JPMorgan Chase & Co. Decreases Holdings in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• JPMorgan Chase & Co. reduced its stake in Labcorp Holdings Inc. by 6.3% during the first quarter, holding approximately 1.26 million shares worth about $293.17 million.
• A number of analysts have updated their ratings on Labcorp, with HSBC lowering it to a "hold" and UBS increasing their price target to $305 while maintaining a "buy" rating.
• Labcorp announced a quarterly dividend of $0.72 per share, which is expected to be paid to shareholders on September 11, representing a yield of 1.1%.

JPMorgan Chase & Co. lessened its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,259,646 shares of the medical research company's stock after selling 84,732 shares during the quarter. JPMorgan Chase & Co. owned about 1.50% of Labcorp worth $293,170,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Freestone Grove Partners LP bought a new position in Labcorp during the fourth quarter worth about $48,693,000. Brighton Jones LLC bought a new position in Labcorp during the fourth quarter worth about $991,000. Wealth Enhancement Advisory Services LLC boosted its position in Labcorp by 84.5% during the first 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 during the period. Wahed Invest LLC boosted its position in Labcorp by 5.3% during the fourth quarter. Wahed Invest LLC now owns 2,147 shares of the medical research company's stock worth $492,000 after purchasing an additional 108 shares during the period. Finally, Wealthfront Advisers LLC boosted its position in Labcorp by 1.8% during the first quarter. Wealthfront Advisers LLC now owns 6,565 shares of the medical research company's stock worth $1,528,000 after purchasing an additional 114 shares during the period. Institutional investors own 95.94% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a research report on Thursday, July 10th. UBS Group increased 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. Evercore ISI raised their price objective on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Piper Sandler restated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Finally, Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Labcorp presently 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 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 sale, the director directly owned 8,666 shares in the company, valued at $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction that occurred 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 sale, the director owned 6,656 shares of the company's stock, valued at approximately $1,763,507.20. The trade was a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,500 shares of company stock worth $2,266,400 over the last three months. 0.84% of the stock is owned by insiders.

Labcorp Trading Up 0.6%

Shares of Labcorp stock opened at $269.16 on Wednesday. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $283.47. The firm has a market cap of $22.37 billion, a PE ratio of 29.71, a PEG ratio of 1.71 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The company has a 50 day simple moving average of $258.46 and a two-hundred day simple moving average of $246.64.

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

Labcorp Dividend Announcement

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

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.

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