Labcorp Holdings Inc. (NYSE:LH) Shares Acquired by Forsta AP Fonden

Key Points

• Forsta AP Fonden has increased its position in Labcorp Holdings Inc. by 48.1%, owning 26,800 shares valued at approximately $6.24 million as of the latest SEC filing.
• Directors at Labcorp have sold a total of 8,500 shares worth about $2.27 million over the last three months, which indicates notable insider selling activity.
• Labcorp's stock has recently been rated as a "buy" by multiple analysts, with price targets raised to between $290 and $310, reflecting optimistic growth expectations for the company.

Forsta AP Fonden boosted its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 48.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,800 shares of the medical research company's stock after purchasing an additional 8,700 shares during the period. Forsta AP Fonden's holdings in Labcorp were worth $6,237,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of LH. Select Equity Group L.P. grew its position in shares of Labcorp by 150.9% in the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after purchasing an additional 959,981 shares during the period. GAMMA Investing LLC grew its position in shares of Labcorp by 37,334.2% in the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after purchasing an additional 807,539 shares during the period. Freestone Grove Partners LP purchased a new stake in shares of Labcorp in the fourth quarter valued at $48,693,000. Raymond James Financial Inc. purchased a new stake in shares of Labcorp in the fourth quarter valued at $33,779,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Labcorp in the fourth quarter valued at $25,929,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Insiders Place Their Bets

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the transaction, the director owned 6,656 shares in the company, valued at approximately $1,763,507.20. The trade was a 23.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares in the company, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,143 shares of company stock worth $3,771,840. 0.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. HSBC downgraded 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. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Evercore ISI lifted their target price on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Morgan Stanley lifted their target price on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, UBS Group lifted their target price on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $289.58.

Labcorp Stock Down 0.5%

Shares of NYSE LH traded down $1.25 on Thursday, hitting $271.29. The company had a trading volume of 213,473 shares, compared to its average volume of 725,061. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The business has a 50 day moving average of $258.82 and a two-hundred day moving average of $246.82. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $22.54 billion, a P/E ratio of 29.94, a PEG ratio of 1.72 and a beta of 0.78.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS 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 business had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.49 billion. During the same quarter in the previous year, the firm posted $3.94 earnings per share. The company's revenue was up 9.6% compared to the same quarter last year. As a group, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. Labcorp's dividend payout ratio (DPR) is 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.