Labcorp Holdings Inc. (NYSE:LH) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA reduced its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 0.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 574,030 shares of the medical research company's stock after selling 1,289 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.69% of Labcorp worth $133,600,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in Labcorp during the 4th quarter valued at about $239,811,000. Select Equity Group L.P. boosted its position in Labcorp by 150.9% during the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after purchasing an additional 959,981 shares in the last quarter. GAMMA Investing LLC boosted its position in Labcorp by 37,334.2% during the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after purchasing an additional 807,539 shares in the last quarter. Alliancebernstein L.P. boosted its position in Labcorp by 59.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock worth $234,160,000 after purchasing an additional 380,624 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in Labcorp during the fourth quarter worth approximately $48,693,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LH. Evercore ISI lifted their price target on Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Piper Sandler restated a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price on the stock. in a research report on Thursday, July 10th. Morgan Stanley raised their target price on Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Finally, Robert W. Baird raised their target price on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $276.08.

Labcorp Stock Down 1.4%

Shares of NYSE:LH traded down $3.51 on Friday, hitting $243.73. 573,360 shares of the company's stock were exchanged, compared to its average volume of 652,159. Labcorp Holdings Inc. has a 1-year low of $205.98 and a 1-year high of $265.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The company has a market capitalization of $20.40 billion, a PE ratio of 28.18, a P/E/G ratio of 1.56 and a beta of 0.82. The firm's 50-day moving average is $253.69 and its 200 day moving average is $243.56.

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 for the quarter, beating 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 business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the business earned $3.68 EPS. The business's quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.18%. Labcorp's dividend payout ratio is presently 33.29%.

Insider Activity

In other news, CAO Peter J. Wilkinson sold 829 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the transaction, the chief accounting officer directly owned 2,054 shares of the company's stock, valued at approximately $497,602.04. This represents a 28.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,834 shares of company stock worth $2,928,714 over the last quarter. 0.84% of the stock is owned by insiders.

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.