Equitable Trust Co. Sells 5,382 Shares of Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Equitable Trust Co. has decreased its stake in Labcorp Holdings Inc. by selling 5,382 shares, representing a 6.7% reduction, now owning 74,783 shares worth approximately $17.4 million.
• Insider activity includes CEO Adam H. Schechter selling 6,105 shares for about $1.52 million, leading to a 5.81% decrease in his ownership while also reporting that insiders sold a total of 11,834 shares valued at around $2.93 million over the last quarter.
• Labcorp recently announced a quarterly dividend of $0.72, reflecting an annualized payout of $2.88, with a current yield of 1.08% and a payout ratio of 33.29%.

Equitable Trust Co. lowered its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,783 shares of the medical research company's stock after selling 5,382 shares during the period. Labcorp accounts for approximately 1.0% of Equitable Trust Co.'s investment portfolio, making the stock its 24th biggest holding. Equitable Trust Co. owned approximately 0.09% of Labcorp worth $17,405,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Brighton Jones LLC bought a new position in Labcorp during the 4th quarter worth $991,000. LPL Financial LLC increased its stake in Labcorp by 63.8% during the 4th quarter. LPL Financial LLC now owns 62,546 shares of the medical research company's stock worth $14,343,000 after acquiring an additional 24,357 shares during the period. TIAA Trust National Association increased its stake in Labcorp by 2.0% during the 4th quarter. TIAA Trust National Association now owns 3,787 shares of the medical research company's stock worth $868,000 after acquiring an additional 75 shares during the period. Graney & King LLC bought a new position in Labcorp during the 4th quarter worth $26,000. Finally, Korea Investment CORP increased its stake in Labcorp by 36.0% during the 4th quarter. Korea Investment CORP now owns 37,058 shares of the medical research company's stock worth $8,498,000 after acquiring an additional 9,800 shares during the period. Institutional investors own 95.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Hsbc Global Res lowered Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 10th. Truist Financial raised their price objective on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday. Barclays reiterated a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research note on Thursday, July 10th. Finally, Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $285.00.

Labcorp Price Performance

Shares of NYSE LH traded up $0.31 during mid-day trading on Tuesday, hitting $262.19. 167,844 shares of the stock traded hands, compared to its average volume of 739,716. 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 twelve month low of $209.38 and a twelve month high of $283.47. The company has a market cap of $21.95 billion, a PE ratio of 28.94, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. The firm has a 50 day simple moving average of $254.66 and a two-hundred day simple moving average of $244.88.

Labcorp (NYSE:LH - Get Free Report) last announced its earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping 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 business's quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.94 EPS. As a group, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be issued 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 31.79%.

Insider Activity

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total transaction of $494,000.00. Following the transaction, the executive vice president directly owned 30,067 shares of the company's stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam H. Schechter sold 6,105 shares of Labcorp stock in a transaction dated Monday, May 12th. The stock was 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. The trade was a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,334 shares of company stock worth $3,908,714. 0.84% of the stock is owned by corporate insiders.

Labcorp Company Profile

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