Labcorp Holdings Inc. (NYSE:LH) Stock Position Raised by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its ownership in Labcorp Holdings Inc. by 0.7%, now holding 11.62% of the company's shares, valued at approximately $2.26 billion.
• Labcorp's recent earnings report showed an EPS of $4.35, surpassing analysts' expectations, and its revenue grew 9.6% year-over-year.
• The company has declared a quarterly dividend of $0.72 per share, representing an annualized yield of 1.1% and a payout ratio of 31.79%.

Vanguard Group Inc. raised its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,722,508 shares of the medical research company's stock after buying an additional 71,464 shares during the period. Vanguard Group Inc. owned approximately 11.62% of Labcorp worth $2,262,817,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Labcorp by 2.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock worth $455,370,000 after purchasing an additional 40,814 shares in the last quarter. Select Equity Group L.P. increased its stake in shares of Labcorp by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after purchasing an additional 959,981 shares in the last quarter. Northern Trust Corp grew its stake in Labcorp by 1.0% in the 4th quarter. Northern Trust Corp now owns 1,011,116 shares of the medical research company's stock worth $231,869,000 after acquiring an additional 9,802 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Labcorp by 7.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 984,227 shares of the medical research company's stock worth $225,703,000 after acquiring an additional 70,208 shares during the period. Finally, GAMMA Investing LLC grew its stake in Labcorp by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after acquiring an additional 807,539 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 target price (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Morgan Stanley lifted 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. UBS Group lifted their target price on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Finally, Evercore ISI lifted their price target 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 issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.

Insider Transactions at Labcorp

In other news, EVP Brian J. Caveney sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the sale, the executive vice president owned 30,067 shares of the company's stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $529,900.00. Following the completion of the sale, the director directly owned 6,656 shares of the company's stock, valued at $1,763,507.20. The trade was a 23.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,500 shares of company stock valued at $2,266,400. Insiders own 0.84% of the company's stock.

Labcorp Stock Up 0.6%

Shares of NYSE:LH traded up $1.49 during midday trading on Tuesday, hitting $269.16. 413,560 shares of the company's stock traded hands, compared to its average volume of 781,614. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The company has a market cap of $22.37 billion, a PE ratio of 29.71, a P/E/G ratio of 1.71 and a beta of 0.78. The firm's fifty day moving average price is $258.46 and its two-hundred day moving average price is $246.64. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $283.47.

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

Labcorp Dividend Announcement

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

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.