Banyan Capital Management Inc. Purchases 923 Shares of Labcorp Holdings Inc. $LH

Key Points

• Banyan Capital Management Inc. increased its stake in Labcorp Holdings Inc. by 2.4% during the 2nd quarter, bringing its total to 39,143 shares valued at approximately $10.27 million.
• Labcorp reported Q2 earnings of $4.35 EPS, surpassing estimates, with revenue of $3.53 billion—a year-over-year increase of 9.6%.
• The company also declared a quarterly dividend of $0.72 per share, reflecting an annualized yield of 1.0% with a payout ratio of 31.79%.

Banyan Capital Management Inc. increased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,143 shares of the medical research company's stock after buying an additional 923 shares during the quarter. Labcorp comprises approximately 5.3% of Banyan Capital Management Inc.'s holdings, making the stock its 9th largest position. Banyan Capital Management Inc.'s holdings in Labcorp were worth $10,275,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of LH. NewEdge Advisors LLC raised its position in Labcorp by 25.2% in the first quarter. NewEdge Advisors LLC now owns 8,546 shares of the medical research company's stock worth $1,989,000 after acquiring an additional 1,721 shares in the last quarter. Strs Ohio bought a new stake in shares of Labcorp in the 1st quarter worth approximately $23,639,000. Dynamic Technology Lab Private Ltd acquired a new stake in Labcorp during the first quarter valued at approximately $2,639,000. Select Equity Group L.P. boosted its holdings in Labcorp by 39.1% during the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock worth $516,696,000 after buying an additional 624,099 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Labcorp by 3,009.3% in the second quarter. Assenagon Asset Management S.A. now owns 119,958 shares of the medical research company's stock worth $31,490,000 after buying an additional 116,100 shares during the last quarter. Institutional investors own 95.94% of the company's stock.

Labcorp Price Performance

Shares of LH opened at $280.16 on Wednesday. The business's 50-day moving average is $269.17 and its 200-day moving average is $252.27. 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 company has a market capitalization of $23.28 billion, a price-to-earnings ratio of 30.92, a P/E/G ratio of 1.78 and a beta of 0.85. 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 announced its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The firm's revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Equities research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's dividend payout ratio (DPR) is currently 31.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LH shares. Truist Financial increased their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. UBS Group increased their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Morgan Stanley upped their price objective on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. HSBC cut shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a report on Thursday, July 10th. Finally, Robert W. Baird set a $311.00 price target on shares of Labcorp in a report on Monday, August 25th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Insider Transactions at Labcorp

In other news, CEO Adam H. Schechter sold 5,643 shares of Labcorp stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the sale, the chief executive officer directly owned 93,319 shares in the company, valued at $24,895,642.82. The trade was a 5.70% 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 Der Vaart Sandra D. Van sold 3,903 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the transaction, the executive vice president owned 2,274 shares in the company, valued at $617,209.08. This represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,546 shares of company stock worth $4,207,192 in the last ninety days. Company 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.

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