Concurrent Investment Advisors LLC Takes Position in Labcorp Holdings Inc. (NYSE:LH)

Concurrent Investment Advisors LLC purchased a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,863 shares of the medical research company's stock, valued at approximately $434,000.

Several other institutional investors have also added to or reduced their stakes in LH. Brighton Jones LLC bought a new stake in Labcorp in the 4th quarter valued at $991,000. Steward Partners Investment Advisory LLC lifted its position in shares of Labcorp by 13.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 733 shares of the medical research company's stock valued at $168,000 after acquiring an additional 86 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Labcorp during the 4th quarter valued at $16,512,000. Raymond James Financial Inc. bought a new stake in shares of Labcorp during the 4th quarter valued at $33,779,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of Labcorp by 7.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 12,240 shares of the medical research company's stock valued at $2,807,000 after acquiring an additional 879 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Labcorp Price Performance

Shares of LH stock traded down $4.39 on Friday, hitting $249.24. 1,139,598 shares of the company's stock were exchanged, compared to its average volume of 648,524. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. Labcorp Holdings Inc. has a 12 month low of $205.98 and a 12 month high of $265.72. The stock has a market cap of $20.86 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 1.58 and a beta of 0.82. The company has a 50 day moving average of $253.64 and a 200 day moving average of $243.18.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. Labcorp's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.68 EPS. On average, equities research analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.16%. Labcorp's dividend payout ratio is presently 33.29%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LH. Piper Sandler reiterated a "neutral" rating and set a $280.00 target price (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Evercore ISI upped their target price on Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a research report on Wednesday. Morgan Stanley upped their target price on Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Wall Street Zen downgraded Labcorp from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Robert W. Baird upped their target price on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Labcorp presently has an average rating of "Moderate Buy" and a consensus target price of $276.38.

Insider Transactions at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the transaction, the chief executive officer directly owned 98,962 shares in the company, 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 can be accessed through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction dated 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. This represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,834 shares of company stock valued at $2,928,714. 0.84% of the stock is currently owned by corporate insiders.

Labcorp Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.