LPL Financial LLC lessened its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 16.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,431 shares of the medical research company's stock after selling 10,115 shares during the period. LPL Financial LLC owned 0.06% of Labcorp worth $12,203,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the business. Golden State Wealth Management LLC grew its position 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 buying an additional 52 shares during the last quarter. North Capital Inc. acquired a new position in Labcorp in the first quarter worth approximately $27,000. TruNorth Capital Management LLC acquired a new position in Labcorp in the first quarter worth approximately $28,000. Larson Financial Group LLC grew its position in Labcorp by 140.4% in 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 during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in Labcorp in the first quarter worth approximately $31,000. Institutional investors own 95.94% of the company's stock.
Labcorp Trading Down 0.5%
Labcorp stock opened at $259.67 on Friday. The company's fifty day simple moving average is $257.07 and its 200-day simple moving average is $246.00. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The stock has a market cap of $21.58 billion, a P/E ratio of 28.66, a P/E/G ratio of 1.67 and a beta of 0.78.
Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating 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 business had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.49 billion. During the same period in the previous year, the company posted $3.94 EPS. Labcorp's revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.
Labcorp Dividend Announcement
The business 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 annualized dividend and a dividend yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.
Insider Activity at Labcorp
In related news, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction on 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 accessible through this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction on Wednesday, July 30th. The shares were 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 approximately $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 quarter, insiders have sold 14,605 shares of company stock valued at $3,784,897. Insiders own 0.84% of the company's stock.
Analysts Set New Price Targets
Several research analysts have issued reports on LH shares. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group lifted their price target on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Morgan Stanley lifted their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Finally, Truist Financial lifted their price objective on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.
Check Out Our Latest Report on LH
About Labcorp
(
Free Report)
Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.
Further Reading
Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Labcorp Holdings Inc. (NYSE:LH - Free Report).
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