IFM Investors Pty Ltd Increases Stock Holdings in Labcorp Holdings Inc. (NYSE:LH)

IFM Investors Pty Ltd grew its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 7.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,619 shares of the medical research company's stock after purchasing an additional 1,164 shares during the quarter. IFM Investors Pty Ltd's holdings in Labcorp were worth $3,714,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake 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 worth $458,334,000 after acquiring an additional 39,255 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Labcorp by 2.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock worth $455,370,000 after acquiring an additional 40,814 shares during the period. FMR LLC lifted its stake in shares of Labcorp by 2.2% in the fourth quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock worth $371,688,000 after acquiring an additional 34,429 shares during the period. Select Equity Group L.P. lifted its stake 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 worth $365,985,000 after acquiring an additional 959,981 shares during the period. Finally, Amundi lifted its stake in shares of Labcorp by 344.9% in the fourth quarter. Amundi now owns 1,123,409 shares of the medical research company's stock worth $263,161,000 after acquiring an additional 870,903 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Price Performance

Shares of LH traded up $2.00 during trading hours on Wednesday, reaching $259.45. 527,493 shares of the company's stock traded hands, compared to its average volume of 642,200. The stock has a market cap of $21.72 billion, a PE ratio of 29.99, a price-to-earnings-growth ratio of 1.63 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. The firm's 50 day simple moving average is $253.38 and its 200-day simple moving average is $242.78. Labcorp Holdings Inc. has a 12 month low of $198.96 and a 12 month high of $265.72.

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

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.11%. Labcorp's dividend payout ratio is 33.29%.

Insider Activity at Labcorp

In other news, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the transaction, the executive vice president owned 30,067 shares in the company, valued at approximately $7,426,549. This trade represents a 6.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the transaction, the chief accounting officer owned 2,054 shares in the company, valued at $497,602.04. This represents a 28.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 in the last quarter. 0.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

LH has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price objective on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Redburn Atlantic initiated coverage on Labcorp in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target for the company. Evercore ISI upped their price objective on Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday. Barclays restated a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Finally, Robert W. Baird increased their price target on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $277.75.

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.