Bartlett & CO. Wealth Management LLC Sells 2,164 Shares of Labcorp Holdings Inc. (NYSE:LH)

Bartlett & CO. Wealth Management LLC cut its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 1.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 209,020 shares of the medical research company's stock after selling 2,164 shares during the period. Bartlett & CO. Wealth Management LLC owned approximately 0.25% of Labcorp worth $48,647,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC boosted its position in shares of Labcorp by 63.8% during the 4th quarter. LPL Financial LLC now owns 62,546 shares of the medical research company's stock valued at $14,343,000 after acquiring an additional 24,357 shares during the last quarter. Clifford Swan Investment Counsel LLC lifted its position in Labcorp by 1.7% during the fourth quarter. Clifford Swan Investment Counsel LLC now owns 97,996 shares of the medical research company's stock valued at $22,473,000 after purchasing an additional 1,614 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in shares of Labcorp by 2.1% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 33,298 shares of the medical research company's stock worth $7,636,000 after buying an additional 700 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of Labcorp in the 4th quarter valued at about $48,693,000. Finally, Brighton Jones LLC purchased a new position in Labcorp in the fourth quarter worth about $991,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on LH shares. Truist Financial increased their price target on Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. Wall Street Zen lowered shares of Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Morgan Stanley lifted their price target on shares of Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Barclays reissued a "cautious" rating on shares of Labcorp in a research report on Wednesday. Finally, Citigroup raised Labcorp from a "neutral" rating to a "buy" rating and upped their target price for the company from $250.00 to $300.00 in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $276.08.

Labcorp Trading Down 0.6%

NYSE:LH opened at $257.12 on Friday. The firm has a 50-day simple moving average of $247.32 and a 200-day simple moving average of $240.88. Labcorp Holdings Inc. has a one year low of $198.96 and a one year high of $264.03. The firm has a market cap of $21.52 billion, a P/E ratio of 29.72, a P/E/G ratio of 1.64 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84.

Labcorp (NYSE:LH - Get Free Report) last posted its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the business earned $3.68 earnings per share. Labcorp's revenue was up 5.3% on a year-over-year basis. Equities analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.12%. Labcorp's payout ratio is 33.29%.

Insider Activity

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the sale, the chief executive officer now directly owns 98,962 shares in the company, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the sale, the chief accounting officer now directly owns 2,054 shares of the company's stock, valued at approximately $497,602.04. This represents a 28.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,334 shares of company stock worth $2,796,214. 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.

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