Hotchkis & Wiley Capital Management LLC Decreases Stake in Labcorp Holdings Inc. $LH

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Labcorp by 2.2%, owning approximately 0.46% of the company worth $90.6 million after selling 8,656 shares in the first quarter.
• Several analysts raised their price targets for Labcorp, with Morgan Stanley setting a new target of $306.00 and overall ratings indicating a consensus of "Moderate Buy."
• Labcorp declared a quarterly dividend of $0.72 per share, translating to an annual yield of 1.0%, with a payout ratio of 31.79%.

Hotchkis & Wiley Capital Management LLC lessened its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 389,174 shares of the medical research company's stock after selling 8,656 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.46% of Labcorp worth $90,576,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in LH. Select Equity Group L.P. boosted its holdings in shares of Labcorp by 150.9% during the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after acquiring an additional 959,981 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Labcorp by 37,334.2% during the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after acquiring an additional 807,539 shares during the period. Invesco Ltd. boosted its holdings in shares of Labcorp by 28.9% during the first quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock worth $330,750,000 after acquiring an additional 318,865 shares during the period. Lord Abbett & CO. LLC boosted its holdings in shares of Labcorp by 55.9% during the first quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company's stock worth $181,819,000 after acquiring an additional 280,011 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in shares of Labcorp during the fourth quarter worth approximately $48,693,000. Institutional investors own 95.94% of the company's stock.

Insider Activity

In other Labcorp news, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the sale, the chief executive officer directly owned 93,319 shares in the company, valued at approximately $24,895,642.82. This trade represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value 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. In the last 90 days, insiders sold 18,046 shares of company stock worth $4,831,192. 0.84% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. UBS Group lifted their price target on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Robert W. Baird set a $311.00 price target on shares of Labcorp in a research report on Monday. HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a research report on Thursday, July 10th. Piper Sandler reiterated a "neutral" rating and issued a $280.00 price target (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Finally, Morgan Stanley lifted their price target on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Labcorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $290.33.

Labcorp Price Performance

LH traded up $2.30 during trading on Tuesday, hitting $278.41. 449,090 shares of the stock traded hands, compared to its average volume of 531,874. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $283.47. The company has a market cap of $23.14 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 1.77 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 business has a 50 day moving average price of $261.80 and a 200 day moving average price of $248.48.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $0.21. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Equities research 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 issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Thursday, August 28th. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

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.