Labcorp Holdings Inc. (NYSE:LH) Shares Sold by First Foundation Advisors

Key Points

• First Foundation Advisors reduced its stake in Labcorp Holdings by 17.7% during Q1, now holding $5.31 million worth of shares.
• Several institutional investors have significantly increased their positions in Labcorp, with 95.94% of the company's stock now owned by institutional investors and hedge funds.
• Labcorp recently announced a quarterly dividend of $0.72 per share, reflecting an annual yield of 1.10% and a payout ratio of 31.79%.

First Foundation Advisors trimmed its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 17.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,820 shares of the medical research company's stock after selling 4,904 shares during the quarter. First Foundation Advisors' holdings in Labcorp were worth $5,311,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in LH. Wedmont Private Capital boosted its stake in Labcorp by 5.0% during the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock worth $204,000 after buying an additional 44 shares during the last quarter. Cidel Asset Management Inc. boosted its stake in Labcorp by 5.5% during the first quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company's stock worth $219,000 after buying an additional 49 shares during the last quarter. Resonant Capital Advisors LLC boosted its stake in Labcorp by 1.5% during the first quarter. Resonant Capital Advisors LLC now owns 3,493 shares of the medical research company's stock worth $813,000 after buying an additional 51 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after buying an additional 52 shares during the last quarter. Finally, Colonial Trust Co SC boosted its stake in Labcorp by 3.2% during the fourth quarter. Colonial Trust Co SC now owns 1,722 shares of the medical research company's stock worth $395,000 after buying an additional 53 shares during the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Labcorp

In related news, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction that occurred on 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 owned 30,067 shares in the company, valued at $7,426,549. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 6,656 shares of the company's stock, valued at $1,763,507.20. The trade was a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,605 shares of company stock worth $3,784,897. 0.84% of the stock is owned by corporate insiders.

Labcorp Stock Up 0.5%

Shares of LH traded up $1.26 during mid-day trading on Friday, reaching $261.34. The company's stock had a trading volume of 635,764 shares, compared to its average volume of 739,089. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The stock has a market cap of $21.87 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82. 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's 50 day moving average is $255.68 and its 200 day moving average is $245.30.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the prior year, the business posted $3.94 EPS. The business's revenue for the quarter was up 9.6% on a year-over-year basis. Equities analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp's dividend payout ratio is presently 31.79%.

Analysts Set New Price Targets

Several equities analysts have recently commented on LH shares. Truist Financial upped their price target on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Evercore ISI upped their price target on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a report on Thursday, July 10th. Finally, Morgan Stanley boosted their price objective on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a report on Friday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $285.00.

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.