Deutsche Bank AG Sells 21,687 Shares of Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Deutsche Bank AG has reduced its holdings in Labcorp Holdings Inc. by 6.1%, selling 21,687 shares and now holding 335,901 shares valued at approximately $78.18 million.
• Several hedge funds have increased their investments in Labcorp, with Golden State Wealth Management LLC growing its stake by 88.1% during the same period, highlighting a trend of increasing institutional interest in the company.
• Labcorp's most recent earnings report revealed an earnings per share of $4.35, surpassing estimates and showing a year-over-year revenue growth of 9.6%.

Deutsche Bank AG cut its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 335,901 shares of the medical research company's stock after selling 21,687 shares during the quarter. Deutsche Bank AG owned approximately 0.40% of Labcorp worth $78,178,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its stake in shares of Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after purchasing an additional 52 shares during the period. North Capital Inc. purchased a new position in shares of Labcorp in the 1st quarter valued at about $27,000. TruNorth Capital Management LLC purchased a new stake in Labcorp during the first quarter worth approximately $28,000. Larson Financial Group LLC lifted its stake in Labcorp by 140.4% in the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after buying an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in Labcorp during the first quarter worth $31,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LH has been the topic of several recent research reports. Evercore ISI upped their price target on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Truist Financial increased their target price on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Piper Sandler restated a "neutral" rating and set a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Finally, Robert W. Baird raised their price objective on Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Labcorp has a consensus rating of "Moderate Buy" and an average target price of $289.58.

Labcorp Stock Up 2.4%

Shares of Labcorp stock opened at $266.07 on Monday. The business's fifty day moving average price is $257.69 and its two-hundred day moving average price is $246.33. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The company has a market capitalization of $22.11 billion, a P/E ratio of 29.37, a PEG ratio of 1.70 and a beta of 0.78. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last announced its earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.14 by $0.21. The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.94 EPS. As a group, research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders 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 dividend yield of 1.1%. Labcorp's dividend payout ratio is presently 31.79%.

Insider Transactions at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction 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 sale, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. The trade was a 28.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was 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 represents a 23.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,500 shares of company stock valued at $2,266,400. Corporate insiders own 0.84% of the company's stock.

Labcorp 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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