Labcorp Holdings Inc. $LH Shares Sold by Park Avenue Securities LLC

Key Points

• Park Avenue Securities LLC reduced its stake in Labcorp Holdings Inc. by 18.2% during the second quarter, holding 5,844 shares worth approximately $1.53 million at the end of the reporting period.
• Labcorp's stock price targets were raised by several analysts, with Morgan Stanley and Truist Financial setting new targets of $306.00 and $310.00, respectively.
• The company reported $4.35 earnings per share for its last quarter, exceeding estimates and marking a 9.6% increase in revenue year-over-year.

Park Avenue Securities LLC trimmed its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 18.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,844 shares of the medical research company's stock after selling 1,300 shares during the period. Park Avenue Securities LLC's holdings in Labcorp were worth $1,534,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Morgan Stanley lifted their target price on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Evercore ISI lifted their target price on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Robert W. Baird set a $311.00 target price on Labcorp in a research note on Monday, August 25th. Truist Financial lifted their target price on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Barclays restated a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Labcorp Stock Performance

Shares of NYSE LH opened at $276.18 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $270.42 and a 200-day simple moving average of $252.68. The company has a market cap of $22.95 billion, a PE ratio of 30.48, a P/E/G ratio of 1.79 and a beta of 0.85. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The business's revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were given a dividend of $0.72 per share. The ex-dividend date was Thursday, August 28th. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's payout ratio is currently 31.79%.

Insiders Place Their Bets

In other Labcorp news, Director Kerrii B. Anderson sold 3,500 shares of the company'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 completion of the sale, the director directly owned 8,666 shares in the company, valued at $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the sale, the executive vice president owned 2,274 shares of the company's stock, valued at $617,209.08. This trade represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,546 shares of company stock valued at $4,207,192. Corporate 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.

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