IFM Investors Pty Ltd Purchases 1,164 Shares of Labcorp Holdings Inc. (NYSE:LH)

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

Other hedge funds and other institutional investors have also modified their holdings of the company. Golden State Wealth Management LLC raised its holdings in shares of Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after buying an additional 52 shares during the period. Graney & King LLC purchased a new stake in shares of Labcorp during the 4th quarter valued at about $26,000. North Capital Inc. purchased a new stake in shares of Labcorp during the 1st quarter valued at about $27,000. Garde Capital Inc. purchased a new stake in shares of Labcorp during the 1st quarter valued at about $36,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Labcorp during the 4th quarter valued at about $44,000. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Stock Down 2.3%

LH stock traded down $5.90 during mid-day trading on Thursday, hitting $253.17. The stock had a trading volume of 1,375,795 shares, compared to its average volume of 645,123. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a 1-year low of $198.96 and a 1-year high of $265.72. The company has a fifty day moving average of $253.38 and a 200 day moving average of $242.78. The stock has a market capitalization of $21.19 billion, a price-to-earnings ratio of 29.27, a PEG ratio of 1.63 and a beta of 0.82.

Labcorp (NYSE:LH - Get Free Report) last issued 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. 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 period in the prior year, the firm posted $3.68 EPS. The business's revenue was up 5.3% compared to the same quarter last year. On average, equities analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The business also recently disclosed 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 1.14%. Labcorp's dividend payout ratio is 33.29%.

Insider Buying and Selling at Labcorp

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the sale, the executive vice president owned 30,067 shares of the company's stock, valued at $7,426,549. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kerrii B. Anderson sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the completion of the sale, the director directly owned 12,166 shares in the company, valued at $3,223,990. This trade represents a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,834 shares of company stock worth $2,928,714 in the last 90 days. Company insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on LH shares. Morgan Stanley lifted their price objective on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Piper Sandler restated a "neutral" rating and set a $280.00 price objective (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Redburn Atlantic started coverage on Labcorp in a report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price objective on the stock. Truist Financial lifted their price objective on Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Wall Street Zen downgraded Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Labcorp has a consensus rating of "Moderate Buy" and a consensus price target of $276.38.

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.