Mirae Asset Global Investments Co. Ltd. Acquires 1,108 Shares of Labcorp Holdings Inc. (NYSE:LH)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,502 shares of the medical research company's stock after purchasing an additional 1,108 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Labcorp were worth $2,416,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of LH. SP Asset Management LLC boosted its stake in Labcorp by 0.3% in the fourth quarter. SP Asset Management LLC now owns 15,186 shares of the medical research company's stock valued at $3,483,000 after buying an additional 43 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Labcorp by 5.0% during the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock valued at $204,000 after purchasing an additional 44 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Labcorp by 9.7% during the fourth quarter. Signaturefd LLC now owns 588 shares of the medical research company's stock valued at $135,000 after purchasing an additional 52 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in shares of Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after purchasing an additional 52 shares in the last quarter. Finally, Colonial Trust Co SC boosted its stake in shares of 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 purchasing an additional 53 shares in the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on LH shares. Barclays reissued a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Truist Financial lifted their price target on Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Redburn Atlantic started coverage on Labcorp in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Wall Street Zen lowered Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Morgan Stanley raised their price objective on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Labcorp currently has a consensus rating of "Moderate Buy" and an average price target of $276.08.

Labcorp Trading Up 0.7%

LH stock traded up $1.89 during mid-day trading on Friday, reaching $261.89. The company's stock had a trading volume of 271,298 shares, compared to its average volume of 640,698. The company has a market cap of $21.92 billion, a price-to-earnings ratio of 30.28, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. The business's 50 day moving average price is $252.11 and its 200 day moving average price is $242.14. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a 12 month low of $198.96 and a 12 month high of $265.72.

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

Labcorp Dividend Announcement

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

Insider Buying and Selling

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the sale, the chief executive officer owned 98,962 shares in the company, valued at approximately $24,614,818.26. The trade was a 5.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total transaction of $452,884.00. Following the sale, the executive vice president owned 2,244 shares of the company's stock, valued at $534,879.84. This trade represents a 45.85% decrease in their position. 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. Corporate 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.