21,926 Shares in Labcorp Holdings Inc. $LH Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 21,926 Labcorp shares in the third quarter, valued at approximately $6.76 million. Institutional investors collectively own 95.94% of the company.
• Labcorp reported quarterly adjusted earnings of $4.78 per share, above the $4.64 consensus estimate, while revenue rose 6.9% year over year to $3.81 billion.
• Several analysts raised their price targets or ratings, including HSBC’s upgrade to “buy” with a $410 target; the stock’s consensus rating is “Moderate Buy.”

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 21,926 shares of the medical research company's stock, valued at approximately $6,756,000.

Several other hedge funds have also recently modified their holdings of the stock. Fifth Third Bancorp increased its holdings in 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 acquiring an additional 29,899 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Labcorp during the 2nd quarter valued at about $7,792,000. Tidal Investments LLC boosted its holdings in shares of Labcorp by 12.4% during the 2nd quarter. Tidal Investments LLC now owns 30,559 shares of the medical research company's stock valued at $8,557,000 after purchasing an additional 3,372 shares during the last quarter. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Labcorp during the 2nd quarter valued at about $168,222,000. Finally, Royal Bank of Canada grew its position in shares of Labcorp by 19.4% during the first 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 in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Stock Performance

Labcorp stock opened at $362.93 on Friday. The company's 50-day moving average price is $325.05 and its 200-day moving average price is $289.53. Labcorp Holdings Inc. has a twelve month low of $244.52 and a twelve month high of $373.34. The company has a quick ratio of 1.22, a current ratio of 1.41 and a debt-to-equity ratio of 0.60. The company has a market cap of $29.47 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 2.08 and a beta of 0.86.

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

Labcorp Dividend Announcement

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

Labcorp News Roundup

Here are the key news stories impacting Labcorp this week:

• Positive Sentiment: HSBC upgraded Labcorp from “hold” to “buy” and set a $410 price target, implying about 13% upside from the cited share price. HSBC analyst rating
• Positive Sentiment: Mizuho raised its price target to $400 from $355, adding to the constructive analyst outlook. Mizuho price target update
• Positive Sentiment: Zacks highlighted LH as a top-ranked momentum stock, which may attract investors focused on price trends; the article is promotional research content, not a guarantee of future performance. Zacks momentum-stock article
• Positive Sentiment: Labcorp completed its acquisition of Millennium Health, expanding its business; the provided report does not detail the expected financial contribution. Millennium Health acquisition completion
• Neutral Sentiment: CFO Julia Wang is scheduled to speak at the UBS Global Healthcare Conference on November 10; no new financial guidance was reported. Conference announcement
• Negative Sentiment: EVP Bryan Vaughn sold 306 shares, while director Richelle Parham sold 1,078 shares. Vaughn’s sale was under a pre-arranged Rule 10b5-1 plan; insider sales can create some near-term concern but do not necessarily signal a change in outlook. Insider transaction report

Analysts Set New Price Targets

LH has been the topic of several research reports. UBS Group lifted their target price on Labcorp from $380.00 to $420.00 and gave the stock a "buy" rating in a report on Thursday, October 29th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $355.00 target price on shares of Labcorp in a research report on Thursday, October 29th. HSBC raised Labcorp from a "hold" rating to a "buy" rating and set a $410.00 price target for the company in a research note on Thursday. Truist Financial raised their price target on Labcorp from $365.00 to $395.00 and gave the company a "buy" rating in a report on Thursday, October 29th. Finally, Weiss Ratings upgraded Labcorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Labcorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $369.08.

Insider Buying and Selling

In other news, Director Richelle P. Parham sold 1,078 shares of Labcorp stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $361.22, for a total value of $389,395.16. Following the completion of the transaction, the director owned 2,288 shares in the company, valued at approximately $826,471.36. The trade was a 32.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan T. Vaughn sold 306 shares of Labcorp stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $353.70, for a total value of $108,232.20. Following the completion of the transaction, the executive vice president owned 6,845 shares of the company's stock, valued at approximately $2,421,076.50. This trade represents a 4.28% 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. In the last three months, insiders have sold 9,053 shares of company stock valued at $2,947,495. 0.84% of the stock is currently owned by company insiders.

About Labcorp

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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