Lord Abbett & CO. LLC Increases Stake in Labcorp Holdings Inc. $LH

Key Points

• Lord Abbett & CO. LLC increased its holdings in Labcorp Holdings Inc. by 55.9% during the 1st quarter, now owning approximately 0.93% of the company worth about $181.8 million.
• A number of research analysts have recently upgraded Labcorp's stock ratings, with Evercore ISI and Morgan Stanley increasing their price targets to $300.00 and $306.00, respectively, indicating a positive outlook.
• Labcorp announced a quarterly dividend of $0.72 per share, resulting in an annualized dividend yield of 1.1% and a payout ratio of 31.79%.

Lord Abbett & CO. LLC grew its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 55.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 781,211 shares of the medical research company's stock after buying an additional 280,011 shares during the period. Lord Abbett & CO. LLC owned 0.93% of Labcorp worth $181,819,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Wedmont Private Capital grew its holdings in Labcorp by 5.0% in the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock worth $204,000 after purchasing an additional 44 shares during the period. Cidel Asset Management Inc. boosted its position in shares of Labcorp by 5.5% in the 1st quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company's stock worth $219,000 after purchasing an additional 49 shares in the last quarter. Resonant Capital Advisors LLC grew its stake in shares of Labcorp by 1.5% in the 1st quarter. Resonant Capital Advisors LLC now owns 3,493 shares of the medical research company's stock worth $813,000 after buying an additional 51 shares during the last quarter. Golden State Wealth Management LLC increased its position in Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after buying an additional 52 shares in the last quarter. Finally, Colonial Trust Co SC raised its stake in Labcorp by 3.2% during the fourth quarter. Colonial Trust Co SC now owns 1,722 shares of the medical research company's stock valued at $395,000 after buying an additional 53 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LH shares. Truist Financial raised their price target on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a report on Friday, July 25th. UBS Group lifted their target price on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Evercore ISI increased their price objective on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Piper Sandler reissued a "neutral" rating and set a $280.00 price objective (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Finally, Robert W. Baird raised their target price on shares of Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $289.58.

Insider Activity at Labcorp

In related news, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, the director directly owned 8,666 shares of the company's stock, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total transaction of $529,900.00. Following the completion of the sale, the director owned 6,656 shares in the company, valued at approximately $1,763,507.20. This trade represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,046 shares of company stock valued at $4,831,192 in the last ninety days. Corporate insiders own 0.84% of the company's stock.

Labcorp Price Performance

Labcorp stock traded up $5.5780 during mid-day trading on Tuesday, hitting $276.0680. The stock had a trading volume of 192,935 shares, compared to its average volume of 719,514. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The firm's 50 day moving average is $259.84 and its 200 day moving average is $247.24. The firm has a market capitalization of $22.94 billion, a P/E ratio of 30.45, a P/E/G ratio of 1.73 and a beta of 0.78. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The business's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

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.