Ground Swell Capital LLC purchased a new position in Labcorp Holdings Inc. (NYSE:LH - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,005 shares of the medical research company's stock, valued at approximately $234,000.
A number of other hedge funds have also recently made changes to their positions in the stock. William B. Walkup & Associates Inc. lifted its position in Labcorp by 1.7% in the 1st quarter. William B. Walkup & Associates Inc. now owns 9,652 shares of the medical research company's stock valued at $2,246,000 after acquiring an additional 166 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in Labcorp by 10.9% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,559 shares of the medical research company's stock valued at $596,000 after acquiring an additional 252 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Labcorp in the 1st quarter valued at approximately $118,000. S Bank Fund Management Ltd bought a new position in Labcorp in the 1st quarter valued at approximately $54,000. Finally, National Pension Service lifted its position in Labcorp by 2.9% in the 1st quarter. National Pension Service now owns 157,731 shares of the medical research company's stock valued at $36,710,000 after acquiring an additional 4,491 shares in the last quarter. 95.94% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
LH has been the topic of several analyst reports. UBS Group upped their price objective on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Hsbc Global Res cut Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Barclays reissued a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Evercore ISI increased 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, Piper Sandler reissued a "neutral" rating and set a $280.00 price target (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.
View Our Latest Research Report on LH
Labcorp Trading Up 1.2%
NYSE:LH opened at $272.52 on Thursday. 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 firm has a market capitalization of $22.65 billion, a price-to-earnings ratio of 30.08, a price-to-earnings-growth ratio of 1.72 and a beta of 0.78. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $283.47. The business has a fifty day moving average price of $258.82 and a 200-day moving average price of $246.82.
Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. The business had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. Labcorp's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.94 EPS. Sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.
Labcorp Announces Dividend
The firm also recently declared 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 dividend on an annualized basis and a yield of 1.1%. Labcorp's dividend payout ratio is presently 31.79%.
Insiders Place Their Bets
In other news, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares in the company, valued at $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value of $529,900.00. Following the transaction, the director owned 6,656 shares of the company's stock, valued at approximately $1,763,507.20. The trade was a 23.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,143 shares of company stock valued at $3,771,840 in the last ninety days. Insiders own 0.84% of the company's stock.
About Labcorp
(
Free Report)
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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Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Labcorp Holdings Inc. (NYSE:LH - Free Report).
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