New York State Teachers Retirement System Sells 4,410 Shares of Labcorp Holdings Inc. (NYSE:LH)

New York State Teachers Retirement System cut its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,170 shares of the medical research company's stock after selling 4,410 shares during the quarter. New York State Teachers Retirement System owned 0.07% of Labcorp worth $14,469,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in LH. SP Asset Management LLC boosted its stake in shares of Labcorp by 0.3% during the fourth quarter. SP Asset Management LLC now owns 15,186 shares of the medical research company's stock valued at $3,483,000 after purchasing an additional 43 shares in the last quarter. Wedmont Private Capital raised its holdings in Labcorp by 5.0% in the 1st quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock valued at $204,000 after buying an additional 44 shares during the last quarter. Signaturefd LLC boosted its position in Labcorp by 9.7% during the 4th quarter. Signaturefd LLC now owns 588 shares of the medical research company's stock worth $135,000 after buying an additional 52 shares during the period. Golden State Wealth Management LLC grew its holdings in Labcorp by 88.1% during 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. Finally, Colonial Trust Co SC increased its position in Labcorp by 3.2% in the 4th quarter. Colonial Trust Co SC now owns 1,722 shares of the medical research company's stock valued at $395,000 after acquiring an additional 53 shares during the period. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Peter J. Wilkinson sold 829 shares of the stock in a transaction 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kerrii B. Anderson sold 500 shares of Labcorp stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total transaction of $132,500.00. Following the completion of the sale, the director directly owned 12,166 shares of the company's stock, valued at approximately $3,223,990. The trade was a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 over the last three months. Insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LH. Piper Sandler restated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Redburn Atlantic started coverage on Labcorp in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target on the stock. Morgan Stanley raised their price objective on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Robert W. Baird lifted their price objective on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Finally, Truist Financial upped their target price on Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.08.

Labcorp Trading Up 0.7%

Shares of Labcorp stock traded up $1.89 on Friday, reaching $261.89. 271,298 shares of the company's stock were exchanged, compared to its average volume of 640,698. The company has a market capitalization of $21.92 billion, a P/E ratio of 30.28, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. Labcorp Holdings Inc. has a 52 week low of $198.96 and a 52 week high of $265.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The firm's 50-day moving average is $252.11 and its two-hundred day moving average is $242.14.

Labcorp (NYSE:LH - Get Free Report) last issued its earnings results 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. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the prior year, the firm earned $3.68 earnings per share. Labcorp's revenue was up 5.3% on a year-over-year basis. Sell-side analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.10%. Labcorp's dividend payout ratio is presently 33.29%.

Labcorp Company Profile

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