Birch Hill Investment Advisors LLC Grows Stock Position in Labcorp Holdings Inc. (NYSE:LH)

Birch Hill Investment Advisors LLC grew its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 143,644 shares of the medical research company's stock after buying an additional 2,966 shares during the period. Labcorp accounts for about 1.6% of Birch Hill Investment Advisors LLC's holdings, making the stock its 24th largest holding. Birch Hill Investment Advisors LLC owned about 0.17% of Labcorp worth $33,432,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Graney & King LLC purchased a new position in shares of Labcorp in the 4th quarter valued at $26,000. Human Investing LLC acquired a new position in Labcorp in the fourth quarter valued at $39,000. Heck Capital Advisors LLC purchased a new position in shares of Labcorp during the fourth quarter worth about $44,000. SBI Securities Co. Ltd. acquired a new stake in shares of Labcorp during the fourth quarter worth about $52,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Labcorp by 28.2% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 232 shares of the medical research company's stock valued at $53,000 after purchasing an additional 51 shares during the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Stock Performance

Shares of LH stock traded up $2.11 during mid-day trading on Thursday, hitting $261.56. The stock had a trading volume of 597,377 shares, compared to its average volume of 636,152. The firm has a market cap of $21.89 billion, a PE ratio of 30.24, a PEG ratio of 1.64 and a beta of 0.81. The company's 50-day simple moving average is $242.69 and its 200-day simple moving average is $239.91. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. Labcorp Holdings Inc. has a fifty-two week low of $198.96 and a fifty-two week high of $264.03.

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

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.10%. Labcorp's payout ratio is 33.29%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Barclays raised their target price on shares of Labcorp from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Truist Financial upped their price target on shares of Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Morgan Stanley raised their price objective on shares of Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Finally, Robert W. Baird lifted their price objective on shares of Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $274.00.

Insiders Place Their Bets

In related news, EVP Amy B. Summy sold 758 shares of the company's stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $231.67, for a total value of $175,605.86. Following the sale, the executive vice president now owns 5,302 shares in the company, valued at $1,228,314.34. This represents a 12.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total value of $452,884.00. Following the completion of the transaction, the executive vice president now directly owns 2,244 shares of the company's stock, valued at $534,879.84. The trade was a 45.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,092 shares of company stock worth $2,971,820. 0.84% of the stock is owned by corporate insiders.

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.