Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 10.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,969 shares of the medical research company's stock after purchasing an additional 13,620 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Labcorp worth $34,206,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Labcorp by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company's stock worth $2,262,817,000 after purchasing an additional 71,464 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Labcorp by 2.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company's stock worth $455,370,000 after purchasing an additional 40,814 shares during the last quarter. Select Equity Group L.P. raised its holdings in shares of Labcorp by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock worth $365,985,000 after acquiring an additional 959,981 shares during the period. Northern Trust Corp raised its holdings in shares of Labcorp by 1.0% during the 4th quarter. Northern Trust Corp now owns 1,011,116 shares of the medical research company's stock worth $231,869,000 after acquiring an additional 9,802 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Labcorp by 7.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 984,227 shares of the medical research company's stock worth $225,703,000 after acquiring an additional 70,208 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.
Labcorp Price Performance
NYSE:LH traded down $1.25 during trading hours on Thursday, hitting $271.30. The company's stock had a trading volume of 95,319 shares, compared to its average volume of 724,544. The business's 50-day moving average is $258.82 and its two-hundred day moving average is $246.82. The company has a market capitalization of $22.54 billion, a PE ratio of 29.92, a PEG ratio of 1.72 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-week high of $283.47.
Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. The business had revenue of $3.53 billion for 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 revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.94 earnings per share. As a group, research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.
Labcorp Dividend Announcement
The company also recently disclosed 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 annualized dividend and a dividend yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.
Insider Transactions at Labcorp
In other Labcorp news, Director Dwight Gary Gilliland sold 2,000 shares of Labcorp stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total transaction of $529,900.00. Following the sale, the director directly owned 6,656 shares in the company, valued at $1,763,507.20. The trade was a 23.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adam H. Schechter sold 5,643 shares of Labcorp stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares of the company's stock, valued at approximately $24,895,642.82. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,143 shares of company stock valued at $3,771,840. 0.84% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. Truist Financial lifted their price target on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, July 25th. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a report on Thursday, July 10th. Piper Sandler restated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Barclays restated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Finally, UBS Group boosted their price objective on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Labcorp has an average rating of "Moderate Buy" and a consensus price target of $289.58.
Get Our Latest Analysis on Labcorp
About Labcorp
(
Free Report)
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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