Envestnet Portfolio Solutions Inc. Sells 3,171 Shares of Labcorp Holdings Inc. (NYSE:LH)

Envestnet Portfolio Solutions Inc. decreased its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,898 shares of the medical research company's stock after selling 3,171 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Labcorp were worth $1,606,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Graney & King LLC acquired a new position in Labcorp during the 4th quarter valued at about $26,000. Heck Capital Advisors LLC acquired a new position in Labcorp during the 4th quarter valued at about $44,000. SBI Securities Co. Ltd. acquired a new position in Labcorp during the 4th quarter valued at about $52,000. Kohmann Bosshard Financial Services LLC acquired a new position in Labcorp during the 4th quarter valued at about $55,000. Finally, Transamerica Financial Advisors Inc. increased its stake in Labcorp by 1,506.3% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 257 shares of the medical research company's stock valued at $59,000 after buying an additional 241 shares during the period. Institutional investors and hedge funds own 95.94% of the company's stock.

Insider Activity at Labcorp

In other news, CEO Adam H. Schechter sold 6,105 shares of Labcorp stock in a transaction that occurred on 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 now owns 98,962 shares of the company's stock, valued at $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of Labcorp stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the transaction, the chief accounting officer now directly owns 2,054 shares in the company, valued at approximately $497,602.04. This represents a 28.75% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,092 shares of company stock valued at $2,971,820. 0.84% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on LH shares. Redburn Atlantic started coverage on shares of Labcorp in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 target price on the stock. Wall Street Zen lowered shares of Labcorp from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Citigroup upgraded shares of Labcorp from a "neutral" rating to a "buy" rating and raised their price objective for the company from $250.00 to $300.00 in a research report on Tuesday, March 4th. 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 report on Tuesday, May 6th. Finally, Barclays raised their price objective on shares of Labcorp from $240.00 to $250.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $274.00.

Labcorp Stock Up 0.6%

Shares of NYSE LH traded up $1.65 during mid-day trading on Tuesday, reaching $262.69. The company had a trading volume of 664,003 shares, compared to its average volume of 635,447. The company has a market capitalization of $21.99 billion, a price-to-earnings ratio of 30.37, a PEG ratio of 1.65 and a beta of 0.81. The stock has a fifty day moving average of $245.76 and a two-hundred day moving average of $240.61. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. Labcorp Holdings Inc. has a 12-month low of $198.96 and a 12-month high of $264.03.

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, beating the consensus estimate of $3.73 by $0.11. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $3.68 earnings per share. As a group, equities research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.10%. Labcorp's payout ratio is presently 33.29%.

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.