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

Birch Hill Investment Advisors LLC lifted its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 143,644 shares of the medical research company's stock after purchasing an additional 2,966 shares during the period. Labcorp comprises 1.6% of Birch Hill Investment Advisors LLC's holdings, making the stock its 24th biggest position. Birch Hill Investment Advisors LLC owned 0.17% of Labcorp worth $33,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC bought a new stake in Labcorp during the 4th quarter valued at $991,000. Asset Management One Co. Ltd. lifted its stake in shares of Labcorp by 3.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 32,799 shares of the medical research company's stock worth $7,558,000 after purchasing an additional 1,205 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Labcorp by 8.6% during the 4th quarter. Principal Securities Inc. now owns 5,324 shares of the medical research company's stock worth $1,221,000 after purchasing an additional 421 shares during the last quarter. Allworth Financial LP boosted its position in Labcorp by 43.1% during the fourth quarter. Allworth Financial LP now owns 631 shares of the medical research company's stock valued at $153,000 after purchasing an additional 190 shares in the last quarter. Finally, Human Investing LLC purchased a new position in Labcorp in the fourth quarter valued at about $39,000. 95.94% of the stock is currently owned by institutional investors.

Labcorp Stock Performance

LH stock traded up $0.64 during midday trading on Friday, reaching $262.03. The stock had a trading volume of 1,095,278 shares, compared to its average volume of 637,981. The firm has a fifty day simple moving average of $243.55 and a two-hundred day simple moving average of $240.05. Labcorp Holdings Inc. has a 52-week low of $198.96 and a 52-week high of $264.47. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The stock has a market cap of $21.93 billion, a PE ratio of 30.29, a P/E/G ratio of 1.66 and a beta of 0.81.

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

Labcorp Dividend Announcement

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

Insider Transactions at Labcorp

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the transaction, the executive vice president now owns 30,067 shares of the company's stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $1,518,496.65. Following the sale, the chief executive officer now directly owns 98,962 shares in the company, valued at approximately $24,614,818.26. The trade was a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,092 shares of company stock worth $2,971,820 over the last 90 days. 0.84% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler reiterated a "neutral" rating and set a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Redburn Atlantic began coverage on shares of Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target on the stock. Citigroup raised Labcorp from a "neutral" rating to a "buy" rating and upped their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. Barclays increased their price objective on Labcorp from $240.00 to $250.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Finally, Morgan Stanley boosted their target price on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Labcorp presently has a consensus rating of "Moderate Buy" and an average price target of $274.00.

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.