labcorp from $275.00 to $290.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 2nd. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. UBS Group lowered their price objective on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Truist Financial set a $320.00 target price on Labcorp in a research report on Tuesday, October 14th. Finally, Evercore ISI raised their price target on Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Friday, October 3rd. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Labcorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $299.77.

About Labcorp

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.