Labcorp Holdings Inc. $LH Shares Sold by Channing Capital Management LLC

Key Points

• Channing Capital Management LLC reduced its stake in Labcorp Holdings Inc. by 10.2% to approximately $11.44 million, holding 49,136 shares after selling 5,603 shares.
• Labcorp reported $4.35 earnings per share for the last quarter, exceeding expectations and marking a 9.6% year-over-year revenue increase to $3.53 billion.
• The firm declared a quarterly dividend of $0.72, yielding about 1.0%, with a payout ratio of 31.79%.

Channing Capital Management LLC reduced its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,136 shares of the medical research company's stock after selling 5,603 shares during the period. Channing Capital Management LLC owned approximately 0.06% of Labcorp worth $11,436,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC boosted its position in shares of Labcorp by 88.1% in the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after buying an additional 52 shares during the period. North Capital Inc. acquired a new position in Labcorp during the 1st quarter worth approximately $27,000. TruNorth Capital Management LLC acquired a new position in Labcorp during the 1st quarter worth approximately $28,000. Larson Financial Group LLC boosted its holdings in Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after acquiring an additional 73 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Labcorp in the first quarter valued at approximately $31,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Labcorp Stock Up 0.5%

LH stock traded up $1.4060 during mid-day trading on Friday, hitting $277.9660. 483,080 shares of the company were exchanged, compared to its average volume of 587,104. The firm has a fifty day simple moving average of $261.17 and a 200 day simple moving average of $248.06. The company has a market capitalization of $23.10 billion, a PE ratio of 30.68, a price-to-earnings-growth ratio of 1.78 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 issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping the consensus estimate of $4.14 by $0.21. The business had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the company posted $3.94 earnings per share. 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 fiscal year.

Labcorp Announces Dividend

The company 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 $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's payout ratio is 31.79%.

Insiders Place Their Bets

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 owned 30,067 shares of the company's stock, valued at $7,426,549. The trade was a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the sale, the executive vice president owned 2,274 shares of the company's stock, valued at approximately $617,209.08. The trade was a 63.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,046 shares of company stock worth $4,831,192. Corporate insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

LH has been the topic of a number of recent research reports. Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Morgan Stanley lifted their price target on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Robert W. Baird upped their price objective on shares of Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Truist Financial boosted their price target on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Barclays reissued a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Labcorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.

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.