Labcorp Holdings Inc. (NYSE:LH) Shares Bought by Allianz Asset Management GmbH

Allianz Asset Management GmbH raised its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 107.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 159,328 shares of the medical research company's stock after buying an additional 82,342 shares during the quarter. Allianz Asset Management GmbH owned 0.19% of Labcorp worth $37,082,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC grew its stake in shares of Labcorp by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock worth $458,334,000 after acquiring an additional 39,255 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Labcorp by 2.1% during the 1st 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 buying an additional 40,814 shares in the last quarter. FMR LLC increased its stake in Labcorp by 2.2% in the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock worth $371,688,000 after purchasing an additional 34,429 shares during the period. Select Equity Group L.P. increased its stake in Labcorp by 150.9% in the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after purchasing an additional 959,981 shares during the period. Finally, Norges Bank bought a new stake in shares of Labcorp in the 4th quarter worth approximately $239,811,000. 95.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Labcorp

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total transaction of $494,000.00. Following the completion of the sale, the executive vice president directly owned 30,067 shares in the company, valued at approximately $7,426,549. The trade was a 6.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the sale, the chief accounting officer owned 2,054 shares of the company's stock, valued at $497,602.04. This trade represents a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,834 shares of company stock worth $2,928,714 over the last quarter. Company insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LH. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Wall Street Zen cut Labcorp from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Morgan Stanley increased their target price on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Robert W. Baird increased their price target on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $276.08.

Labcorp Trading Up 6.7%

LH traded up $16.91 during trading on Thursday, hitting $267.42. 2,383,287 shares of the stock were exchanged, compared to its average volume of 768,214. Labcorp Holdings Inc. has a 1 year low of $209.35 and a 1 year high of $283.47. The firm has a 50 day simple moving average of $254.13 and a 200 day simple moving average of $244.33. The firm has a market cap of $22.38 billion, a price-to-earnings ratio of 30.92, a P/E/G ratio of 1.59 and a beta of 0.82. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly 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. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The company's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.94 EPS. As a group, equities analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.08%. Labcorp's dividend payout ratio is presently 33.29%.

About Labcorp

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