Iridian Asset Management LLC CT Sells 16,272 Shares of Labcorp Holdings Inc. (NYSE:LH)

Iridian Asset Management LLC CT reduced its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 79.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,223 shares of the medical research company's stock after selling 16,272 shares during the quarter. Iridian Asset Management LLC CT's holdings in Labcorp were worth $983,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Rehmann Capital Advisory Group raised its holdings in shares of Labcorp by 2.1% during the first quarter. Rehmann Capital Advisory Group now owns 3,000 shares of the medical research company's stock valued at $698,000 after buying an additional 62 shares during the last quarter. Hourglass Capital LLC acquired a new stake in Labcorp in the 1st quarter valued at approximately $233,000. Brown Advisory Inc. raised its stake in Labcorp by 8.8% during the 1st quarter. Brown Advisory Inc. now owns 69,611 shares of the medical research company's stock valued at $16,201,000 after acquiring an additional 5,644 shares in the last quarter. Highview Capital Management LLC DE acquired a new position in Labcorp during the 1st quarter worth $1,416,000. Finally, TD Private Client Wealth LLC grew its stake in shares of Labcorp by 8.2% in the first quarter. TD Private Client Wealth LLC now owns 5,011 shares of the medical research company's stock worth $1,166,000 after purchasing an additional 379 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Stock Down 1.7%

Shares of NYSE LH traded down $4.39 during mid-day trading on Friday, reaching $249.24. 1,139,598 shares of the company traded hands, compared to its average volume of 648,136. The company's fifty day moving average is $253.62 and its two-hundred day moving average is $242.95. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. Labcorp Holdings Inc. has a fifty-two week low of $200.90 and a fifty-two week high of $265.72. The stock has a market cap of $20.86 billion, a PE ratio of 28.81, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82.

Labcorp (NYSE:LH - Get Free Report) last posted its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the company earned $3.68 EPS. The company's revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts expect 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. Stockholders of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.16%. Labcorp's dividend payout ratio (DPR) is presently 33.29%.

Analyst Ratings Changes

LH has been the subject of several research analyst reports. Evercore ISI upped their price objective on Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday. Robert W. Baird upped their price target on shares of Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Hsbc Global Res cut shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Wall Street Zen cut Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Barclays restated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $276.38.

Insider Activity at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the transaction, the chief executive officer directly owned 98,962 shares in the company, valued at $24,614,818.26. This represents a 5.81% 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, CAO Peter J. Wilkinson sold 829 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the transaction, the chief accounting officer directly owned 2,054 shares in the company, valued at $497,602.04. The trade was a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,834 shares of company stock valued at $2,928,714. 0.84% of the stock is owned by corporate insiders.

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.