AMI Asset Management Corp Reduces Stock Position in Labcorp Holdings Inc. (NYSE:LH)

AMI Asset Management Corp decreased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,777 shares of the medical research company's stock after selling 6,595 shares during the period. Labcorp makes up approximately 2.7% of AMI Asset Management Corp's holdings, making the stock its 14th biggest position. AMI Asset Management Corp owned 0.24% of Labcorp worth $46,031,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of LH. Geode Capital Management LLC lifted its holdings in shares of Labcorp by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock valued at $458,334,000 after purchasing an additional 39,255 shares in the last quarter. Bank of New York Mellon Corp raised its position in Labcorp by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,822,964 shares of the medical research company's stock worth $418,042,000 after buying an additional 41,898 shares during the last quarter. FMR LLC lifted its stake in Labcorp by 2.2% during the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock valued at $371,688,000 after acquiring an additional 34,429 shares during the period. Select Equity Group L.P. lifted its stake in Labcorp by 150.9% during 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. Finally, Amundi boosted its holdings in shares of Labcorp by 344.9% during 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 last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the transaction, the chief executive officer now owns 98,962 shares in the company, valued at $24,614,818.26. This trade represents a 5.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of Labcorp stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $238.36, for a total value of $452,884.00. Following the completion of the sale, the executive vice president now directly owns 2,244 shares in the company, valued at approximately $534,879.84. The trade was a 45.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,092 shares of company stock valued at $2,971,820 over the last 90 days. Company insiders own 0.84% of the company's stock.

Labcorp Stock Performance

Shares of NYSE:LH traded down $1.58 during mid-day trading on Thursday, reaching $257.12. 931,508 shares of the company traded hands, compared to its average volume of 636,473. The company's 50 day moving average price is $246.53 and its 200-day moving average price is $240.73. The firm has a market cap of $21.52 billion, a PE ratio of 29.72, a PEG ratio of 1.66 and a beta of 0.81. Labcorp Holdings Inc. has a 52 week low of $198.96 and a 52 week high of $264.03. 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 announced its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period in the prior year, the company posted $3.68 earnings per share. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.12%. Labcorp's dividend payout ratio is presently 33.29%.

Analyst Ratings Changes

Several research firms have recently weighed in on LH. Redburn Atlantic initiated coverage on shares of Labcorp in a report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price objective for the company. Barclays reiterated a "cautious" rating on shares of Labcorp in a research note on Wednesday. Piper Sandler restated a "neutral" rating and issued a $280.00 price target (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Robert W. Baird lifted their price objective on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Finally, Truist Financial increased their target price on Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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.