Labcorp Holdings Inc. (NYSE:LH) Shares Purchased by Bessemer Group Inc.

Bessemer Group Inc. increased its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 50.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,248 shares of the medical research company's stock after acquiring an additional 1,765 shares during the quarter. Bessemer Group Inc.'s holdings in Labcorp were worth $1,220,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LH. Graney & King LLC purchased a new stake in shares of Labcorp in the fourth quarter valued at about $26,000. Garde Capital Inc. purchased a new stake in shares of Labcorp in the first quarter valued at about $36,000. Heck Capital Advisors LLC purchased a new stake in shares of Labcorp in the fourth quarter valued at about $44,000. SBI Securities Co. Ltd. purchased a new stake in shares of Labcorp in the fourth quarter valued at about $52,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Labcorp in the fourth quarter valued at about $55,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LH. Truist Financial upped their price objective on shares of Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. Redburn Atlantic assumed coverage on shares of Labcorp in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target for the company. Piper Sandler restated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Wall Street Zen cut shares of Labcorp from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Citigroup raised shares of Labcorp from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Labcorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.08.

Insider Activity at Labcorp

In other Labcorp news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total value of $452,884.00. Following the transaction, the executive vice president now directly owns 2,244 shares in the company, valued at $534,879.84. This represents a 45.85% 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, CAO Peter J. Wilkinson sold 829 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the transaction, the chief accounting officer now owns 2,054 shares in the company, valued at $497,602.04. This represents a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,334 shares of company stock valued at $2,796,214 over the last 90 days. 0.84% of the stock is owned by corporate insiders.

Labcorp Stock Up 1.3%

Shares of LH opened at $260.30 on Monday. The stock has a market capitalization of $21.79 billion, a PE ratio of 30.09, a P/E/G ratio of 1.65 and a beta of 0.81. Labcorp Holdings Inc. has a 1 year low of $198.96 and a 1 year high of $264.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The company's 50-day simple moving average is $248.19 and its 200-day simple moving average is $241.20.

Labcorp (NYSE:LH - Get Free Report) last issued its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.11. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The firm's revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $3.68 earnings per share. Analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.11%. Labcorp's dividend payout ratio (DPR) is 33.29%.

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.

Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Labcorp Holdings Inc. (NYSE:LH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.