Northern Trust Corp Sells 6,860 Shares of Labcorp Holdings Inc. $LH

Key Points

• Northern Trust Corp has reduced its stake in Labcorp Holdings Inc. by 0.7%, now owning 1,004,256 shares worth approximately $233.7 million.
• Several analysts have upgraded Labcorp's stock ratings, with projections for a price target increase to an average of $289.58, highlighting a positive outlook for the company.
• Labcorp announced a quarterly dividend of $0.72 per share, representing an annualized yield of 1.0% and a payout ratio of 31.79%.

Northern Trust Corp reduced its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 0.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,004,256 shares of the medical research company's stock after selling 6,860 shares during the quarter. Northern Trust Corp owned 1.20% of Labcorp worth $233,731,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in LH. Select Equity Group L.P. grew its stake in shares of Labcorp by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after purchasing an additional 959,981 shares during the period. GAMMA Investing LLC grew its stake in shares of Labcorp by 37,334.2% during the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after acquiring an additional 807,539 shares during the period. Invesco Ltd. grew its stake in shares of Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock valued at $330,750,000 after acquiring an additional 318,865 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of Labcorp by 55.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company's stock valued at $181,819,000 after acquiring an additional 280,011 shares during the period. Finally, Freestone Grove Partners LP bought a new position in shares of Labcorp during the 4th quarter valued at approximately $48,693,000. 95.94% of the stock is currently owned by institutional investors.

Labcorp Price Performance

LH stock traded up $1.4060 during midday trading on Friday, hitting $277.9660. The company's stock had a trading volume of 483,080 shares, compared to its average volume of 587,104. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. 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 has a market capitalization of $23.10 billion, a price-to-earnings ratio of 30.68, a price-to-earnings-growth ratio of 1.78 and a beta of 0.78. The company has a 50 day moving average of $261.17 and a two-hundred day moving average of $248.06.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same period in the prior year, the company posted $3.94 EPS. The firm's revenue for the quarter was up 9.6% compared to the same quarter last year. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, analysts expect 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. Stockholders of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's dividend payout ratio (DPR) is 31.79%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LH. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective for the company. in a research note on Thursday, July 10th. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 10th. Evercore ISI boosted their price objective on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Truist Financial boosted their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Piper Sandler reiterated a "neutral" rating and set a $280.00 price objective (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Labcorp has an average rating of "Moderate Buy" and an average target price of $289.58.

Insider Transactions at Labcorp

In other news, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the transaction, the chief executive officer directly owned 93,319 shares in the company, valued at approximately $24,895,642.82. This represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total value of $1,059,352.26. Following the transaction, the executive vice president owned 2,274 shares of the company's stock, valued at $617,209.08. This represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,046 shares of company stock valued at $4,831,192. 0.84% of the stock is owned by 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.