CCM Investment Group LLC Makes New Investment in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• CCM Investment Group LLC has acquired a new stake in Labcorp Holdings Inc., purchasing 5,233 shares valued at approximately $1.2 million in the first quarter.
• Major hedge funds are increasing their positions in Labcorp, with Select Equity Group and GAMMA Investing LLC expanding their stakes significantly.
• Labcorp announced a quarterly dividend of $0.72 per share, reflecting an annual yield of 1.1%, with 95.94% of the stock owned by institutional investors.

CCM Investment Group LLC bought a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund bought 5,233 shares of the medical research company's stock, valued at approximately $1,204,000.

Several other large investors have also recently made changes to their positions in LH. Brighton Jones LLC acquired a new position in Labcorp during the fourth quarter worth $991,000. Raymond James Financial Inc. acquired a new position in Labcorp during the fourth quarter worth $33,779,000. Bessemer Group Inc. raised its position in Labcorp by 295.8% during the fourth quarter. Bessemer Group Inc. now owns 3,483 shares of the medical research company's stock worth $799,000 after acquiring an additional 2,603 shares during the period. Treasurer of the State of North Carolina raised its position in Labcorp by 0.4% during the fourth quarter. Treasurer of the State of North Carolina now owns 37,955 shares of the medical research company's stock worth $8,704,000 after acquiring an additional 170 shares during the period. Finally, Sterling Capital Management LLC raised its position in Labcorp by 51.8% during the fourth quarter. Sterling Capital Management LLC now owns 5,198 shares of the medical research company's stock worth $1,192,000 after acquiring an additional 1,774 shares during the period. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on LH shares. HSBC cut shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Evercore ISI raised their price objective on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Truist Financial raised their price objective on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $289.58.

Insider Buying and Selling at Labcorp

In related news, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction 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 transaction, the director directly owned 6,656 shares in the company, valued at $1,763,507.20. This trade represents a 23.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp 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 completion of the transaction, the director owned 8,666 shares in the company, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,143 shares of company stock valued at $3,771,840. 0.84% of the stock is currently owned by insiders.

Labcorp Stock Down 0.5%

NYSE:LH traded down $1.25 during mid-day trading on Thursday, hitting $271.29. The stock had a trading volume of 335,404 shares, compared to its average volume of 726,148. The stock has a 50-day simple moving average of $258.82 and a two-hundred day simple moving average of $246.82. The company has a market capitalization of $22.54 billion, a PE ratio of 29.94, a PEG ratio of 1.72 and a beta of 0.78. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $283.47. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61.

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, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.49 billion. During the same quarter last year, the company earned $3.94 earnings per share. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. On average, equities research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

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.