Assenagon Asset Management S.A. Increases Stock Holdings in Labcorp Holdings Inc. $LH

Key Points

• Assenagon Asset Management sharply increased its Labcorp stake by 1,474% in the first quarter, ending with 56,458 shares valued at about $15.1 million.
• Labcorp reported strong quarterly results, with EPS of $4.25 beating estimates and revenue of $3.54 billion topping forecasts; revenue rose 5.8% year over year.
• The company paid a quarterly dividend of $0.72 per share and has a consensus analyst rating of Moderate Buy, with a target price of $308.

Assenagon Asset Management S.A. boosted its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 1,474.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,458 shares of the medical research company's stock after acquiring an additional 52,871 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Labcorp worth $15,064,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPL Wealth Management LLC purchased a new stake in Labcorp in the third quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Labcorp during the 4th quarter worth approximately $26,000. Hilton Head Capital Partners LLC purchased a new position in shares of Labcorp during the 4th quarter worth approximately $27,000. Eagle Bay Advisors LLC bought a new position in shares of Labcorp in the 4th quarter worth approximately $29,000. Finally, DV Equities LLC bought a new position in shares of Labcorp in the 4th quarter worth approximately $29,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Labcorp Price Performance

Shares of NYSE:LH opened at $272.09 on Friday. Labcorp Holdings Inc. has a 1-year low of $241.81 and a 1-year high of $293.72. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.73 and a quick ratio of 1.54. The business has a fifty day moving average price of $260.97 and a 200-day moving average price of $265.49. The company has a market capitalization of $22.31 billion, a PE ratio of 24.10, a PEG ratio of 1.90 and a beta of 0.90.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The medical research company reported $4.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.09 by $0.16. The company had revenue of $3.54 billion for the quarter, compared to analysts' expectations of $3.51 billion. Labcorp had a net margin of 6.66% and a return on equity of 16.29%. Labcorp's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.84 EPS. Labcorp has set its FY 2026 guidance at 17.700-18.350 EPS. As a group, equities analysts expect that Labcorp Holdings Inc. will post 18 EPS for the current fiscal year.

Labcorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were issued a dividend of $0.72 per share. The ex-dividend date was Friday, May 29th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp's dividend payout ratio is presently 25.51%.

Insider Activity at Labcorp

In other Labcorp news, EVP Kathryn W. Kyle sold 762 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $263.89, for a total transaction of $201,084.18. Following the sale, the executive vice president directly owned 3,813 shares in the company, valued at approximately $1,006,212.57. This trade represents a 16.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Adam H. Schechter sold 5,903 shares of Labcorp stock in a transaction on Monday, May 11th. The stock was sold at an average price of $254.50, for a total value of $1,502,313.50. Following the completion of the sale, the chief executive officer directly owned 107,234 shares of the company's stock, valued at approximately $27,291,053. The trade was a 5.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on LH shares. Wall Street Zen lowered Labcorp from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. Robert W. Baird set a $334.00 target price on shares of Labcorp in a research report on Friday, May 1st. Evercore reiterated an "outperform" rating and issued a $300.00 price target on shares of Labcorp in a research note on Wednesday, April 8th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Labcorp in a research report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Labcorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $308.00.

About Labcorp

Laboratory Corporation of America Holdings, commonly known as Labcorp NYSE: LH, is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp's core businesses encompass clinical laboratory testing and pharmaceutical development services.

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