Labcorp Holdings Inc. (NYSE:LH) Shares Purchased by Citigroup Inc.

Citigroup Inc. boosted its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 95.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,196 shares of the medical research company's stock after acquiring an additional 45,135 shares during the quarter. Citigroup Inc. owned 0.11% of Labcorp worth $21,458,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Golden State Wealth Management LLC raised its position in Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after purchasing an additional 52 shares in the last quarter. North Capital Inc. purchased a new stake in shares of Labcorp during the 1st quarter worth $27,000. TruNorth Capital Management LLC purchased a new stake in shares of Labcorp during the 1st quarter worth $28,000. Larson Financial Group LLC lifted its stake in shares of Labcorp by 140.4% during the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after purchasing an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Labcorp in the first quarter valued at about $31,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Insider Transactions at Labcorp

In related news, CEO Adam H. Schechter sold 5,643 shares of the business's stock in a transaction on Monday, August 11th. The stock was 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 directly owned 93,319 shares of the company's stock, valued at $24,895,642.82. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was 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 of the company's stock, valued at $1,763,507.20. The trade was a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,143 shares of company stock valued at $3,771,840. Corporate insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LH. Piper Sandler reiterated a "neutral" rating and issued a $280.00 price target (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Morgan Stanley increased their price target on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Robert W. Baird increased their price objective on Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, UBS Group increased their price objective on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.

Labcorp Price Performance

Shares of NYSE LH traded down $1.25 during midday trading on Thursday, hitting $271.29. The stock had a trading volume of 335,505 shares, compared to its average volume of 754,997. The company has a market capitalization of $22.54 billion, a PE ratio of 29.94, a P/E/G ratio of 1.74 and a beta of 0.78. The stock has a 50 day simple moving average of $259.20 and a 200-day simple moving average of $246.97. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $283.47. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61.

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

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp's payout ratio is presently 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.