Bank of Nova Scotia Lowers Holdings in Labcorp Holdings Inc. (NYSE:LH)

Bank of Nova Scotia lowered its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 64.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 9,963 shares of the medical research company's stock after selling 17,712 shares during the period. Bank of Nova Scotia's holdings in Labcorp were worth $2,319,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Golden State Wealth Management LLC boosted its stake in shares of 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 acquiring an additional 52 shares during the period. North Capital Inc. purchased a new position in Labcorp in the 1st quarter worth approximately $27,000. TruNorth Capital Management LLC bought a new position in Labcorp in the 1st quarter worth approximately $28,000. Larson Financial Group LLC boosted its stake in Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after purchasing an additional 73 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Labcorp during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Stock Up 2.4%

NYSE LH traded up $6.11 during trading on Friday, hitting $266.07. The company's stock had a trading volume of 555,186 shares, compared to its average volume of 733,494. The company has a market cap of $22.11 billion, a PE ratio of 29.37, a P/E/G ratio of 1.67 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The business's 50 day simple moving average is $257.69 and its 200-day simple moving average is $246.29. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. Labcorp's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.94 EPS. On average, equities analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.

Insider Transactions at Labcorp

In related news, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the transaction, the chief executive officer owned 98,962 shares in the company, valued at approximately $24,614,818.26. This represents a 5.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total transaction of $494,000.00. Following the transaction, the executive vice president directly owned 30,067 shares of the company's stock, valued at $7,426,549. This represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,605 shares of company stock worth $3,784,897. 0.84% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on LH. Piper Sandler restated a "neutral" rating and set a $280.00 target price (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group raised their price objective on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Barclays reissued a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Finally, HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Labcorp has a consensus rating of "Moderate Buy" and a consensus price target of $289.58.

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.