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Avantax Advisory Services Inc. Trims Stake in Labcorp Holdings Inc. (NYSE:LH)

Labcorp logo with Medical background

Key Points

  • Avantax Advisory Services Inc. has reduced its stake in Labcorp Holdings Inc. by 39.2%, selling 2,817 shares during the first quarter, leaving it with 4,377 shares valued at approximately $1,019,000.
  • Labcorp reported a quarterly earnings per share (EPS) of $4.35, exceeding the consensus estimate by $0.21, with revenue up 9.6% year-over-year.
  • The company declared a quarterly dividend of $0.72 per share, representing an annualized payout of $2.88 and a yield of 1.1%.
  • MarketBeat previews top five stocks to own in September.

Avantax Advisory Services Inc. lowered its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 39.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,377 shares of the medical research company's stock after selling 2,817 shares during the period. Avantax Advisory Services Inc.'s holdings in Labcorp were worth $1,019,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of LH. Golden State Wealth Management LLC raised its stake in Labcorp by 88.1% in the first 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 in the last quarter. North Capital Inc. purchased a new position in Labcorp in the 1st quarter valued at about $27,000. TruNorth Capital Management LLC purchased a new position in Labcorp in the 1st quarter worth approximately $28,000. Larson Financial Group LLC lifted its position in Labcorp by 140.4% in the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after buying an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Labcorp in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Insider Transactions at Labcorp

In other news, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total transaction of $529,900.00. Following the transaction, the director directly owned 6,656 shares of the company's stock, valued at $1,763,507.20. The trade was a 23.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of the stock in a transaction that occurred 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 transaction, the director owned 8,666 shares of the company's stock, valued at $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,605 shares of company stock worth $3,784,897. Corporate insiders own 0.84% of the company's stock.

Labcorp Trading Up 0.5%

Labcorp stock traded up $1.26 during mid-day trading on Friday, hitting $261.34. 652,995 shares of the stock were exchanged, compared to its average volume of 884,307. The firm's fifty day simple moving average is $256.06 and its two-hundred day simple moving average is $245.54. The stock has a market capitalization of $21.87 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.67 and a beta of 0.78. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. 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 firm earned $3.94 earnings per share. The company's revenue was up 9.6% compared to the same quarter last year. Analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.

Wall Street Analyst Weigh In

LH has been the subject of a number of analyst reports. Evercore ISI boosted their target price on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Piper Sandler reissued a "neutral" rating and set a $280.00 price objective (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Hsbc Global Res lowered shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Robert W. Baird lifted their price target on shares of Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Labcorp currently has a consensus rating of "Moderate Buy" and an average target price of $289.58.

Get Our Latest Stock Analysis on Labcorp

Labcorp Company Profile

(Free Report)

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.

See Also

Institutional Ownership by Quarter for Labcorp (NYSE:LH)

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