Allspring Global Investments Holdings LLC Has $528.74 Million Position in Labcorp Holdings Inc. $LH

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Labcorp by 2.2%, holding approximately $528.74 million in shares, making it the firm's 8th largest position.
• Labcorp recently reported earnings of $4.35 per share, exceeding analysts' expectations, with a revenue increase of 9.6% compared to the same quarter last year.
• A quarterly dividend of $0.72 is set to be paid on December 11th, with a current dividend yield of 1.0% and a payout ratio of 31.79%.

Allspring Global Investments Holdings LLC boosted its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000,828 shares of the medical research company's stock after buying an additional 43,509 shares during the period. Labcorp makes up approximately 0.9% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 8th biggest position. Allspring Global Investments Holdings LLC owned approximately 2.39% of Labcorp worth $528,739,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LH. Select Equity Group L.P. increased its position in Labcorp by 39.1% in the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock valued at $516,696,000 after buying an additional 624,099 shares in the last quarter. Invesco Ltd. increased 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 worth $330,750,000 after purchasing an additional 318,865 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in Labcorp by 55.9% during 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 in the last quarter. Alliancebernstein L.P. increased its holdings in Labcorp by 24.5% during the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company's stock worth $295,950,000 after purchasing an additional 250,486 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Labcorp during the 1st quarter worth approximately $48,193,000. 95.94% of the stock is owned by institutional investors.

Insider Transactions at Labcorp

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the transaction, the director owned 6,656 shares in the company, valued at approximately $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam H. Schechter sold 5,643 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $266.78, for a total value 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. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,046 shares of company stock worth $4,074,692 in the last ninety days. Company insiders own 0.84% of the company's stock.

Labcorp Price Performance

Shares of NYSE LH opened at $277.96 on Monday. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $289.20. The stock's 50 day moving average price is $275.30 and its 200-day moving average price is $256.20. The company has a market capitalization of $23.10 billion, a PE ratio of 30.68, a PEG ratio of 1.78 and a beta of 0.89. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61.

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

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Wednesday, November 26th will be paid a $0.72 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $2.88 annualized dividend and a yield of 1.0%. Labcorp's dividend payout ratio is presently 31.79%.

Analysts Set New Price Targets

A number of brokerages have commented on LH. Robert W. Baird set a $311.00 price objective on Labcorp in a report on Monday, August 25th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group boosted their price objective on Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Truist Financial boosted their price objective on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Barclays boosted their price objective on Labcorp from $275.00 to $290.00 and gave the stock an "equal weight" rating in a report on Thursday, October 2nd. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $292.00.

Labcorp Company Profile

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

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