Galvin Gaustad & Stein LLC Sells 74,638 Shares of Labcorp Holdings Inc. $LH

Key Points

• Galvin Gaustad & Stein LLC significantly reduced its stake in Labcorp Holdings Inc. by 98.5%, selling 74,638 shares during the second quarter, leaving it with only 1,136 shares valued at approximately $298,000.
• Multiple institutional investors, including Vanguard Group and Select Equity Group, increased their holdings in Labcorp, with Vanguard acquiring an additional 71,464 shares, bringing its total to nearly 9.7 million shares.
• Labcorp recently reported second-quarter earnings of $4.35 per share, exceeding analysts' expectations, and declared a quarterly dividend of $0.72 per share, with a 1.0% yield.

Galvin Gaustad & Stein LLC reduced its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 98.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,136 shares of the medical research company's stock after selling 74,638 shares during the quarter. Galvin Gaustad & Stein LLC's holdings in Labcorp were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Labcorp by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company's stock valued at $2,262,817,000 after acquiring an additional 71,464 shares during the last quarter. Select Equity Group L.P. increased its stake in shares of Labcorp by 39.1% in the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock valued at $516,696,000 after acquiring an additional 624,099 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Labcorp by 2.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock valued at $455,370,000 after acquiring an additional 40,814 shares during the last quarter. Invesco Ltd. increased its stake in shares of Labcorp by 28.9% in the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock valued at $330,750,000 after acquiring an additional 318,865 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Labcorp by 24.5% in the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company's stock valued at $295,950,000 after acquiring an additional 250,486 shares during the last quarter. 95.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

LH has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Hsbc Global Res lowered Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Barclays boosted their price objective on Labcorp from $275.00 to $290.00 and gave the company an "equal weight" rating in a research report on Thursday, October 2nd. Evercore ISI boosted their price objective on Labcorp from $300.00 to $305.00 and gave the company an "outperform" rating in a research report on Friday, October 3rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Labcorp in a research report on Wednesday. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $292.00.

Labcorp Trading Up 0.1%

NYSE:LH opened at $277.96 on Friday. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $289.20. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average price of $275.30 and a two-hundred day moving average price of $255.87. The company has a market cap of $23.10 billion, a P/E ratio of 30.68, a price-to-earnings-growth ratio of 1.78 and a beta of 0.89.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping 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 firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the prior year, the firm posted $3.94 EPS. The business's revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp's dividend payout ratio is 31.79%.

Insider Transactions at Labcorp

In other news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the sale, the executive vice president owned 2,274 shares of the company's stock, valued at approximately $617,209.08. This represents a 63.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the sale, the chief executive officer directly owned 93,319 shares of the company's stock, valued at approximately $24,895,642.82. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,046 shares of company stock worth $4,074,692. Insiders own 0.84% of the company's stock.

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.

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