New York State Common Retirement Fund Sells 2,200 Shares of Labcorp Holdings Inc. (NYSE:LH)

New York State Common Retirement Fund cut its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,533 shares of the medical research company's stock after selling 2,200 shares during the period. New York State Common Retirement Fund owned about 0.15% of Labcorp worth $29,682,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Wedmont Private Capital raised its stake in shares of Labcorp by 5.0% during the 1st quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock worth $204,000 after purchasing an additional 44 shares during the period. Cidel Asset Management Inc. increased its holdings in Labcorp by 5.5% in the 1st quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company's stock worth $219,000 after acquiring an additional 49 shares during the last quarter. Resonant Capital Advisors LLC increased its holdings in Labcorp by 1.5% in the 1st quarter. Resonant Capital Advisors LLC now owns 3,493 shares of the medical research company's stock worth $813,000 after acquiring an additional 51 shares during the last quarter. Signaturefd LLC increased its holdings in Labcorp by 9.7% in the 4th quarter. Signaturefd LLC now owns 588 shares of the medical research company's stock worth $135,000 after acquiring an additional 52 shares during the last quarter. Finally, 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. 95.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on LH. Piper Sandler reaffirmed a "neutral" rating and set a $280.00 target price (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Robert W. Baird upped their price target on Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley upped their price target on Labcorp from $270.00 to $283.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Finally, Hsbc Global Res cut shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $276.38.

Insider Transactions at Labcorp

In other Labcorp news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $238.36, for a total value of $452,884.00. Following the completion of the transaction, the executive vice president owned 2,244 shares of the company's stock, valued at approximately $534,879.84. The trade was a 45.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kerrii B. Anderson sold 500 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total value of $132,500.00. Following the completion of the transaction, the director directly owned 12,166 shares of the company's stock, valued at approximately $3,223,990. This trade represents a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,834 shares of company stock worth $2,928,714 over the last quarter. Corporate insiders own 0.84% of the company's stock.

Labcorp Stock Performance

Shares of LH stock opened at $249.77 on Tuesday. The stock has a fifty day moving average of $253.70 and a 200 day moving average of $243.40. Labcorp Holdings Inc. has a 52 week low of $205.98 and a 52 week high of $265.72. The firm has a market capitalization of $20.91 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 1.58 and a beta of 0.82. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.73 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates 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 firm posted $3.68 earnings per share. As a group, research analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

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 $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.15%. Labcorp's dividend payout ratio is presently 33.29%.

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.

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