Labcorp Holdings Inc. (NYSE:LH) Stake Cut by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC reduced its stake in Labcorp Holdings Inc. by 15.8%, selling 1,249 shares and now holding 6,678 shares valued at approximately $1.55 million.
• Labcorp's stock received several upgrades from analysts, with target price increases from $285.00 to $305.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $289.58.
• Labcorp announced a quarterly dividend of $0.72 per share, payable on September 11th, with a dividend yield of 1.1% and a payout ratio of 31.79%.

Mizuho Securities USA LLC trimmed its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 15.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,678 shares of the medical research company's stock after selling 1,249 shares during the period. Mizuho Securities USA LLC's holdings in Labcorp were worth $1,554,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LH. Select Equity Group L.P. lifted 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 purchasing an additional 959,981 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Labcorp by 37,334.2% during the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after acquiring an additional 807,539 shares during the period. Freestone Grove Partners LP purchased a new position in shares of Labcorp during the 4th quarter worth about $48,693,000. Raymond James Financial Inc. purchased a new position in shares of Labcorp during the 4th quarter worth about $33,779,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Labcorp during the 4th quarter worth about $25,929,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Labcorp

In other news, Director Dwight Gary Gilliland sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total transaction of $529,900.00. Following the completion of the sale, the director owned 6,656 shares of the company's stock, valued at approximately $1,763,507.20. This trade represents a 23.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the sale, the chief executive officer directly owned 93,319 shares of the company's stock, valued at $24,895,642.82. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,143 shares of company stock worth $3,771,840 over the last three months. 0.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LH. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Robert W. Baird increased their price objective on shares of Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Barclays reiterated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Hsbc Global Res lowered shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Finally, HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.

Labcorp Stock Down 0.5%

NYSE:LH traded down $1.25 during trading hours on Thursday, hitting $271.29. The stock had a trading volume of 335,505 shares, compared to its average volume of 726,151. 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 1-year low of $209.38 and a 1-year high of $283.47. The business has a 50 day simple moving average of $259.20 and a two-hundred day simple moving average of $246.97. The company has a market cap of $22.54 billion, a PE ratio of 29.94, a price-to-earnings-growth ratio of 1.72 and a beta of 0.78.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter last year, the company earned $3.94 earnings per share. Labcorp's revenue for the quarter was up 9.6% on a year-over-year basis. Analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

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

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.