Should You Invest in Laboratory Corporation of America Holdings (LH)?
Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The positive returns of the portfolio outperformed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index), both of which were negative in Q3. The short book trailed the index, providing a relative tailwind to performance. Long financial holdings were another source of relative strength. On the other hand, the fund’s long industrials and healthcare holdings were sources of relative weakness in Q3. In addition, you may look at the fund's top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short Fund highlighted stocks like Laboratory Corporation of America Holdings (NYSE:LH) in the third quarter 2023 investor letter. Headquartered in Burlington, North Carolina, Laboratory Corporation of America Holdings (NYSE:LH) is a life sciences company. On December 20, 2023, Laboratory Corporation of America Holdings (NYSE:LH) stock closed at $220.19 per share. One-month return of Laboratory Corporation of America Holdings (NYSE:LH) was 4.06%, and its shares gained 10.62% of their value over the last 52 weeks. Laboratory Corporation of America Holdings (NYSE:LH) has a market capitalization of $18.694 billion.
Diamond Hill Long-Short Fund made the following comment about Laboratory Corporation of America Holdings (NYSE:LH) in its Q3 2023 investor letter:
"We initiated several new positions in Q3, including one long position: Laboratory Corporation of America Holdings (NYSE:LH). LabCorp is the leading diagnostic testing laboratory with a strong competitive position and significant scale that is difficult for new industry entrants to replicate. We capitalized on a compelling discount to our estimate of intrinsic value to initiate a position in the quarter."
A doctor entering a patients results into a medical diagnostic computer.
Laboratory Corporation of America Holdings (NYSE:LH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Laboratory Corporation of America Holdings (NYSE:LH) at the end of third quarter which was 45 in the previous quarter.
We discussed Laboratory Corporation of America Holdings (NYSE:LH) in another article and shared the list of largest biotech companies in the US. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
