Marietta Wealth Management LLC Purchases 7,304 Shares of Labcorp Holdings Inc. (NYSE:LH)

Marietta Wealth Management LLC increased its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 34.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,555 shares of the medical research company's stock after purchasing an additional 7,304 shares during the period. Marietta Wealth Management LLC's holdings in Labcorp were worth $6,646,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of LH. Geode Capital Management LLC increased its holdings in Labcorp by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company's stock valued at $458,334,000 after acquiring an additional 39,255 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Labcorp by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,822,964 shares of the medical research company's stock valued at $418,042,000 after acquiring an additional 41,898 shares during the last quarter. FMR LLC increased its holdings in Labcorp by 2.2% in the 4th quarter. FMR LLC now owns 1,620,826 shares of the medical research company's stock valued at $371,688,000 after acquiring an additional 34,429 shares during the last quarter. Select Equity Group L.P. increased its holdings in Labcorp by 150.9% in the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after acquiring an additional 959,981 shares during the last quarter. Finally, Amundi increased its holdings in Labcorp by 344.9% in the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company's stock valued at $263,161,000 after acquiring an additional 870,903 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insider Activity at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of Labcorp stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $260.00, for a total transaction of $130,000.00. Following the completion of the sale, the director now owns 12,666 shares in the company, valued at $3,293,160. This trade represents a 3.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $238.36, for a total transaction of $452,884.00. Following the completion of the sale, the executive vice president now owns 2,244 shares of the company's stock, valued at approximately $534,879.84. This represents a 45.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,092 shares of company stock worth $2,971,820 in the last 90 days. 0.84% of the stock is owned by corporate insiders.

Labcorp Price Performance

LH stock opened at $262.03 on Friday. Labcorp Holdings Inc. has a 12 month low of $198.96 and a 12 month high of $264.03. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. The company has a 50-day moving average price of $244.36 and a 200 day moving average price of $240.20. The stock has a market cap of $21.93 billion, a PE ratio of 30.29, a P/E/G ratio of 1.66 and a beta of 0.81.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period in the previous year, the company earned $3.68 EPS. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. Equities research analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.10%. Labcorp's payout ratio is 33.29%.

Analyst Upgrades and Downgrades

LH has been the subject of a number of recent research reports. Piper Sandler reissued 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. Barclays lifted their price objective on shares of Labcorp from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. Redburn Atlantic initiated coverage on shares of Labcorp in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price objective for the company. Citigroup raised shares of Labcorp from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $250.00 to $300.00 in a research note on Tuesday, March 4th. Finally, Truist Financial lifted their price objective on shares of Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Labcorp has a consensus rating of "Moderate Buy" and an average price target of $274.00.

Labcorp Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.