Highview Capital Management LLC DE Buys New Stake in Labcorp Holdings Inc. (NYSE:LH)

Highview Capital Management LLC DE acquired a new position in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,084 shares of the medical research company's stock, valued at approximately $1,416,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LH. Geode Capital Management LLC increased its holdings in shares of Labcorp by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock valued at $458,334,000 after purchasing an additional 39,255 shares during the period. Allspring Global Investments Holdings LLC raised its position in Labcorp by 2.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock worth $455,370,000 after buying an additional 40,814 shares during the last quarter. FMR LLC lifted its stake in Labcorp by 2.2% during the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock valued at $371,688,000 after acquiring an additional 34,429 shares during the period. Select Equity Group L.P. boosted its holdings in shares of Labcorp by 150.9% in the 4th 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. Finally, Norges Bank acquired a new stake in shares of Labcorp in the fourth quarter worth $239,811,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Price Performance

Shares of LH stock traded down $4.39 during trading hours on Friday, reaching $249.24. The company had a trading volume of 1,139,598 shares, compared to its average volume of 647,891. Labcorp Holdings Inc. has a 12-month low of $205.95 and a 12-month high of $265.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The company has a market capitalization of $20.86 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 1.61 and a beta of 0.82. The stock has a fifty day moving average of $253.64 and a 200-day moving average of $243.09.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the company posted $3.68 earnings per share. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders 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 dividend yield of 1.16%. Labcorp's dividend payout ratio is currently 33.29%.

Analyst Upgrades and Downgrades

Several research firms have commented on LH. Truist Financial upped their price target on shares of Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. Robert W. Baird raised their target price on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a report on Thursday. Morgan Stanley raised their price objective on shares of Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen cut shares of Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.38.

Insider Activity

In other news, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 30,067 shares in the company, valued at approximately $7,426,549. This represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $238.36, for a total value of $452,884.00. Following the sale, the executive vice president directly owned 2,244 shares of the company's stock, valued at $534,879.84. The trade was a 45.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is owned by company insiders.

Labcorp Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.