Labcorp Holdings Inc. (NYSE:LH) Shares Sold by Jensen Investment Management Inc.

Key Points

• Jensen Investment Management Inc. decreased its holdings in Labcorp by 22.1%, selling 8,070 shares during the first quarter, leaving them with $6,638,000 worth of shares.
• Labcorp recently reported a 9.6% increase in revenue year-over-year, with $3.53 billion for the quarter and earnings per share of $4.35, surpassing analysts' expectations.
• The company declared a quarterly dividend of $0.72 per share, which will be paid on September 11th, reflecting an annualized yield of 1.1%.

Jensen Investment Management Inc. cut its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 22.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,520 shares of the medical research company's stock after selling 8,070 shares during the period. Jensen Investment Management Inc.'s holdings in Labcorp were worth $6,638,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Freestone Grove Partners LP purchased a new stake in Labcorp during the fourth quarter valued at approximately $48,693,000. Brighton Jones LLC acquired a new position in shares of Labcorp during the fourth quarter worth $991,000. Scotia Capital Inc. lifted its holdings in shares of Labcorp by 14.2% during the 4th quarter. Scotia Capital Inc. now owns 103,209 shares of the medical research company's stock valued at $23,669,000 after purchasing an additional 12,832 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Labcorp by 84.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,182 shares of the medical research company's stock worth $8,421,000 after purchasing an additional 16,574 shares in the last quarter. Finally, Wahed Invest LLC grew 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 worth $492,000 after buying an additional 108 shares during the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction that occurred 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 completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total transaction of $529,900.00. Following the completion of the transaction, the director owned 6,656 shares of the company's stock, valued at approximately $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,605 shares of company stock worth $3,784,897. 0.84% of the stock is currently owned by company insiders.

Labcorp Stock Performance

Shares of Labcorp stock traded up $6.11 during trading on Friday, hitting $266.07. 555,186 shares of the company's stock were exchanged, compared to its average volume of 836,385. The stock has a market capitalization of $22.11 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 1.66 and a beta of 0.78. The business has a 50-day simple moving average of $257.69 and a 200-day simple moving average of $246.29. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-week high of $283.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50.

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

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.1%. Labcorp's dividend payout ratio is presently 31.79%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LH shares. Morgan Stanley raised their price target on Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Robert W. Baird increased their price objective on shares of Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. UBS Group boosted their target price on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Labcorp has a consensus rating of "Moderate Buy" and an average price target of $289.58.

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.