Korea Investment CORP Sells 4,700 Shares of Labcorp Holdings Inc. $LH

Key Points

• Korea Investment CORP reduced its stake in Labcorp Holdings Inc. by 12.7%, now holding 32,358 shares valued at approximately $7.53 million.
• Labcorp recently reported quarterly earnings of $4.35 per share, exceeding estimates and marked a 9.6% revenue increase year-over-year.
• The company announced a quarterly dividend of $0.72 per share, reflecting a 1.0% yield and a payout ratio of 31.79%.

Korea Investment CORP cut its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 12.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,358 shares of the medical research company's stock after selling 4,700 shares during the period. Korea Investment CORP's holdings in Labcorp were worth $7,531,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC boosted its stake in shares of Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after buying an additional 52 shares during the last quarter. North Capital Inc. purchased a new position in Labcorp in the first quarter worth $27,000. TruNorth Capital Management LLC bought a new position in Labcorp in the 1st quarter valued at $28,000. Larson Financial Group LLC increased its position in shares of Labcorp by 140.4% during the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after purchasing an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Labcorp during the 1st quarter worth $31,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LH shares. Morgan Stanley raised their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Evercore ISI raised their price target on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Piper Sandler reiterated a "neutral" rating and issued a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, UBS Group upped their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Labcorp Price Performance

LH traded up $2.30 during midday trading on Tuesday, hitting $278.41. The stock had a trading volume of 449,090 shares, compared to its average volume of 715,860. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year 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. The business has a fifty day moving average of $261.42 and a 200 day moving average of $248.27. The company has a market cap of $23.14 billion, a P/E ratio of 30.73, a price-to-earnings-growth ratio of 1.78 and a beta of 0.78.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share 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 firm 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 EPS. The business's quarterly revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, equities analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The firm also recently declared 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 1.0%. The ex-dividend date is Thursday, August 28th. Labcorp's dividend payout ratio is presently 31.79%.

Insider Activity

In other news, EVP Brian J. Caveney sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the sale, the executive vice president owned 30,067 shares of the company's stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the transaction, the director owned 8,666 shares in the company, valued at approximately $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,046 shares of company stock valued at $4,831,192. Company insiders own 0.84% of the company's stock.

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.