Labcorp Holdings Inc. (NYSE:LH) Shares Purchased by Cetera Investment Advisers

Cetera Investment Advisers lifted its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 21.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,916 shares of the medical research company's stock after acquiring an additional 3,463 shares during the quarter. Cetera Investment Advisers' holdings in Labcorp were worth $4,635,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Freestone Grove Partners LP acquired a new stake in Labcorp during the fourth quarter valued at $48,693,000. Brighton Jones LLC acquired a new stake in Labcorp during the fourth quarter valued at $991,000. Southeast Asset Advisors LLC acquired a new stake in Labcorp during the fourth quarter valued at $1,909,000. Scotia Capital Inc. grew its position in Labcorp by 14.2% during the fourth quarter. Scotia Capital Inc. now owns 103,209 shares of the medical research company's stock valued at $23,669,000 after buying an additional 12,832 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position 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 valued at $8,421,000 after buying an additional 16,574 shares during the period. Institutional investors and hedge funds own 95.94% of the company's stock.

Insiders Place Their Bets

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total transaction of $494,000.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,605 shares of company stock worth $3,784,897 in the last three months. 0.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on LH. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Truist Financial increased their price objective on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. UBS Group increased their price objective on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, Evercore ISI increased their price objective on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a 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 assigned a buy rating to the company. According to MarketBeat.com, Labcorp presently has a consensus rating of "Moderate Buy" and an average target price of $289.58.

Labcorp Price Performance

Shares of LH stock opened at $261.34 on Monday. 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 company has a market capitalization of $21.87 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.67 and a beta of 0.78. The firm's 50-day moving average is $256.06 and its two-hundred day moving average is $245.59. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last issued 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. The company had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.94 earnings per share. Analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

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 paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.1%. Labcorp's dividend payout ratio (DPR) is 31.79%.

Labcorp Company Profile

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

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.