Gulf International Bank UK Ltd Has $1.08 Million Stock Position in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Labcorp Holdings Inc. by 32.9% during Q1, now holding shares valued at $1.08 million.
• Multiple institutional investors increased their holdings in Labcorp, with Select Equity Group L.P. growing its position by 150.9% and GAMMA Investing LLC by an astonishing 37,334.2%.
• Labcorp recently announced a quarterly dividend of $0.72 per share, representing an annual yield of 1.1% and a payout ratio of 31.79%.

Gulf International Bank UK Ltd lowered its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 32.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,642 shares of the medical research company's stock after selling 2,275 shares during the quarter. Gulf International Bank UK Ltd's holdings in Labcorp were worth $1,080,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of LH. Select Equity Group L.P. increased its position in shares of Labcorp by 150.9% in the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after acquiring an additional 959,981 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Labcorp by 37,334.2% in the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after acquiring an additional 807,539 shares during the last quarter. Invesco Ltd. increased its position in shares of Labcorp by 28.9% in the first 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. Freestone Grove Partners LP acquired a new stake in shares of Labcorp in the fourth quarter valued at about $48,693,000. Finally, Nuveen LLC acquired a new position in Labcorp during the first quarter worth approximately $48,193,000. Institutional investors and hedge funds own 95.94% of the company's stock.

Wall Street Analyst Weigh In

LH has been the topic of several research analyst reports. Truist Financial upped their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird upped their price objective on Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Morgan Stanley upped their price objective on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Finally, Piper Sandler restated a "neutral" rating and issued a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. One equities 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 MarketBeat, Labcorp currently has an average rating of "Moderate Buy" and an average target price of $289.58.

Insider Buying and Selling at Labcorp

In related 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 transaction of $1,059,352.26. Following the sale, the executive vice president owned 2,274 shares of the company's stock, valued at $617,209.08. This represents a 63.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available 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 stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the sale, the chief executive officer directly owned 93,319 shares in the company, valued at $24,895,642.82. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,046 shares of company stock valued at $4,831,192 over the last ninety days. 0.84% of the stock is owned by corporate insiders.

Labcorp Price Performance

Labcorp stock opened at $270.60 on Friday. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The stock's 50 day moving average is $259.53 and its 200-day moving average is $247.12. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $22.49 billion, a price-to-earnings ratio of 29.87, a PEG ratio of 1.73 and a beta of 0.78.

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 for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.94 earnings per share. Equities research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be given 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 currently 31.79%.

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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