Morningstar Investment Services LLC Reduces Stock Position in Labcorp Holdings Inc. (NYSE:LH)

Morningstar Investment Services LLC decreased its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 47.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,775 shares of the medical research company's stock after selling 1,628 shares during the period. Morningstar Investment Services LLC's holdings in Labcorp were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of LH. Brighton Jones LLC acquired a new stake in Labcorp in the 4th quarter valued at $991,000. Signaturefd LLC boosted its stake in Labcorp by 9.7% during the fourth quarter. Signaturefd LLC now owns 588 shares of the medical research company's stock worth $135,000 after acquiring an additional 52 shares in the last quarter. Xponance Inc. lifted its stake in shares of Labcorp by 3.9% in the fourth quarter. Xponance Inc. now owns 12,000 shares of the medical research company's stock valued at $2,752,000 after buying an additional 445 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Labcorp by 26.1% during the fourth quarter. Teacher Retirement System of Texas now owns 67,404 shares of the medical research company's stock worth $15,457,000 after buying an additional 13,939 shares during the last quarter. Finally, Whittier Trust Co. increased its holdings in Labcorp by 37.3% during the fourth quarter. Whittier Trust Co. now owns 1,841 shares of the medical research company's stock worth $422,000 after buying an additional 500 shares during the last quarter. 95.94% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Kerrii B. Anderson sold 500 shares of Labcorp stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the completion of the sale, the director directly owned 12,166 shares in the company, valued at approximately $3,223,990. The trade was a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of Labcorp stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 2,244 shares in the company, valued at $534,879.84. This trade represents a 45.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 in the last three months. Insiders own 0.84% of the company's stock.

Labcorp Stock Down 0.4%

NYSE LH traded down $0.91 during trading on Wednesday, hitting $251.16. 222,519 shares of the company traded hands, compared to its average volume of 653,221. 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 business has a fifty day simple moving average of $253.65 and a 200 day simple moving average of $243.87. The company has a market capitalization of $21.02 billion, a P/E ratio of 29.13, a PEG ratio of 1.54 and a beta of 0.82. Labcorp Holdings Inc. has a 12 month low of $205.98 and a 12 month high of $265.72.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.73 by $0.11. The firm had revenue of $3.35 billion for 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 business's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.68 EPS. As a group, sell-side 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 will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.15%. Labcorp's dividend payout ratio (DPR) is currently 33.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LH. Hsbc Global Res cut shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Redburn Atlantic started coverage on Labcorp in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price on the stock. UBS Group dropped their price target on Labcorp from $284.00 to $282.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, Piper Sandler reissued a "neutral" rating and issued a $280.00 price target (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $276.08.

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.