Comerica Bank Sells 2,911 Shares of Labcorp Holdings Inc. $LH

Key Points

• Comerica Bank has decreased its stake in Labcorp Holdings Inc. by 8.6%, now holding 30,801 shares valued at $7.17 million after selling 2,911 shares in the first quarter.
• Labcorp reported a 9.6% year-over-year revenue increase, earning $4.35 EPS, surpassing analysts' expectations of $4.14, with quarterly revenue reaching $3.53 billion.
• The company has declared a quarterly dividend of $0.72 per share, with an annualized yield of 1.0%, set to be paid on September 11th to shareholders on record by August 28th.

Comerica Bank lessened its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 8.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,801 shares of the medical research company's stock after selling 2,911 shares during the period. Comerica Bank's holdings in Labcorp were worth $7,169,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Labcorp by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company's stock valued at $2,262,817,000 after purchasing an additional 71,464 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Labcorp by 2.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock worth $455,370,000 after buying an additional 40,814 shares in the last quarter. Select Equity Group L.P. lifted its position in Labcorp by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after buying an additional 959,981 shares in the last quarter. Invesco Ltd. lifted its position in Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock worth $330,750,000 after buying an additional 318,865 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Labcorp by 1.0% during the 4th quarter. Northern Trust Corp now owns 1,011,116 shares of the medical research company's stock worth $231,869,000 after buying an additional 9,802 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Insider Buying and Selling

In related news, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 93,319 shares of the company's stock, valued at approximately $24,895,642.82. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the sale, the executive vice president directly owned 30,067 shares of the company's stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,046 shares of company stock worth $4,831,192 over the last quarter. Insiders own 0.84% of the company's stock.

Labcorp Trading Up 1.0%

Shares of LH stock traded up $2.78 on Monday, reaching $278.07. The company had a trading volume of 379,936 shares, compared to its average volume of 483,274. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The stock has a market cap of $23.11 billion, a PE ratio of 30.69, a PEG ratio of 1.78 and a beta of 0.85. The company has a 50-day moving average of $262.75 and a 200-day moving average of $249.21. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates 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%.Labcorp's revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, equities analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. Labcorp's dividend payout ratio is 31.79%.

Analyst Ratings Changes

Several brokerages recently issued reports on LH. HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. UBS Group upped their price target on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Truist Financial upped their price target 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. Hsbc Global Res cut Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Finally, Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $290.33.

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.