ASR Vermogensbeheer N.V. Makes New Investment in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• ASR Vermogensbeheer N.V. has invested approximately $650,000 to acquire 2,792 shares of Labcorp Holdings Inc. in the first quarter of the year.
• Analysts have set new price targets for Labcorp, with Morgan Stanley raising its target from $283 to $306, indicating a strong market outlook for the company.
• Labcorp recently declared a quarterly dividend of $0.72 per share, reflecting a 1.1% dividend yield, with an annualized payout of $2.88.

ASR Vermogensbeheer N.V. purchased a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,792 shares of the medical research company's stock, valued at approximately $650,000.

Several other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC raised its position in Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after acquiring an additional 52 shares in the last quarter. North Capital Inc. purchased a new position in Labcorp during the first quarter valued at approximately $27,000. TruNorth Capital Management LLC purchased a new position in Labcorp during the first quarter valued at approximately $28,000. Larson Financial Group LLC raised its position in Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after acquiring an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in Labcorp during the first quarter valued at approximately $31,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Robert W. Baird boosted their price objective on Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. HSBC cut Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a research report on Thursday, July 10th. Truist Financial boosted their price target on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Piper Sandler reissued a "neutral" rating and set a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Labcorp currently has an average rating of "Moderate Buy" and a consensus price target of $289.58.

Insider Activity at Labcorp

In related news, EVP Brian J. Caveney sold 2,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the transaction, the executive vice president directly owned 30,067 shares in the company, valued at approximately $7,426,549. This represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares of the company's stock, valued at $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,500 shares of company stock worth $2,266,400. 0.84% of the stock is currently owned by insiders.

Labcorp Price Performance

NYSE:LH traded up $1.49 during trading hours on Tuesday, hitting $269.16. The company's stock had a trading volume of 413,560 shares, compared to its average volume of 781,614. The business's 50-day moving average is $258.46 and its two-hundred day moving average is $246.64. The company has a market capitalization of $22.37 billion, a PE ratio of 29.71, a PEG ratio of 1.71 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-week high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same period in the prior year, the business earned $3.94 earnings per share. The business's revenue was up 9.6% on a year-over-year basis. As a group, research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently announced 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 yield of 1.1%. Labcorp's payout ratio is currently 31.79%.

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.