Burgundy Asset Management Ltd. Has $22.26 Million Stock Holdings in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Burgundy Asset Management Ltd. increased its stake in Labcorp Holdings Inc. by 7.6%, owning approximately $22.26 million in stock after purchasing additional shares in the first quarter.
• Labcorp recently declared a quarterly dividend of $0.72 per share, with an annualized yield of 1.1% and a payout ratio of 31.79%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Labcorp, with target prices ranging from $280.00 to $310.00, indicating expected stock growth.

Burgundy Asset Management Ltd. lifted its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 7.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,643 shares of the medical research company's stock after purchasing an additional 6,748 shares during the period. Burgundy Asset Management Ltd. owned approximately 0.11% of Labcorp worth $22,260,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Corient IA LLC purchased a new position in Labcorp in the first quarter valued at about $303,000. Raymond James Financial Inc. boosted its stake in Labcorp by 2.7% during the 1st quarter. Raymond James Financial Inc. now owns 151,254 shares of the medical research company's stock valued at $35,203,000 after purchasing an additional 3,952 shares during the period. Tocqueville Asset Management L.P. boosted its stake in Labcorp by 7.6% during the 1st quarter. Tocqueville Asset Management L.P. now owns 23,745 shares of the medical research company's stock valued at $5,526,000 after purchasing an additional 1,675 shares during the period. American Century Companies Inc. raised its holdings in Labcorp by 1.7% in the 1st quarter. American Century Companies Inc. now owns 936,775 shares of the medical research company's stock valued at $218,025,000 after acquiring an additional 15,591 shares in the last quarter. Finally, Ethic Inc. raised its holdings in Labcorp by 31.3% in the 1st quarter. Ethic Inc. now owns 3,349 shares of the medical research company's stock valued at $779,000 after acquiring an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

Insider Activity

In related news, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value of $529,900.00. Following the sale, the director owned 6,656 shares of the company's stock, valued at approximately $1,763,507.20. The trade was a 23.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of Labcorp stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares of the company's stock, valued at $24,895,642.82. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,046 shares of company stock worth $4,831,192. 0.84% of the stock is owned by insiders.

Labcorp Trading Down 0.2%

Shares of NYSE:LH opened at $270.60 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The stock has a market cap of $22.49 billion, a PE ratio of 29.87, a P/E/G ratio of 1.73 and a beta of 0.78. The business has a 50 day moving average of $259.53 and a 200-day moving average of $247.12. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last released its earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. During the same period in the prior year, the company earned $3.94 earnings per share. The company's quarterly revenue was up 9.6% on a year-over-year basis. As a group, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be issued 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 payout ratio is currently 31.79%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LH. Morgan Stanley increased their target price on Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Truist Financial lifted their target price on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Piper Sandler restated a "neutral" rating and issued a $280.00 price target (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. UBS Group lifted their target price on Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Barclays reissued a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $289.58.

Labcorp Company Profile

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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