Cooke & Bieler LP Decreases Stake in Labcorp Holdings Inc. (NYSE:LH)

Cooke & Bieler LP reduced its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 833,215 shares of the medical research company's stock after selling 15,046 shares during the period. Labcorp makes up approximately 1.9% of Cooke & Bieler LP's investment portfolio, making the stock its 13th biggest position. Cooke & Bieler LP owned 1.00% of Labcorp worth $193,922,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its holdings in shares of Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after buying an additional 52 shares in the last quarter. Graney & King LLC acquired a new position in shares of Labcorp during the fourth quarter worth $26,000. North Capital Inc. acquired a new position in shares of Labcorp during the first quarter worth $27,000. TruNorth Capital Management LLC acquired a new position in shares of Labcorp during the first quarter worth $28,000. Finally, Larson Financial Group LLC increased its holdings in shares of Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after buying an additional 73 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Adam H. Schechter sold 6,105 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the transaction, the chief executive officer owned 98,962 shares of the company's stock, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kerrii B. Anderson sold 500 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total transaction of $132,500.00. Following the completion of the transaction, the director directly owned 12,166 shares in the company, valued at approximately $3,223,990. The trade was a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,834 shares of company stock worth $2,928,714 in the last 90 days. Company insiders own 0.84% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wall Street Zen cut shares of Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Evercore ISI boosted their price objective on shares of Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a report on Thursday, July 10th. Piper Sandler reiterated a "neutral" rating and set a $280.00 price target (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Finally, Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Labcorp presently has an average rating of "Moderate Buy" and an average target price of $276.38.

Labcorp Stock Up 0.5%

Shares of LH stock traded up $1.16 on Thursday, reaching $247.14. 645,080 shares of the company were exchanged, compared to its average volume of 652,474. The company has a market cap of $20.69 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 1.56 and a beta of 0.82. The company has a 50-day moving average of $253.73 and a 200-day moving average of $243.44. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. Labcorp Holdings Inc. has a one year low of $205.98 and a one year high of $265.72.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. The company 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 business's revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.68 EPS. Analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

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 given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.17%. Labcorp's payout ratio is 33.29%.

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.