Kentucky Retirement Systems Insurance Trust Fund Makes New $569,000 Investment in Labcorp Holdings Inc. (NYSE:LH)

Kentucky Retirement Systems Insurance Trust Fund bought a new position in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,444 shares of the medical research company's stock, valued at approximately $569,000.

Other large investors have also modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Labcorp by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock worth $458,334,000 after buying an additional 39,255 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Labcorp by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,822,964 shares of the medical research company's stock worth $418,042,000 after buying an additional 41,898 shares during the period. FMR LLC boosted its holdings in shares of Labcorp by 2.2% during the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock worth $371,688,000 after buying an additional 34,429 shares during the period. Select Equity Group L.P. boosted its holdings in shares of Labcorp by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after buying an additional 959,981 shares during the period. Finally, Amundi boosted its holdings in Labcorp by 344.9% in the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company's stock valued at $263,161,000 after purchasing an additional 870,903 shares during the period. 95.94% of the stock is owned by institutional investors.

Labcorp Trading Up 0.6%

Shares of LH stock opened at $262.69 on Wednesday. Labcorp Holdings Inc. has a 52-week low of $198.96 and a 52-week high of $264.03. The stock has a market cap of $21.99 billion, a price-to-earnings ratio of 30.37, a P/E/G ratio of 1.65 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The firm has a fifty day moving average of $245.76 and a 200-day moving average of $240.61.

Labcorp (NYSE:LH - Get Free Report) last announced its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $3.68 EPS. On average, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.10%. Labcorp's dividend payout ratio (DPR) is currently 33.29%.

Analyst Ratings Changes

A number of brokerages have weighed in on LH. Redburn Atlantic began coverage on shares of Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target for the company. Piper Sandler reissued a "neutral" rating and issued a $280.00 price target (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Morgan Stanley increased their price target on shares of Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Wall Street Zen downgraded shares of Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Finally, Barclays increased their price target on shares of Labcorp from $240.00 to $250.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $274.00.

Insider Buying and Selling

In other Labcorp news, EVP Amy B. Summy sold 758 shares of the firm's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $231.67, for a total value of $175,605.86. Following the completion of the sale, the executive vice president now owns 5,302 shares in the company, valued at approximately $1,228,314.34. This trade represents a 12.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the sale, the chief accounting officer now owns 2,054 shares of the company's stock, valued at $497,602.04. The trade was a 28.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,092 shares of company stock worth $2,971,820 in the last quarter. 0.84% of the stock is owned by corporate insiders.

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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