Mackenzie Financial Corp Grows Stake in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Mackenzie Financial Corp increased its stake in Labcorp Holdings by 188.4% in the first quarter, totaling 32,846 shares valued at $7.645 million.
• Analysts' ratings of Labcorp are mixed, with an average rating of "Moderate Buy" and target prices ranging from $260 to $310 according to various research reports.
• Labcorp recently announced a quarterly dividend of $0.72 per share, reflecting a 1.1% dividend yield and a payout ratio of 31.79%.

Mackenzie Financial Corp grew its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 188.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 32,846 shares of the medical research company's stock after buying an additional 21,456 shares during the quarter. Mackenzie Financial Corp's holdings in Labcorp were worth $7,645,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC raised its position in shares of Labcorp by 88.1% in the 1st 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 in the last quarter. North Capital Inc. bought a new position in shares of Labcorp in the 1st quarter worth approximately $27,000. TruNorth Capital Management LLC bought a new position in shares of Labcorp in the 1st quarter worth approximately $28,000. Larson Financial Group LLC raised its position in shares of Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after acquiring an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in shares of Labcorp in the 1st quarter worth approximately $31,000. Institutional investors own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

LH has been the subject of several research reports. Evercore ISI increased their target price on Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective for the company. in a research report on Thursday, July 10th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Truist Financial raised their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Hsbc Global Res lowered Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Labcorp Stock Performance

Shares of LH opened at $259.56 on Friday. The business's fifty day simple moving average is $255.68 and its two-hundred day simple moving average is $245.30. The company has a current ratio of 1.50, a quick ratio of 1.32 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 company has a market cap of $21.73 billion, a price-to-earnings ratio of 28.65, a P/E/G ratio of 1.69 and a beta of 0.82.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the business posted $3.94 EPS. Research analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp's dividend payout ratio (DPR) is currently 31.79%.

Insider Transactions at Labcorp

In other news, CEO Adam H. Schechter sold 6,105 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the transaction, the chief executive officer directly owned 98,962 shares in the company, valued at $24,614,818.26. This trade represents a 5.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares in the company, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,605 shares of company stock worth $3,254,997 in the last ninety 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.

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