Invesco Ltd. Purchases 318,865 Shares of Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Invesco Ltd. increased its stake in Labcorp Holdings Inc. by 28.9%, acquiring 318,865 shares, bringing its total ownership to approximately $330.75 million.
• Labcorp's earnings report revealed EPS of $4.35, exceeding expectations, with a revenue of $3.53 billion for the quarter, marking a 9.6% year-over-year increase.
• The company also declared a quarterly dividend of $0.72 per share, scheduled for payment on September 11th, with an annual yield of 1.1%.

Invesco Ltd. increased its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 28.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,421,112 shares of the medical research company's stock after buying an additional 318,865 shares during the period. Invesco Ltd. owned 1.70% of Labcorp worth $330,750,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Freestone Grove Partners LP bought a new stake in Labcorp in the fourth quarter valued at $48,693,000. Brighton Jones LLC bought a new position in Labcorp in the 4th quarter valued at about $991,000. Wealth Enhancement Advisory Services LLC boosted its stake in Labcorp by 84.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,182 shares of the medical research company's stock valued at $8,421,000 after purchasing an additional 16,574 shares during the last quarter. Wahed Invest LLC boosted its stake in Labcorp by 5.3% during the 4th quarter. Wahed Invest LLC now owns 2,147 shares of the medical research company's stock valued at $492,000 after purchasing an additional 108 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in Labcorp by 1.8% during the 1st quarter. Wealthfront Advisers LLC now owns 6,565 shares of the medical research company's stock valued at $1,528,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 95.94% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on LH. UBS Group lifted their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird boosted their target price on Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Barclays restated a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Evercore ISI boosted their target price on Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $289.58.

Insider Buying and Selling at Labcorp

In other Labcorp news, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director owned 8,666 shares of the company's stock, valued at $2,426,480. The trade was a 28.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total transaction of $494,000.00. Following the sale, the executive vice president directly owned 30,067 shares in the company, valued at $7,426,549. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,500 shares of company stock valued at $2,266,400 in the last 90 days. 0.84% of the stock is currently owned by company insiders.

Labcorp Trading Up 0.7%

NYSE:LH opened at $267.72 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $22.25 billion, a PE ratio of 29.55, a price-to-earnings-growth ratio of 1.70 and a beta of 0.78. The firm's 50 day moving average is $258.08 and its 200 day moving average is $246.48. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.49 billion. During the same quarter in the previous year, the firm posted $3.94 EPS. Labcorp's revenue was up 9.6% on a year-over-year basis. Sell-side analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders 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 yield of 1.1%. Labcorp's payout ratio is 31.79%.

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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