MQS Management LLC bought a new stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,157 shares of the medical research company's stock, valued at approximately $735,000.
Several other large investors have also recently made changes to their positions in LH. Graney & King LLC purchased a new stake in Labcorp in the 4th quarter worth about $26,000. Golden State Wealth Management LLC increased its holdings in Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after acquiring an additional 52 shares during the last quarter. North Capital Inc. purchased a new stake in Labcorp in the 1st quarter worth about $27,000. TruNorth Capital Management LLC purchased a new stake in Labcorp in the 1st quarter worth about $28,000. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Labcorp in the 1st quarter worth about $31,000. 95.94% of the stock is owned by hedge funds and other institutional investors.
Labcorp Price Performance
Shares of LH traded down $4.39 during trading hours on Friday, reaching $249.24. 1,139,598 shares of the company's stock traded hands, compared to its average volume of 648,524. The stock has a market cap of $20.86 billion, a PE ratio of 28.81, a price-to-earnings-growth ratio of 1.58 and a beta of 0.82. 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 firm's 50 day simple moving average is $253.64 and its 200-day simple moving average is $243.18. 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 issued its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.73 by $0.11. The firm 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 company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $3.68 EPS. Equities analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.
Labcorp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.16%. Labcorp's dividend payout ratio is 33.29%.
Wall Street Analyst Weigh In
LH has been the subject of several recent research reports. Redburn Atlantic started coverage on Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price objective for the company. Truist Financial raised their target price on Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Barclays restated a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Finally, Evercore ISI raised their target price on Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday. One 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 stock. According to MarketBeat, Labcorp currently has an average rating of "Moderate Buy" and an average price target of $276.38.
Read Our Latest Analysis on LH
Insider Activity at Labcorp
In related news, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total transaction of $494,000.00. Following the transaction, the executive vice president directly owned 30,067 shares of the company's stock, valued at approximately $7,426,549. This trade represents a 6.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Peter J. Wilkinson sold 829 shares of Labcorp stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the transaction, the chief accounting officer directly owned 2,054 shares in the company, valued at $497,602.04. This trade represents a 28.75% 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 quarter. 0.84% of the stock is owned by company insiders.
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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