Allspring Global Investments Holdings LLC Purchases 40,814 Shares of Labcorp Holdings Inc. (NYSE:LH)

Allspring Global Investments Holdings LLC increased its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,957,319 shares of the medical research company's stock after purchasing an additional 40,814 shares during the period. Labcorp makes up 0.8% of Allspring Global Investments Holdings LLC's holdings, making the stock its 15th biggest position. Allspring Global Investments Holdings LLC owned approximately 2.34% of Labcorp worth $455,370,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Labcorp in the fourth quarter valued at $239,811,000. Select Equity Group L.P. raised its stake in shares of 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 valued at $365,985,000 after acquiring an additional 959,981 shares during the period. Amundi raised its stake in shares of Labcorp by 344.9% in the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company's stock valued at $263,161,000 after acquiring an additional 870,903 shares during the period. GAMMA Investing LLC raised its stake in shares of Labcorp by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after acquiring an additional 807,539 shares during the period. Finally, Madison Investment Advisors LLC purchased a new stake in shares of Labcorp in the 4th quarter valued at approximately $123,415,000. Institutional investors and hedge funds own 95.94% of the company's stock.

Labcorp Price Performance

Shares of LH traded up $3.32 during midday trading on Friday, reaching $260.30. The stock had a trading volume of 1,016,405 shares, compared to its average volume of 639,223. The firm's 50 day moving average price is $248.19 and its 200-day moving average price is $241.06. Labcorp Holdings Inc. has a 52 week low of $198.96 and a 52 week high of $264.03. The company has a market capitalization of $21.79 billion, a P/E ratio of 30.09, a P/E/G ratio of 1.63 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period last year, the company posted $3.68 EPS. The company's revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.11%. Labcorp's payout ratio is presently 33.29%.

Insider Activity at Labcorp

In related news, CAO Peter J. Wilkinson sold 829 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the sale, the chief accounting officer now directly owns 2,054 shares of the company's stock, valued at approximately $497,602.04. This represents a 28.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $260.00, for a total transaction of $130,000.00. Following the transaction, the director now owns 12,666 shares of the company's stock, valued at approximately $3,293,160. The trade was a 3.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,334 shares of company stock valued at $2,796,214. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on LH. Wall Street Zen lowered shares of Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Truist Financial upped their target price on shares of Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Redburn Atlantic began coverage on shares of Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price on the stock. Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Finally, Morgan Stanley increased their price objective on shares of Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $276.08.

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.