Commerce Bank Boosts Stake in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Commerce Bank increased its holdings in Labcorp by 3.1%, owning a total of 33,402 shares valued at approximately $7.77 million as of the latest SEC filing.
• Several institutional investors have actively traded Labcorp shares, with notable increases in position, including Golden State Wealth Management's 88.1% increase.
• The company announced a quarterly dividend of $0.72, set to be paid on September 11th, representing an annualized yield of 1.1%.

Commerce Bank lifted its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,402 shares of the medical research company's stock after buying an additional 1,003 shares during the quarter. Commerce Bank's holdings in Labcorp were worth $7,774,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In related news, CEO Adam H. Schechter sold 6,105 shares of Labcorp stock in a transaction on Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the sale, the chief executive officer owned 98,962 shares of the company's stock, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 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 position. The disclosure for this sale can be found here. Insiders have sold 14,605 shares of company stock worth $3,784,897 over the last three months. Company insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on LH shares. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Truist Financial upped their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. HSBC cut 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. Morgan Stanley increased their price target on Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Finally, Barclays restated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $289.58.

Labcorp Stock Performance

LH opened at $261.34 on Friday. The firm has a market cap of $21.87 billion, a PE ratio of 28.85, a P/E/G ratio of 1.67 and a beta of 0.78. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $256.06 and a 200-day simple moving average of $245.54. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last released its earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (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 analyst estimates of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.94 earnings per share. As a group, equities analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal 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 issued 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 currently 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.

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