Alliancebernstein L.P. Increases Stock Holdings in Labcorp Holdings Inc. $LH

Key Points

• Alliancebernstein L.P. increased its stake in Labcorp Holdings Inc. by 24.5%, acquiring a total of 1,271,590 shares worth approximately $295.95 million.
• CEO Adam H. Schechter sold 5,643 shares of Labcorp in August, reducing his ownership by 5.70%, while corporate insiders have sold a total of 16,046 shares valued at over $4 million in recent months.
• Labcorp recently reported earnings per share of $4.35, surpassing estimates, and announced a quarterly dividend of $0.72, with a dividend yield of 1.1%.

Alliancebernstein L.P. raised its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 24.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,271,590 shares of the medical research company's stock after purchasing an additional 250,486 shares during the period. Alliancebernstein L.P. owned 1.52% of Labcorp worth $295,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Select Equity Group L.P. increased its position in Labcorp by 150.9% during the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after acquiring an additional 959,981 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Labcorp by 37,334.2% during the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after purchasing an additional 807,539 shares during the period. Invesco Ltd. grew its holdings in 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 last quarter. Lord Abbett & CO. LLC raised its position in Labcorp by 55.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company's stock worth $181,819,000 after purchasing an additional 280,011 shares during the period. Finally, Nuveen LLC bought a new stake in Labcorp in the first quarter worth about $48,193,000. Institutional investors own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LH. Robert W. Baird set a $311.00 price target on Labcorp in a report on Monday, August 25th. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Truist Financial lifted their target price on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. UBS Group boosted 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. Finally, HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research note on Thursday, July 10th. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Insider Buying and Selling

In related news, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director owned 8,666 shares of the company's stock, valued at $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam H. Schechter sold 5,643 shares of the business's stock in a transaction dated Monday, August 11th. The stock was 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 of the company's stock, valued at $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. Over the last 90 days, insiders have sold 16,046 shares of company stock valued at $4,337,192. Company insiders own 0.84% of the company's stock.

Labcorp Stock Up 0.0%

Labcorp stock traded up $0.04 during midday trading on Tuesday, hitting $277.25. 111,692 shares of the company's stock were exchanged, compared to its average volume of 698,199. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The company has a market cap of $23.04 billion, a PE ratio of 30.60, a P/E/G ratio of 1.78 and a beta of 0.85. The firm has a 50-day moving average of $264.63 and a two-hundred day moving average of $250.40. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47.

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

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, August 28th. Labcorp's payout ratio is presently 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.