Assetmark Inc. Increases Stock Holdings in Labcorp Holdings Inc. $LH

Key Points

• Assetmark Inc. increased its stake in Labcorp Holdings by 9.0% in the first quarter, bringing its position to 77,792 shares worth about $20.8 million.
• Labcorp posted better-than-expected quarterly results, reporting $4.25 EPS versus $4.09 expected and revenue of $3.54 billion, up 5.8% from a year earlier.
• The company also announced a quarterly dividend of $0.72 per share, while analysts remain constructive with a consensus rating of “Moderate Buy” and an average price target of $314.40.

Assetmark Inc. grew its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 9.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 77,792 shares of the medical research company's stock after purchasing an additional 6,419 shares during the quarter. Assetmark Inc. owned approximately 0.09% of Labcorp worth $20,756,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Labcorp during the fourth quarter worth about $26,000. Hilton Head Capital Partners LLC acquired a new position in Labcorp in the 4th quarter valued at about $27,000. JPL Wealth Management LLC purchased a new stake in Labcorp during the 3rd quarter valued at approximately $28,000. Eagle Bay Advisors LLC acquired a new stake in Labcorp during the 4th quarter worth approximately $29,000. Finally, DV Equities LLC acquired a new stake in Labcorp during the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Price Performance

Shares of NYSE LH opened at $283.63 on Friday. The stock has a market cap of $23.26 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 1.88 and a beta of 0.89. Labcorp Holdings Inc. has a 52 week low of $241.81 and a 52 week high of $293.72. The company's 50-day moving average price is $266.22 and its 200 day moving average price is $267.91. The company has a current ratio of 1.73, a quick ratio of 1.54 and a debt-to-equity ratio of 0.68.

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

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 28th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, August 28th. Labcorp's dividend payout ratio (DPR) is currently 25.51%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on LH shares. Evercore reissued an "outperform" rating and issued a $300.00 target price on shares of Labcorp in a report on Wednesday, April 8th. Robert W. Baird lifted their price objective on shares of Labcorp from $335.00 to $338.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Bank of America lifted their target price on shares of Labcorp from $300.00 to $320.00 and gave the company a "buy" rating in a report on Monday, July 13th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Labcorp in a research note on Friday, May 8th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $314.40.

Insider Buying and Selling

In related news, EVP Bryan T. Vaughn sold 234 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $286.19, for a total transaction of $66,968.46. Following the transaction, the executive vice president owned 6,746 shares of the company's stock, valued at approximately $1,930,637.74. This represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Adam H. Schechter sold 5,903 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $254.50, for a total transaction of $1,502,313.50. Following the sale, the chief executive officer owned 107,234 shares in the company, valued at approximately $27,291,053. This trade represents a 5.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 6,991 shares of company stock worth $1,796,696. 0.84% of the stock is owned by corporate insiders.

Labcorp Company Profile

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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