Strs Ohio Purchases New Shares 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 acquired a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 101,569 shares of the medical research company's stock, valued at approximately $23,639,000. Strs Ohio owned approximately 0.12% of Labcorp as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in shares of Labcorp by 25.2% during the 1st quarter. NewEdge Advisors LLC now owns 8,546 shares of the medical research company's stock worth $1,989,000 after purchasing an additional 1,721 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Labcorp during the 1st quarter worth about $2,639,000. Select Equity Group L.P. increased its position in shares of Labcorp by 39.1% during the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock worth $516,696,000 after purchasing an additional 624,099 shares in the last quarter. Teewinot Capital Advisers L.L.C. bought a new stake in Labcorp during the 1st quarter worth about $709,000. Finally, AQR Capital Management LLC grew its holdings in Labcorp by 8.1% during the 1st quarter. AQR Capital Management LLC now owns 163,798 shares of the medical research company's stock worth $37,762,000 after acquiring an additional 12,281 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Insider Activity at Labcorp

In other Labcorp news, Director Kerrii B. Anderson sold 3,500 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the transaction, the director directly owned 8,666 shares in the company, valued at $2,426,480. The trade was a 28.77% 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 hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares in the company, valued at approximately $24,895,642.82. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,546 shares of company stock valued at $4,207,192 in the last ninety days. Company insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Evercore ISI increased their price objective on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. UBS Group raised their target price on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Morgan Stanley raised their target price on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Robert W. Baird set a $311.00 target price on shares of Labcorp in a research note on Monday, August 25th. Finally, Truist Financial raised their target price on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Labcorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Labcorp Stock Up 0.7%

Shares of NYSE:LH traded up $1.94 during midday trading on Thursday, hitting $278.01. The stock had a trading volume of 130,894 shares, compared to its average volume of 686,654. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The business's 50-day simple moving average is $266.86 and its 200-day simple moving average is $251.63. The company has a market cap of $23.10 billion, a P/E ratio of 30.69, a PEG ratio of 1.75 and a beta of 0.85.

Labcorp (NYSE:LH - Get Free Report) last released its earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The business had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. During the same period last year, the business earned $3.94 earnings per share. The firm's revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 28th. Labcorp's payout ratio is 31.79%.

Labcorp Profile

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