Busey Bank Sells 1,084 Shares of Labcorp Holdings Inc. $LH

Key Points

• Busey Bank has a $16.41 million stake in Labcorp Holdings Inc. but reduced its holdings by 1.7% during the second quarter, now owning approximately 0.07% of the company.
• Labcorp recently reported a 9.6% year-over-year increase in revenue, with quarterly earnings per share of $4.35, surpassing analyst expectations.
• In recent analyst activity, Truist Financial upgraded Labcorp to a "buy" rating with a target price increase to $310, while other analysts maintain a consensus price target of $290.33.

Busey Bank reduced its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,505 shares of the medical research company's stock after selling 1,084 shares during the period. Busey Bank owned 0.07% of Labcorp worth $16,408,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in LH. GAMMA Investing LLC lifted its stake in shares of Labcorp by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after acquiring an additional 807,539 shares during the period. Select Equity Group L.P. lifted its stake in shares of Labcorp by 39.1% in the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock worth $516,696,000 after acquiring an additional 624,099 shares during the period. Invesco Ltd. lifted its stake in shares of Labcorp by 28.9% in the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock worth $330,750,000 after acquiring an additional 318,865 shares during the period. Lord Abbett & CO. LLC lifted its stake in shares of Labcorp by 55.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company's stock worth $181,819,000 after acquiring an additional 280,011 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Labcorp by 24.5% in the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company's stock worth $295,950,000 after acquiring an additional 250,486 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the transaction, the director owned 8,666 shares in the company, valued at $2,426,480. This represents a 28.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total transaction of $529,900.00. Following the transaction, the director owned 6,656 shares in the company, valued at approximately $1,763,507.20. This trade represents a 23.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,546 shares of company stock worth $4,207,192. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Hsbc Global Res downgraded shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Evercore ISI boosted their target price on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Truist Financial boosted their target price on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Robert W. Baird set a $311.00 price target on shares of Labcorp in a report on Monday, August 25th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $290.33.

Labcorp Stock Up 0.7%

Labcorp stock traded up $1.86 during trading hours on Monday, hitting $279.13. The company had a trading volume of 540,555 shares, compared to its average volume of 689,416. The firm has a market capitalization of $23.20 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 1.77 and a beta of 0.85. 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 firm's fifty day moving average is $268.48 and its 200-day moving average is $252.08. 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 released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.14 by $0.21. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, 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 was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were paid a dividend of $0.72 per share. The ex-dividend date was Thursday, August 28th. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's dividend payout ratio is 31.79%.

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.