Illinois Municipal Retirement Fund Reduces Stake in Labcorp Holdings Inc. (NYSE:LH)

Illinois Municipal Retirement Fund decreased its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 4.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 27,633 shares of the medical research company's stock after selling 1,304 shares during the period. Illinois Municipal Retirement Fund's holdings in Labcorp were worth $6,431,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of LH. Graney & King LLC purchased a new stake in shares of Labcorp in the 4th quarter valued at about $26,000. Golden State Wealth Management LLC raised its holdings in shares of Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after acquiring an additional 52 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of Labcorp during the 1st quarter valued at about $36,000. Heck Capital Advisors LLC purchased a new position in shares of Labcorp during the 4th quarter valued at about $44,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Labcorp during the 4th quarter valued at about $52,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Price Performance

LH opened at $260.30 on Friday. The stock's 50 day simple moving average is $248.19 and its 200 day simple moving average is $241.14. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. Labcorp Holdings Inc. has a 1 year low of $198.96 and a 1 year high of $264.03. The firm has a market cap of $21.79 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 1.65 and a beta of 0.81.

Labcorp (NYSE:LH - Get Free Report) last issued 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. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The business's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $3.68 EPS. As a group, analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

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

Insider Transactions at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of Labcorp stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $260.00, for a total transaction of $130,000.00. Following the sale, the director now directly owns 12,666 shares in the company, valued at $3,293,160. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of Labcorp stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the sale, the chief executive officer now owns 98,962 shares in the company, valued at $24,614,818.26. This represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,334 shares of company stock worth $2,796,214. 0.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

LH has been the topic of a number of research reports. Wall Street Zen cut Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. 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. Robert W. Baird raised their price objective on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Piper Sandler reissued 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. Finally, Barclays reissued a "cautious" rating on shares of Labcorp in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $276.08.

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.

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