Great Lakes Advisors LLC Trims Holdings in Labcorp Holdings Inc. $LH

Key Points

• Great Lakes Advisors LLC decreased its holdings in Labcorp Holdings Inc. by 5.3%, owning 25,592 shares valued at approximately $5.96 million after selling 1,446 shares in the 1st quarter.
• Several large investors, including Vanguard Group Inc. and Select Equity Group L.P., have increased their positions in Labcorp, with Vanguard now holding over $2.26 billion worth of shares.
• Labcorp announced a quarterly dividend of $0.72, which translates to an annualized yield of 1.0%, to be paid to shareholders on September 11th.

Great Lakes Advisors LLC decreased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 5.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,592 shares of the medical research company's stock after selling 1,446 shares during the quarter. Great Lakes Advisors LLC's holdings in Labcorp were worth $5,956,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Labcorp by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company's stock valued at $2,262,817,000 after purchasing an additional 71,464 shares during the last quarter. Select Equity Group L.P. raised its stake in Labcorp by 39.1% in the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock valued at $516,696,000 after purchasing an additional 624,099 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Labcorp by 2.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock valued at $455,370,000 after acquiring an additional 40,814 shares during the last quarter. Invesco Ltd. increased its stake in shares of Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock valued at $330,750,000 after acquiring an additional 318,865 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Labcorp by 24.5% during the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company's stock valued at $295,950,000 after acquiring an additional 250,486 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Robert W. Baird set a $311.00 price objective on shares of Labcorp in a research note on Monday, August 25th. Truist Financial upped their price objective on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Morgan Stanley upped their price objective on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Evercore ISI upped their price objective on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $290.33.

Labcorp Trading Down 0.6%

Shares of NYSE:LH traded down $1.66 during trading on Friday, reaching $278.06. 347,155 shares of the stock were exchanged, compared to its average volume of 434,794. 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 Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The firm has a market cap of $23.11 billion, a price-to-earnings ratio of 30.69, a price-to-earnings-growth ratio of 1.79 and a beta of 0.85. The firm's 50-day moving average price is $265.85 and its 200 day moving average price is $251.12.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.Labcorp's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, sell-side analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's dividend payout ratio is currently 31.79%.

Insider Buying and Selling

In other Labcorp news, CEO Adam H. Schechter sold 5,643 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares in the company, valued at $24,895,642.82. This represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value 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 position. The disclosure for this sale can be found here. Insiders have sold 15,546 shares of company stock worth $4,207,192 in the last 90 days. 0.84% of the stock is owned by insiders.

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.