Strs Ohio Takes Position in Labcorp Holdings Inc. $LH

Key Points

• Strs Ohio acquired 101,569 shares of Labcorp Holdings Inc. valued at approximately $23.6 million, holding about 0.12% of the company at the end of the latest quarter.
• Several institutional investors, including Dynamic Technology Lab and AQR Capital Management, made significant changes to their positions in Labcorp, with one firm raising its stake by 8.1%.
• Labcorp reported EPS of $4.35 for the quarter, surpassing analyst estimates, alongside a revenue of $3.53 billion, which is a 9.6% increase year-over-year.

Strs Ohio purchased a new stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 101,569 shares of the medical research company's stock, valued at approximately $23,639,000. Strs Ohio owned about 0.12% of Labcorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of LH. Vanguard Group Inc. lifted its stake in Labcorp by 0.7% in the first quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company's stock valued at $2,262,817,000 after purchasing an additional 71,464 shares during the last quarter. Select Equity Group L.P. boosted its holdings in shares of Labcorp by 39.1% in the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock worth $516,696,000 after acquiring an additional 624,099 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Labcorp by 2.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock valued at $455,370,000 after purchasing an additional 40,814 shares in the last quarter. Invesco Ltd. raised its stake in shares of Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock valued at $330,750,000 after purchasing an additional 318,865 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Labcorp by 24.5% in the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company's stock worth $295,950,000 after purchasing an additional 250,486 shares during the period. Hedge funds and other institutional investors own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

LH has been the topic of a number of recent analyst reports. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a research report on Thursday, July 10th. Morgan Stanley upped their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Finally, Truist Financial raised their price target on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Labcorp has an average rating of "Moderate Buy" and an average target price of $290.33.

Insider Activity

In other Labcorp news, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the completion of the transaction, the director owned 6,656 shares of the company's stock, valued at approximately $1,763,507.20. The trade was a 23.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the sale, the director owned 8,666 shares of the company's stock, valued at $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,546 shares of company stock worth $4,207,192. 0.84% of the stock is currently owned by company insiders.

Labcorp Trading Down 0.4%

Shares of Labcorp stock traded down $1.23 during midday trading on Tuesday, reaching $274.17. 410,899 shares of the company's stock traded hands, compared to its average volume of 691,517. The stock has a 50 day moving average of $266.54 and a 200-day moving average of $251.46. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The company has a market cap of $22.78 billion, a PE ratio of 30.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping the consensus estimate of $4.14 by $0.21. The business had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, equities analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, August 28th. Labcorp's payout ratio is currently 31.79%.

Labcorp Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.