Diamond Hill Capital Management Inc. Trims Stake in Labcorp Holdings Inc. (NYSE:LH)

Diamond Hill Capital Management Inc. cut its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,951,587 shares of the medical research company's stock after selling 15,512 shares during the period. Labcorp comprises approximately 2.1% of Diamond Hill Capital Management Inc.'s investment portfolio, making the stock its 15th largest holding. Diamond Hill Capital Management Inc. owned 2.33% of Labcorp worth $454,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Golden State Wealth Management LLC raised 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. Graney & King LLC bought a new stake in shares of Labcorp during the 4th quarter worth $26,000. North Capital Inc. bought a new stake in shares of Labcorp during the 1st quarter worth $27,000. TruNorth Capital Management LLC bought a new stake in shares of Labcorp during the 1st quarter worth $28,000. Finally, Larson Financial Group LLC raised its stake in Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after acquiring an additional 73 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LH has been the topic of several analyst reports. HSBC cut Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday. Truist Financial upped their price objective on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday. Evercore ISI upped their price objective on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday. Finally, UBS Group upped their price objective on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Labcorp has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Insiders Place Their Bets

In related news, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total transaction of $132,500.00. Following the completion of the sale, the director directly owned 12,166 shares in the company, valued at $3,223,990. This represents a 3.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the transaction, the executive vice president directly owned 30,067 shares in the company, valued at $7,426,549. This represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,834 shares of company stock worth $2,928,714. Insiders own 0.84% of the company's stock.

Labcorp Trading Down 1.2%

Shares of Labcorp stock traded down $3.23 during midday trading on Friday, reaching $264.46. 1,152,351 shares of the company's stock traded hands, compared to its average volume of 840,803. The stock has a 50 day moving average of $254.43 and a 200-day moving average of $244.53. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.60 and a current ratio of 1.50. The company has a market cap of $22.14 billion, a PE ratio of 29.19, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly 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. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same period last year, the company earned $3.94 earnings per share. The company's revenue was up 9.6% on a year-over-year basis. As a group, equities analysts expect 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 $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.09%. Labcorp's payout ratio is 33.29%.

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.