Needham Investment Management LLC Sells 2,300 Shares of Labcorp Holdings Inc. $LH

Key Points

• Needham Investment Management LLC reduced its stake in Labcorp Holdings Inc. by 3.9%, after selling 2,300 shares, and now holds 56,563 shares which constitute about 1.2% of its total portfolio.
• Labcorp recently reported Q2 earnings with an EPS of $4.35, exceeding analysts' expectations and showing a revenue increase of 9.6% year-over-year, amounting to $3.53 billion.
• The company announced a quarterly dividend of $0.72 per share, with an annualized yield of 1.0%, set to be paid on September 11th.

Needham Investment Management LLC cut its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,563 shares of the medical research company's stock after selling 2,300 shares during the period. Labcorp comprises approximately 1.2% of Needham Investment Management LLC's investment portfolio, making the stock its 29th biggest position. Needham Investment Management LLC owned 0.07% of Labcorp worth $13,164,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC lifted its stake in Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after purchasing an additional 52 shares during the last quarter. North Capital Inc. acquired a new position in shares of Labcorp during the first quarter worth $27,000. TruNorth Capital Management LLC acquired a new position in shares of Labcorp during the first quarter worth $28,000. Larson Financial Group LLC increased its holdings in shares of Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after buying an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Labcorp during the first quarter worth $31,000. 95.94% of the stock is currently owned by institutional investors.

Labcorp Trading Up 1.8%

Labcorp stock traded up $4.93 during trading hours on Thursday, reaching $277.87. 129,619 shares of the company's stock were exchanged, compared to its average volume of 695,222. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The firm's 50 day simple moving average is $265.17 and its 200 day simple moving average is $250.75. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $283.47. The firm has a market capitalization of $23.09 billion, a PE ratio of 30.67, a PEG ratio of 1.78 and a beta of 0.85.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same period last year, the business posted $3.94 EPS. The business's revenue was up 9.6% compared to the same quarter last year. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Research analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

The company also recently announced 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. The ex-dividend date is Thursday, August 28th. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's dividend payout ratio (DPR) is currently 31.79%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LH. Truist Financial upped their price target on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley increased their price objective on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Robert W. Baird set a $311.00 price objective on Labcorp in a report on Monday, August 25th. Finally, Evercore ISI increased their price objective on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Labcorp currently has an average rating of "Moderate Buy" and an average price target of $290.33.

Insider Transactions at Labcorp

In other news, CEO Adam H. Schechter sold 5,643 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer directly owned 93,319 shares in the company, valued at $24,895,642.82. This trade represents a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value 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 represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,546 shares of company stock valued at $4,207,192. 0.84% of the stock is currently owned by corporate insiders.

Labcorp Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.