CIBC Asset Management Inc Purchases 7,592 Shares of Labcorp Holdings Inc. $LH

Key Points

• CIBC Asset Management increased its Labcorp stake by 61.3% in the fourth quarter, buying 7,592 additional shares and bringing its total holdings to 19,974 shares valued at about $5.0 million.
• Labcorp reported better-than-expected quarterly results, with EPS of $4.25 versus $4.09 expected and revenue of $3.54 billion, up 5.8% year over year.
• The company also announced a quarterly dividend of $0.72 per share, while analysts remain broadly positive with a consensus Moderate Buy rating and a $308 price target.

CIBC Asset Management Inc boosted its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 61.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,974 shares of the medical research company's stock after purchasing an additional 7,592 shares during the period. CIBC Asset Management Inc's holdings in Labcorp were worth $5,011,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Labcorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 9,850,631 shares of the medical research company's stock valued at $2,471,326,000 after acquiring an additional 37,197 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Labcorp by 20.0% in the 3rd quarter. Victory Capital Management Inc. now owns 2,637,350 shares of the medical research company's stock valued at $756,878,000 after acquiring an additional 440,224 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Labcorp by 10.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,204,276 shares of the medical research company's stock valued at $554,728,000 after acquiring an additional 207,962 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Labcorp by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 2,137,010 shares of the medical research company's stock valued at $534,023,000 after acquiring an additional 13,775 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Labcorp by 15.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,105,791 shares of the medical research company's stock valued at $604,488,000 after acquiring an additional 289,029 shares in the last quarter. Institutional investors own 95.94% of the company's stock.

Labcorp Trading Up 1.8%

Labcorp stock opened at $265.80 on Friday. Labcorp Holdings Inc. has a 52 week low of $241.81 and a 52 week high of $293.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.54 and a current ratio of 1.73. The stock has a market capitalization of $21.80 billion, a P/E ratio of 23.54, a PEG ratio of 1.86 and a beta of 0.90. The stock has a 50-day simple moving average of $262.75 and a 200 day simple moving average of $265.62.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The medical research company reported $4.25 EPS for the quarter, topping analysts' consensus estimates of $4.09 by $0.16. Labcorp had a return on equity of 16.29% and a net margin of 6.66%.The business had revenue of $3.54 billion during the quarter, compared to analysts' expectations of $3.51 billion. During the same quarter last year, the company posted $3.84 earnings per share. Labcorp's quarterly revenue was up 5.8% on a year-over-year basis. Labcorp has set its FY 2026 guidance at 17.700-18.350 EPS. Analysts expect that Labcorp Holdings Inc. will post 18 earnings per share for the current year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Friday, May 29th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, May 29th. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp's dividend payout ratio (DPR) is presently 25.51%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a "buy (b-)" rating on shares of Labcorp in a report on Friday, May 8th. Robert W. Baird set a $334.00 price objective on Labcorp in a report on Friday, May 1st. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Piper Sandler raised their price objective on Labcorp from $270.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, February 24th. Finally, Evercore reiterated an "outperform" rating and set a $300.00 price target on shares of Labcorp in a report on Wednesday, April 8th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Labcorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $308.00.

Insider Buying and Selling

In related news, CEO Adam H. Schechter sold 5,903 shares of Labcorp stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $254.50, for a total transaction of $1,502,313.50. Following the completion of the transaction, the chief executive officer owned 107,234 shares in the company, valued at approximately $27,291,053. This trade represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.84% of the company's stock.

Labcorp Company Profile

Laboratory Corporation of America Holdings, commonly known as Labcorp NYSE: LH, is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp's core businesses encompass clinical laboratory testing and pharmaceutical development services.

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