Oak Harvest Investment Services Acquires 5,108 Shares of Labcorp Holdings Inc. $LH

Key Points

• Oak Harvest Investment Services increased its stake in Labcorp Holdings Inc. by 102.2%, now holding a total of 10,108 shares valued at $2,353,000.
• Labcorp reported quarterly earnings of $4.35 per share, surpassing analysts' expectations by $0.21, with a revenue of $3.53 billion.
• The company declared a quarterly dividend of $0.72 per share, translating to a 1.0% yield for shareholders of record.

Oak Harvest Investment Services lifted its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 102.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,108 shares of the medical research company's stock after acquiring an additional 5,108 shares during the period. Oak Harvest Investment Services' holdings in Labcorp were worth $2,353,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC boosted 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 valued at $26,000 after acquiring an additional 52 shares during the last quarter. North Capital Inc. purchased a new stake in Labcorp in the 1st quarter worth approximately $27,000. TruNorth Capital Management LLC purchased a new stake in Labcorp in the 1st quarter worth approximately $28,000. Larson Financial Group LLC lifted its stake in Labcorp by 140.4% in the 1st 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. purchased a new stake in shares of Labcorp during the 1st quarter valued at $31,000. 95.94% of the stock is owned by institutional investors.

Insider Transactions at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the stock in a transaction on Thursday, July 24th. The shares were 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 of the company's stock, valued at $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total transaction of $529,900.00. Following 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. Over the last quarter, insiders sold 18,046 shares of company stock valued at $4,831,192. Company insiders own 0.84% of the company's stock.

Labcorp Stock Up 0.8%

Shares of LH traded up $2.30 during mid-day trading on Tuesday, reaching $278.41. The company had a trading volume of 449,090 shares, compared to its average volume of 531,874. The firm has a 50-day moving average price of $261.80 and a 200 day moving average price of $248.48. The company has a market capitalization of $23.14 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 1.77 and a beta of 0.78. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week 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.

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

Labcorp Dividend Announcement

The firm also recently announced 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 of this dividend is Thursday, August 28th. Labcorp's dividend payout ratio is currently 31.79%.

Wall Street Analyst Weigh In

LH has been the topic of several recent research reports. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Hsbc Global Res lowered shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. UBS Group raised their price target on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Evercore ISI lifted their target price 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, Truist Financial lifted their target price 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. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $290.33.

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.