AMI Asset Management Corp Sells 11,313 Shares of Labcorp Holdings Inc. $LH

AMI Asset Management Corp lowered its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 5.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 186,464 shares of the medical research company's stock after selling 11,313 shares during the quarter. Labcorp comprises approximately 2.8% of AMI Asset Management Corp's holdings, making the stock its 15th largest holding. AMI Asset Management Corp owned 0.22% of Labcorp worth $48,949,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bartlett & CO. Wealth Management LLC increased its position in Labcorp by 0.9% during the second quarter. Bartlett & CO. Wealth Management LLC now owns 210,805 shares of the medical research company's stock worth $55,339,000 after acquiring an additional 1,785 shares during the period. Truist Financial Corp increased its position in Labcorp by 1.4% during the second quarter. Truist Financial Corp now owns 22,750 shares of the medical research company's stock worth $5,972,000 after acquiring an additional 316 shares during the period. Capital Investment Advisors LLC bought a new position in Labcorp during the second quarter worth $323,000. GC Wealth Management RIA LLC bought a new position in Labcorp during the second quarter worth $217,000. Finally, Hanson & Doremus Investment Management increased its position in Labcorp by 9.9% during the second quarter. Hanson & Doremus Investment Management now owns 722 shares of the medical research company's stock worth $190,000 after acquiring an additional 65 shares during the period. Institutional investors own 95.94% of the company's stock.

Labcorp Trading Down 2.7%

Shares of Labcorp stock opened at $279.36 on Thursday. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $289.20. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The company has a market capitalization of $23.22 billion, a price-to-earnings ratio of 30.83, a P/E/G ratio of 1.84 and a beta of 0.89. The business has a fifty day simple moving average of $273.23 and a two-hundred day simple moving average of $253.91.

Labcorp (NYSE:LH - Get Free Report) last posted 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 company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter last year, the firm earned $3.94 earnings per share. The company's revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were given a $0.72 dividend. The ex-dividend date was Thursday, August 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

Insider Buying and Selling

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the firm's stock in a transaction 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 trade represents a 23.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the transaction, the executive vice president owned 2,274 shares in the company, valued at $617,209.08. The trade was a 63.19% 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 over the last three months. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on LH. Evercore ISI boosted their price target on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Robert W. Baird set a $311.00 price target on shares of Labcorp in a report on Monday, August 25th. Hsbc Global Res lowered shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. UBS Group upped their target price on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Morgan Stanley upped their target price on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued 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 target price of $290.33.

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.

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