Assetmark Inc. Acquires 1,059 Shares of Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Assetmark Inc. increased its stake in Labcorp Holdings Inc. by 1.9%, acquiring an additional 1,059 shares in the first quarter, bringing its total holdings to 58,251 shares valued at approximately $13.56 million.
• Wall Street analysts have varied ratings on Labcorp, with ten analysts rating the stock as a buy and an average price target of $285.00, indicating general optimism despite a hold rating from HSBC.
• Labcorp announced a quarterly dividend of $0.72 per share, with a 1.09% dividend yield and a payout ratio of 33.29%, reflecting its commitment to returning value to shareholders.

Assetmark Inc. boosted its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,251 shares of the medical research company's stock after acquiring an additional 1,059 shares during the period. Assetmark Inc. owned 0.07% of Labcorp worth $13,557,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Golden State Wealth Management LLC lifted its stake in shares of Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after buying an additional 52 shares during the last quarter. North Capital Inc. bought a new position in Labcorp in the 1st quarter valued at about $27,000. TruNorth Capital Management LLC acquired a new stake in Labcorp during the first quarter worth approximately $28,000. Larson Financial Group LLC boosted its holdings in shares of Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after acquiring an additional 73 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Labcorp in the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Redburn Atlantic started coverage on Labcorp in a report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target for the company. Robert W. Baird lifted their target price on Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a report on Friday. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Piper Sandler reissued a "neutral" rating and issued a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Finally, Morgan Stanley raised 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $285.00.

Insider Buying and Selling at Labcorp

In other news, CAO Peter J. Wilkinson sold 829 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the transaction, the chief accounting officer owned 2,054 shares of the company's stock, valued at $497,602.04. This represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total transaction of $452,884.00. Following the transaction, the executive vice president directly owned 2,244 shares of the company's stock, valued at $534,879.84. The trade was a 45.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,834 shares of company stock worth $2,928,714 over the last three months. 0.84% of the stock is owned by corporate insiders.

Labcorp Stock Down 1.2%

NYSE LH opened at $264.46 on Friday. The business has a fifty day moving average price of $254.43 and a two-hundred day moving average price of $244.60. The stock has a market capitalization of $22.14 billion, a PE ratio of 29.19, a PEG ratio of 1.68 and a beta of 0.82. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $283.47. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.60.

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

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.09%. Labcorp's dividend payout ratio (DPR) is 33.29%.

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.

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