Hourglass Capital LLC Purchases Shares of 1,000 Labcorp Holdings Inc. (NYSE:LH)

Hourglass Capital LLC acquired a new position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,000 shares of the medical research company's stock, valued at approximately $233,000.

Several other large investors have also recently added to or reduced their stakes in LH. Graney & King LLC acquired a new stake in Labcorp during the 4th quarter worth about $26,000. Golden State Wealth Management LLC increased its position in shares of Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after purchasing an additional 52 shares during the period. North Capital Inc. acquired a new stake in Labcorp in the 1st quarter valued at $27,000. Garde Capital Inc. acquired a new stake in Labcorp in the 1st quarter valued at $36,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of Labcorp during the fourth quarter valued at $44,000. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Stock Performance

Shares of Labcorp stock traded down $0.19 during trading on Tuesday, hitting $257.68. 654,647 shares of the stock were exchanged, compared to its average volume of 641,740. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. Labcorp Holdings Inc. has a 12 month low of $198.96 and a 12 month high of $265.72. The stock has a market cap of $21.57 billion, a PE ratio of 29.79, a P/E/G ratio of 1.66 and a beta of 0.82. The stock's fifty day moving average is $252.66 and its 200 day moving average is $242.56.

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

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.12%. Labcorp's payout ratio is 33.29%.

Wall Street Analyst Weigh In

LH has been the subject of several recent research reports. Piper Sandler reissued a "neutral" rating and set a $280.00 price target (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Morgan Stanley raised their price objective on Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Wall Street Zen lowered Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Finally, Robert W. Baird upped their price objective on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $276.08.

Insider Activity

In related news, Director Kerrii B. Anderson sold 500 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total value of $132,500.00. Following the completion of the sale, the director owned 12,166 shares in the company, valued at $3,223,990. The trade was a 3.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total value of $200,833.54. Following the transaction, the chief accounting officer owned 2,054 shares of the company's stock, valued at $497,602.04. The trade was a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is owned by insiders.

About Labcorp

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