Labcorp Holdings Inc. (NYSE:LH) Shares Sold by Galvin Gaustad & Stein LLC

Key Points

• Galvin Gaustad & Stein LLC reduced its stake in Labcorp Holdings Inc. by 13.3%, bringing its total share ownership to 75,774, which accounts for 1.6% of its portfolio.
• Analysts have raised their price targets for Labcorp, with Morgan Stanley increasing its target to $306.00 and UBS Group to $305.00, indicating overall positive sentiment toward the stock.
• Labcorp recently announced a quarterly dividend of $0.72 per share, with an annualized yield of 1.09%, highlighting its commitment to returning value to shareholders.

Galvin Gaustad & Stein LLC reduced its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 13.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,774 shares of the medical research company's stock after selling 11,638 shares during the period. Labcorp accounts for 1.6% of Galvin Gaustad & Stein LLC's portfolio, making the stock its 24th largest position. Galvin Gaustad & Stein LLC owned approximately 0.09% of Labcorp worth $17,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC increased its holdings in Labcorp by 88.1% in the 1st 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 in the last quarter. North Capital Inc. bought a new stake in shares of Labcorp in the first quarter worth $27,000. TruNorth Capital Management LLC bought a new stake in shares of Labcorp in the first quarter worth $28,000. Larson Financial Group LLC grew its stake in shares of Labcorp by 140.4% during the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after purchasing an additional 73 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Labcorp during the 1st quarter valued at about $31,000. 95.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

LH has been the subject of several recent research reports. Barclays restated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. UBS Group boosted their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Redburn Atlantic assumed coverage on Labcorp in a report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target for the company. Evercore ISI boosted their price target on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Labcorp has an average rating of "Moderate Buy" and an average price target of $285.00.

Insiders Place Their Bets

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 completion of the sale, the executive vice president directly owned 30,067 shares of the company's stock, valued at approximately $7,426,549. This trade represents a 6.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director owned 8,666 shares of the company's stock, valued at $2,426,480. The trade was a 28.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,605 shares of company stock valued at $3,254,997 over the last 90 days. Insiders own 0.84% of the company's stock.

Labcorp Price Performance

LH stock traded down $2.40 during trading on Thursday, hitting $261.51. 196,599 shares of the company's stock traded hands, compared to its average volume of 737,421. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $283.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The business has a fifty day simple moving average of $255.33 and a 200 day simple moving average of $245.13. The stock has a market capitalization of $21.89 billion, a price-to-earnings ratio of 28.88, a P/E/G ratio of 1.68 and a beta of 0.82.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.94 EPS. As a group, research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.10%. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

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.