AXS Investments LLC Boosts Holdings in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• AXS Investments LLC increased its stake in Labcorp Holdings Inc. by 32.1%, owning 6,076 shares valued at approximately $1.41 million as of the latest quarter.
• Labcorp reported quarterly earnings of $4.35 EPS, exceeding estimates, with revenues of $3.53 billion reflecting a growth of 9.6% year-over-year.
• The company declared a quarterly dividend of $0.72 per share, which will be paid on September 11th, indicating a dividend yield of 1.1%.

AXS Investments LLC grew its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 32.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,076 shares of the medical research company's stock after acquiring an additional 1,476 shares during the quarter. AXS Investments LLC's holdings in Labcorp were worth $1,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC purchased a new position in shares of Labcorp in the 4th quarter worth about $991,000. Franklin Resources Inc. raised its stake in Labcorp by 7.8% in the 4th quarter. Franklin Resources Inc. now owns 22,452 shares of the medical research company's stock valued at $5,149,000 after acquiring an additional 1,615 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in Labcorp in the 4th quarter valued at about $5,867,000. Aviva PLC raised its stake in Labcorp by 23.5% in the 4th quarter. Aviva PLC now owns 50,490 shares of the medical research company's stock valued at $11,578,000 after acquiring an additional 9,602 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in Labcorp by 3.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 294,141 shares of the medical research company's stock valued at $67,452,000 after acquiring an additional 9,432 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.

Labcorp Trading Up 2.4%

LH stock traded up $6.11 on Friday, reaching $266.07. The company's stock had a trading volume of 555,186 shares, compared to its average volume of 836,385. The business has a fifty day simple moving average of $257.69 and a two-hundred day simple moving average of $246.32. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The firm has a market cap of $22.11 billion, a PE ratio of 29.37, a PEG ratio of 1.70 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 (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The company had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same quarter last year, the firm posted $3.94 earnings per share. The firm's revenue was up 9.6% on a year-over-year basis. As a group, research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

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%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LH. Evercore ISI upped their price target on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. HSBC cut 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. Hsbc Global Res cut shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Morgan Stanley increased their price objective on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Finally, UBS Group increased their price objective on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $289.58.

Insider Transactions at Labcorp

In other Labcorp news, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value 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. This represents a 23.11% decrease in their position. 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.

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.