2,444 Shares in Labcorp Holdings Inc. (NYSE:LH) Acquired by Kentucky Retirement Systems Insurance Trust Fund

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LH. Brighton Jones LLC acquired a new stake in Labcorp during the fourth quarter worth about $991,000. Private Advisor Group LLC increased its stake in Labcorp by 10.0% during the fourth quarter. Private Advisor Group LLC now owns 9,255 shares of the medical research company's stock worth $2,122,000 after acquiring an additional 845 shares during the last quarter. Wealthspire Advisors LLC increased its stake in Labcorp by 6.5% during the fourth quarter. Wealthspire Advisors LLC now owns 3,844 shares of the medical research company's stock worth $882,000 after acquiring an additional 233 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Labcorp by 29.9% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 12,607 shares of the medical research company's stock valued at $2,891,000 after buying an additional 2,900 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Labcorp by 278.5% in the fourth quarter. IFP Advisors Inc now owns 352 shares of the medical research company's stock valued at $81,000 after buying an additional 259 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on LH shares. Morgan Stanley increased their target price on Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Redburn Atlantic started coverage on Labcorp in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price for the company. Robert W. Baird increased their target price on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Wall Street Zen lowered Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $276.08.

Insiders Place Their Bets

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

Labcorp Stock Up 1.3%

LH traded up $3.32 on Friday, reaching $260.30. The company's stock had a trading volume of 1,016,405 shares, compared to its average volume of 638,929. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. The business's 50 day moving average is $248.19 and its 200 day moving average is $241.14. Labcorp Holdings Inc. has a 1 year low of $198.96 and a 1 year high of $264.03. The stock has a market cap of $21.79 billion, a price-to-earnings ratio of 30.09, a price-to-earnings-growth ratio of 1.65 and a beta of 0.81.

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

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.11%. Labcorp's dividend payout ratio is presently 33.29%.

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.