Corient IA LLC Invests $303,000 in Labcorp Holdings Inc. $LH

Key Points

• Corient IA LLC acquired a new stake in Labcorp Holdings Inc., purchasing 1,300 shares valued at approximately $303,000.
• Labcorp reported a quarterly earnings per share (EPS) of $4.35, exceeding analysts' expectations of $4.14, with a revenue of $3.53 billion.
• The company announced a quarterly dividend of $0.72 per share, to be paid on September 11th, reflecting an annualized dividend yield of 1.1%.

Corient IA LLC bought a new position in Labcorp Holdings Inc. (NYSE:LH - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,300 shares of the medical research company's stock, valued at approximately $303,000.

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

Insider Buying and Selling

In related news, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value of $529,900.00. Following the completion of the sale, the director directly owned 6,656 shares in the company, valued at $1,763,507.20. This trade represents a 23.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the sale, the director owned 8,666 shares of the company's stock, valued at $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,046 shares of company stock worth $4,831,192 over the last ninety days. Company insiders own 0.84% of the company's stock.

Labcorp Stock Up 0.5%

Shares of LH stock traded up $1.4060 during mid-day trading on Friday, hitting $277.9660. 481,235 shares of the stock traded hands, compared to its average volume of 718,710. The stock's fifty day moving average is $260.83 and its two-hundred day moving average is $247.86. The stock has a market cap of $23.10 billion, a P/E ratio of 30.68, a P/E/G ratio of 1.78 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-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 EPS for the quarter, topping 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 net margin of 5.66% and a return on equity of 15.45%. Labcorp's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the business earned $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Equities analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on LH shares. Morgan Stanley boosted their price target on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Piper Sandler restated a "neutral" rating and issued a $280.00 price target (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Barclays restated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Hsbc Global Res cut shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Finally, Truist Financial boosted their price objective on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $289.58.

About Labcorp

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