Envestnet Asset Management Inc. Sells 20,426 Shares of Labcorp Holdings Inc. (NYSE:LH)

Envestnet Asset Management Inc. decreased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 273,715 shares of the medical research company's stock after selling 20,426 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.33% of Labcorp worth $63,704,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC increased its position in 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 acquiring an additional 52 shares during the period. Graney & King LLC acquired a new stake in Labcorp during the fourth quarter worth $26,000. North Capital Inc. acquired a new stake in Labcorp during the first quarter worth $27,000. Garde Capital Inc. acquired a new stake in Labcorp during the first quarter worth $36,000. Finally, Heck Capital Advisors LLC acquired a new stake in Labcorp during the fourth quarter worth $44,000. Institutional investors own 95.94% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Piper Sandler reiterated a "neutral" rating and set a $280.00 price target (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Truist Financial upped their price target on Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Wall Street Zen cut Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Evercore ISI upped their price target on Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Barclays reissued a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Labcorp currently has an average rating of "Moderate Buy" and a consensus price target of $276.38.

Labcorp Trading Down 1.6%

Shares of LH stock traded down $4.07 during mid-day trading on Tuesday, reaching $245.73. 626,722 shares of the stock traded hands, compared to its average volume of 650,833. The stock's fifty day simple moving average is $253.70 and its two-hundred day simple moving average is $243.40. Labcorp Holdings Inc. has a 1-year low of $205.98 and a 1-year high of $265.72. The company has a market cap of $20.57 billion, a price-to-earnings ratio of 28.41, a price-to-earnings-growth ratio of 1.58 and a beta of 0.82. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68.

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, topping analysts' consensus estimates of $3.73 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $3.68 earnings per share. On average, research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.17%. Labcorp's dividend payout ratio (DPR) is currently 33.29%.

Insider Buying and Selling at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total transaction of $132,500.00. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the business's stock in a transaction on 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 sale, the chief executive officer owned 98,962 shares in the company, valued at approximately $24,614,818.26. The trade was a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,834 shares of company stock valued at $2,928,714 in the last three months. Insiders own 0.84% of the company's stock.

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.