Concurrent Investment Advisors LLC Purchases Shares of 1,863 Labcorp Holdings Inc. (NYSE:LH)

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

Other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew 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 valued at $26,000 after acquiring an additional 52 shares during the period. Graney & King LLC purchased a new stake in shares of Labcorp in the fourth quarter worth about $26,000. North Capital Inc. purchased a new stake in shares of Labcorp in the first quarter worth about $27,000. Garde Capital Inc. purchased a new stake in shares of Labcorp in the first quarter worth about $36,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Labcorp in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Trading Down 2.3%

Shares of LH opened at $253.17 on Friday. The company has a market capitalization of $21.19 billion, a P/E ratio of 29.27, a P/E/G ratio of 1.64 and a beta of 0.82. Labcorp Holdings Inc. has a one year low of $200.90 and a one year high of $265.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The stock has a 50-day moving average price of $253.62 and a 200 day moving average price of $242.95.

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 (EPS) for the quarter, beating the consensus estimate of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the prior year, the firm posted $3.68 earnings per share. Labcorp's revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.14%. Labcorp's payout ratio is currently 33.29%.

Analysts Set New Price Targets

LH has been the subject of several analyst reports. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Robert W. Baird upped their target price on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Redburn Atlantic initiated coverage on Labcorp in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price for the company. Finally, Evercore ISI upped their target price on Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $276.38.

Insider Activity

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer owned 98,962 shares in the company, valued at $24,614,818.26. This represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the sale, the director owned 12,166 shares in the company, valued at $3,223,990. The trade was a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,834 shares of company stock valued at $2,928,714 over the last three months. Company insiders own 0.84% of the company's stock.

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.

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