Voya Investment Management LLC Grows Holdings in Labcorp Holdings Inc. $LH

Key Points

• Voya Investment Management LLC increased its holdings in Labcorp by 111.2% in Q1, owning 52,630 shares worth approximately $12.25 million.
• Labcorp reported $3.53 billion in revenue for its last quarter, exceeding analysts' expectations, and its earnings per share were $4.35, surpassing estimates by $0.21.
• The company recently declared a quarterly dividend of $0.72, with an annualized yield of 1.1%, reflecting a payout ratio of 31.79%.

Voya Investment Management LLC grew its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 111.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,630 shares of the medical research company's stock after purchasing an additional 27,708 shares during the period. Voya Investment Management LLC owned approximately 0.06% of Labcorp worth $12,249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its stake in Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after acquiring an additional 52 shares during the last quarter. North Capital Inc. acquired a new position in shares of Labcorp during the 1st quarter worth approximately $27,000. TruNorth Capital Management LLC purchased a new stake in shares of Labcorp during the 1st quarter valued at approximately $28,000. Larson Financial Group LLC raised its position in shares of Labcorp by 140.4% during the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after buying an additional 73 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Labcorp in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Insider Activity

In related news, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the transaction, the chief executive officer directly owned 93,319 shares of the company's stock, valued at $24,895,642.82. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 transaction of $529,900.00. Following the transaction, the director directly owned 6,656 shares of the company's stock, valued at $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,546 shares of company stock valued at $4,207,192. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on LH shares. Hsbc Global Res downgraded shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 10th. Robert W. Baird set a $311.00 price target on shares of Labcorp in a research note on Monday, August 25th. 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 note on Thursday, July 10th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Morgan Stanley boosted their target price on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research note on Friday, July 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $290.33.

Labcorp Stock Performance

Shares of NYSE:LH traded down $0.08 on Friday, reaching $277.07. The company's stock had a trading volume of 1,064,764 shares, compared to its average volume of 390,173. The stock's 50-day moving average is $267.90 and its two-hundred day moving average is $251.92. 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 current ratio of 1.50 and a quick ratio of 1.32. The stock has a market capitalization of $23.02 billion, a P/E ratio of 30.58, a PEG ratio of 1.77 and a beta of 0.85.

Labcorp (NYSE:LH - Get Free Report) last announced its earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The business had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. During the same period in the prior year, the company earned $3.94 earnings per share. The business's revenue was up 9.6% compared to the same quarter last year. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

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