Labcorp Holdings Inc. (NYSE:LH) Shares Sold by Country Club Bank

Country Club Bank decreased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 73.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 986 shares of the medical research company's stock after selling 2,741 shares during the quarter. Country Club Bank's holdings in Labcorp were worth $227,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of LH. Brighton Jones LLC purchased a new position in Labcorp in the fourth quarter worth about $991,000. Steward Partners Investment Advisory LLC lifted its holdings in Labcorp by 13.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 733 shares of the medical research company's stock worth $168,000 after purchasing an additional 86 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Labcorp in the 4th quarter worth approximately $16,512,000. Raymond James Financial Inc. purchased a new position in Labcorp in the 4th quarter worth approximately $33,779,000. Finally, Daiwa Securities Group Inc. lifted its holdings in Labcorp by 7.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 12,240 shares of the medical research company's stock worth $2,807,000 after purchasing an additional 879 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Labcorp Stock Down 1.7%

Shares of NYSE LH traded down $4.39 during mid-day trading on Friday, reaching $249.24. 1,139,598 shares of the company were exchanged, compared to its average volume of 647,891. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68. The stock has a market cap of $20.86 billion, a price-to-earnings ratio of 28.81, a P/E/G ratio of 1.61 and a beta of 0.82. Labcorp Holdings Inc. has a 1 year low of $205.95 and a 1 year high of $265.72. The firm has a 50-day moving average of $253.64 and a 200 day moving average of $243.09.

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

Labcorp Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have issued reports on LH shares. Truist Financial lifted their price objective on Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Robert W. Baird lifted their price objective on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Wall Street Zen downgraded Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Redburn Atlantic began coverage on Labcorp in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 target price on the stock. Finally, Evercore ISI boosted their price objective on Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $276.38.

Insider Activity at Labcorp

In related news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the company's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $238.36, for a total transaction of $452,884.00. Following the transaction, the executive vice president directly owned 2,244 shares of the company's stock, valued at $534,879.84. This represents a 45.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Adam H. Schechter sold 6,105 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the transaction, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 over the last ninety days. Corporate insiders own 0.84% of the company's stock.

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.