Labcorp Holdings Inc. $LH Stake Lessened by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Labcorp stake by 57.6% in the third quarter, selling 39,926 shares and retaining 29,379 shares valued at $9.05 million. Institutional investors collectively own 95.94% of the company.
• Analysts maintain a “Moderate Buy” consensus on Labcorp, with eight Buy ratings and three Holds and an average price target of $337.73.
• Labcorp shares opened at $319.16, while the company’s latest quarterly results beat expectations with $4.99 in adjusted EPS and $3.73 billion in revenue, up 5.8% year over year.

Assenagon Asset Management S.A. reduced its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 57.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,379 shares of the medical research company's stock after selling 39,926 shares during the period. Assenagon Asset Management S.A.'s holdings in Labcorp were worth $9,052,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Allied Private Wealth LLC purchased a new position in shares of Labcorp in the 2nd quarter valued at approximately $33,000. Cedar Mountain Advisors LLC lifted its position in Labcorp by 786.7% during the first quarter. Cedar Mountain Advisors LLC now owns 133 shares of the medical research company's stock valued at $35,000 after buying an additional 118 shares during the period. SHP Wealth Management bought a new stake in shares of Labcorp during the 4th quarter valued at $40,000. Jones Financial Companies Lllp bought a new stake in shares of Labcorp during the 2nd quarter valued at $58,000. Finally, Steph & Co. bought a new stake in shares of Labcorp during the 1st quarter valued at $64,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on LH shares. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $306.00 price target on shares of Labcorp in a research note on Friday, July 31st. Truist Financial lifted their price target on shares of Labcorp from $350.00 to $365.00 and gave the company a "buy" rating in a research report on Monday, September 21st. Mizuho set a $355.00 price objective on shares of Labcorp in a research note on Monday, August 10th. Bank of America upped their price objective on shares of Labcorp from $300.00 to $320.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Labcorp from $330.00 to $360.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $337.73.

Insider Transactions at Labcorp

In related news, Director Kerrii B. Anderson sold 3,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $318.02, for a total transaction of $954,060.00. Following the sale, the director directly owned 6,563 shares of the company's stock, valued at approximately $2,087,165.26. This represents a 31.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Amy B. Summy sold 924 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $306.74, for a total transaction of $283,427.76. Following the sale, the executive vice president owned 6,956 shares of the company's stock, valued at approximately $2,133,683.44. This represents a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 8,593 shares of company stock valued at $2,733,295 in the last quarter. 0.84% of the stock is owned by insiders.

Labcorp Stock Up 0.4%

Shares of NYSE:LH opened at $319.16 on Tuesday. The stock has a fifty day simple moving average of $320.55 and a two-hundred day simple moving average of $289.63. The stock has a market capitalization of $25.88 billion, a price-to-earnings ratio of 26.40, a PEG ratio of 1.81 and a beta of 0.87. Labcorp Holdings Inc. has a 12-month low of $244.52 and a 12-month high of $341.80. The company has a current ratio of 1.80, a quick ratio of 1.53 and a debt-to-equity ratio of 0.69.

Labcorp (NYSE:LH - Get Free Report) last released its earnings results on Thursday, July 30th. The medical research company reported $4.99 EPS for the quarter, topping the consensus estimate of $4.78 by $0.21. Labcorp had a return on equity of 16.74% and a net margin of 6.99%. The business had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.71 billion. During the same period in the previous year, the company posted $4.35 earnings per share. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. Labcorp has set its FY 2026 guidance at 18.100-18.550 EPS. On average, research analysts anticipate that Labcorp Holdings Inc. will post 18.32 earnings per share for the current fiscal year.

Labcorp Company Profile

Labcorp NYSE: LH, formally Laboratory Corporation of America Holdings, is a global life sciences and healthcare company headquartered in Burlington, North Carolina. The company provides laboratory testing and diagnostic services to physicians, hospitals, health systems, employers, insurers and consumers.

Through its diagnostics operations, Labcorp offers routine and specialty testing, oncology diagnostics, women's health testing, genetic testing, pathology services and other laboratory services.

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