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

Iridian Asset Management LLC CT decreased its position 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 SEC. 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.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its holdings in Labcorp by 88.1% in the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after purchasing an additional 52 shares during the period. Graney & King LLC acquired a new stake in shares of Labcorp in the 4th quarter valued at about $26,000. North Capital Inc. bought a new stake in Labcorp in the 1st quarter valued at about $27,000. Garde Capital Inc. acquired a new position in Labcorp during the 1st quarter worth approximately $36,000. Finally, Heck Capital Advisors LLC bought a new position in Labcorp in the fourth quarter worth approximately $44,000. Institutional investors own 95.94% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on LH shares. Truist Financial increased their target price on Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Redburn Atlantic initiated coverage on shares of Labcorp in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 target price for the company. Barclays restated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Finally, Morgan Stanley lifted their price target on Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $277.75.

Labcorp Stock Performance

Shares of NYSE:LH traded up $2.00 during mid-day trading on Wednesday, reaching $259.45. The company had a trading volume of 527,493 shares, compared to its average volume of 642,200. The company's 50-day moving average price is $253.01 and its 200-day moving average price is $242.66. Labcorp Holdings Inc. has a one year low of $198.96 and a one year high of $265.72. The firm has a market cap of $21.72 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 1.63 and a beta of 0.82. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68.

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 (EPS) 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 for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the prior year, the business posted $3.68 earnings per share. The business's quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.11%. Labcorp's dividend payout ratio is 33.29%.

Insider Buying and Selling at Labcorp

In other news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total value of $452,884.00. Following the transaction, the executive vice president owned 2,244 shares of the company's stock, valued at $534,879.84. This represents a 45.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the chief executive officer owned 98,962 shares in the company, valued at $24,614,818.26. The trade was a 5.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,834 shares of company stock valued at $2,928,714 over the last 90 days. Insiders own 0.84% of the company's stock.

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.