Contravisory Investment Management Inc. Increases Holdings in Labcorp Holdings Inc. $LH

Key Points

• Contravisory Investment Management Inc. significantly increased its stake in Labcorp Holdings Inc. by 3,057.4% during the 2nd quarter, owning 38,362 shares worth approximately $10,070,000 after acquiring an additional 37,147 shares.
• Labcorp reported an earnings per share (EPS) of $4.35 for the last quarter, exceeding analysts' expectations of $4.14, alongside a revenue of $3.53 billion, which was also above estimates.
• The company has declared a quarterly dividend of $0.72 per share, resulting in an annualized dividend yield of 1.0% with an overall payout ratio of 31.79%.

Contravisory Investment Management Inc. grew its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3,057.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,362 shares of the medical research company's stock after purchasing an additional 37,147 shares during the quarter. Labcorp makes up about 2.0% of Contravisory Investment Management Inc.'s investment portfolio, making the stock its 13th largest position. Contravisory Investment Management Inc.'s holdings in Labcorp were worth $10,070,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. NewEdge Advisors LLC increased its position in shares of Labcorp by 25.2% during the 1st quarter. NewEdge Advisors LLC now owns 8,546 shares of the medical research company's stock valued at $1,989,000 after purchasing an additional 1,721 shares during the last quarter. Strs Ohio purchased a new stake in Labcorp during the 1st quarter valued at about $23,639,000. Dynamic Technology Lab Private Ltd purchased a new stake in Labcorp during the 1st quarter valued at about $2,639,000. Select Equity Group L.P. boosted its holdings in Labcorp by 39.1% during the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock valued at $516,696,000 after acquiring an additional 624,099 shares during the period. Finally, Teewinot Capital Advisers L.L.C. purchased a new stake in Labcorp during the 1st quarter valued at about $709,000. 95.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Barclays restated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Evercore ISI increased their target price on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Robert W. Baird set a $311.00 target price on Labcorp in a report on Monday, August 25th. Finally, UBS Group increased their price objective on Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $290.33.

Labcorp Trading Down 0.0%

NYSE LH traded down $0.08 on Friday, hitting $277.07. The company's stock had a trading volume of 1,064,764 shares, compared to its average volume of 390,173. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-week high of $283.47. 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 company's 50-day simple moving average is $267.90 and its 200 day simple moving average is $251.92. The firm has a market cap of $23.02 billion, a P/E ratio of 30.58, a PEG ratio of 1.77 and a beta of 0.85.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.21. The business 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 business's revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Research analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

Insider Transactions at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares in the company, valued at $2,426,480. This trade represents a 28.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the transaction, the executive vice president owned 2,274 shares of the company's stock, valued at approximately $617,209.08. The trade was a 63.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,546 shares of company stock worth $4,207,192. 0.84% of the stock is owned by company 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.