Labcorp Holdings Inc. (NYSE:LH) Shares Acquired by Westpac Banking Corp

Key Points

• Westpac Banking Corp increased its stake in Labcorp Holdings Inc. by an astounding 9,568.2%, owning 17,306 shares valued at approximately $4,028,000 as of its latest SEC filing.
• Labcorp recently reported quarterly earnings of $4.35 per share, exceeding analysts' expectations and showing a 9.6% revenue increase year-over-year, with total revenue of $3.53 billion.
• The company announced a quarterly dividend of $0.72 per share, set to be paid on September 11th, reflecting a 1.1% annual dividend yield.

Westpac Banking Corp grew its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 9,568.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,306 shares of the medical research company's stock after buying an additional 17,127 shares during the quarter. Westpac Banking Corp's holdings in Labcorp were worth $4,028,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Freestone Grove Partners LP acquired a new stake in shares of Labcorp in the fourth quarter valued at approximately $48,693,000. Brighton Jones LLC acquired a new position in Labcorp during the fourth quarter worth $991,000. Wealth Enhancement Advisory Services LLC increased its holdings in Labcorp by 84.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,182 shares of the medical research company's stock worth $8,421,000 after buying an additional 16,574 shares during the last quarter. Wahed Invest LLC increased its holdings in Labcorp by 5.3% during the fourth quarter. Wahed Invest LLC now owns 2,147 shares of the medical research company's stock worth $492,000 after buying an additional 108 shares during the last quarter. Finally, Wealthfront Advisers LLC increased its holdings in Labcorp by 1.8% during the first quarter. Wealthfront Advisers LLC now owns 6,565 shares of the medical research company's stock worth $1,528,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Labcorp Stock Down 0.5%

Shares of LH traded down $1.25 during trading hours on Thursday, reaching $271.29. The stock had a trading volume of 335,505 shares, compared to its average volume of 726,151. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The firm has a 50-day simple moving average of $259.20 and a 200 day simple moving average of $246.97. 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 company has a market capitalization of $22.54 billion, a price-to-earnings ratio of 29.94, a P/E/G ratio of 1.72 and a beta of 0.78.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The company had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same quarter last year, the firm posted $3.94 EPS. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp's payout ratio is 31.79%.

Analyst Ratings Changes

A number of research firms have commented on LH. Truist Financial lifted their price objective on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. HSBC cut shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective for the company. in a research report on Thursday, July 10th. Robert W. Baird lifted their price objective on shares of Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Finally, Morgan Stanley lifted their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Labcorp presently has a consensus rating of "Moderate Buy" and an average target price of $289.58.

Insider Activity

In related news, CEO Adam H. Schechter sold 5,643 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the sale, the chief executive officer owned 93,319 shares in the company, valued at $24,895,642.82. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the transaction, the executive vice president directly owned 30,067 shares in the company, valued at $7,426,549. This trade represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,143 shares of company stock valued at $3,771,840. Corporate insiders own 0.84% of the company's stock.

Labcorp Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.