Geode Capital Management LLC Has $534.02 Million Position in Labcorp Holdings Inc. $LH

Key Points

• Geode Capital Management slightly increased its Labcorp stake in the fourth quarter, holding 2.14 million shares worth about $534.0 million and owning 2.58% of the company.
• Labcorp drew more institutional interest overall, with several hedge funds and asset managers boosting positions; institutions now own 95.94% of the stock.
• The company posted a better-than-expected quarter, with EPS of $4.25 and revenue of $3.54 billion, while analysts maintain a Moderate Buy consensus and a $308 average price target.

Geode Capital Management LLC increased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,137,010 shares of the medical research company's stock after buying an additional 13,775 shares during the quarter. Geode Capital Management LLC owned 2.58% of Labcorp worth $534,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in LH. Victory Capital Management Inc. increased its stake in shares of Labcorp by 20.0% in the third quarter. Victory Capital Management Inc. now owns 2,637,350 shares of the medical research company's stock valued at $756,878,000 after buying an additional 440,224 shares during the period. Wellington Management Group LLP increased its stake in shares of Labcorp by 15.9% in the third quarter. Wellington Management Group LLP now owns 2,105,791 shares of the medical research company's stock valued at $604,488,000 after buying an additional 289,029 shares during the period. Marshall Wace LLP increased its stake in shares of Labcorp by 79.1% in the third quarter. Marshall Wace LLP now owns 623,550 shares of the medical research company's stock valued at $178,996,000 after buying an additional 275,454 shares during the period. Mondrian Investment Partners LTD acquired a new position in shares of Labcorp in the third quarter valued at approximately $75,208,000. Finally, Woodline Partners LP increased its stake in shares of Labcorp by 598.1% in the third quarter. Woodline Partners LP now owns 287,146 shares of the medical research company's stock valued at $82,428,000 after buying an additional 246,014 shares during the period. Institutional investors and hedge funds own 95.94% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on LH shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Labcorp in a report on Friday, May 8th. Piper Sandler upped their target price on Labcorp from $270.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, February 24th. Morgan Stanley reiterated an "overweight" rating on shares of Labcorp in a report on Tuesday, February 17th. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Finally, Robert W. Baird set a $334.00 target price on Labcorp in a report on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $308.00.

Insider Activity

In other Labcorp news, CEO Adam H. Schechter sold 8,705 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $279.96, for a total transaction of $2,437,051.80. Following the transaction, the chief executive officer directly owned 80,773 shares in the company, valued at approximately $22,613,209.08. This represents a 9.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.84% of the company's stock.

Labcorp Price Performance

Labcorp stock opened at $260.21 on Friday. The stock has a market capitalization of $21.34 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 1.82 and a beta of 0.91. Labcorp Holdings Inc. has a 52-week low of $241.81 and a 52-week high of $293.72. The stock's 50 day moving average price is $263.22 and its two-hundred day moving average price is $265.84. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.54 and a current ratio of 1.73.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The medical research company reported $4.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.09 by $0.16. The firm had revenue of $3.54 billion for the quarter, compared to analysts' expectations of $3.51 billion. Labcorp had a return on equity of 16.29% and a net margin of 6.66%.The company's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.84 EPS. Labcorp has set its FY 2026 guidance at 17.700-18.350 EPS. On average, equities analysts predict that Labcorp Holdings Inc. will post 17.99 earnings per share for the current year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, May 29th. Labcorp's dividend payout ratio is presently 25.51%.

Labcorp Company Profile

Laboratory Corporation of America Holdings, commonly known as Labcorp NYSE: LH, is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp's core businesses encompass clinical laboratory testing and pharmaceutical development services.

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