Nuveen LLC Purchases New Position in Labcorp Holdings Inc. $LH

Key Points

• Nuveen LLC has acquired 207,066 shares of Labcorp Holdings Inc., valued at approximately $48.2 million, marking a significant new stake of 0.25% in the company.
• Labcorp recently reported quarterly earnings with an EPS of $4.35, exceeding estimates, and a revenue of $3.53 billion, indicating a year-over-year growth of 9.6%.
• The company’s quarterly dividend of $0.72 will be issued on September 11th, representing an annualized yield of 1.1% with an impressive payout ratio of 31.79%.

Nuveen LLC purchased a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 207,066 shares of the medical research company's stock, valued at approximately $48,193,000. Nuveen LLC owned approximately 0.25% of Labcorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of LH. Golden State Wealth Management LLC boosted its holdings 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 Labcorp during the first quarter worth $27,000. TruNorth Capital Management LLC acquired a new position in Labcorp during the first quarter worth $28,000. Larson Financial Group LLC boosted its holdings in 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 purchasing an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in Labcorp during the first quarter worth $31,000. Institutional investors own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

LH has been the topic of several analyst reports. Robert W. Baird upped their price target on shares of Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Piper Sandler reaffirmed a "neutral" rating and set a $280.00 price target (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Finally, Evercore ISI upped their price target on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $289.58.

Labcorp Stock Performance

NYSE:LH traded up $0.72 during mid-day trading on Monday, reaching $271.10. 209,117 shares of the company's stock were exchanged, compared to its average volume of 720,488. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $283.47. The firm has a market capitalization of $22.53 billion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 1.73 and a beta of 0.78. The business's fifty day simple moving average is $259.53 and its two-hundred day simple moving average is $247.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same period last year, the firm earned $3.94 earnings per share. Labcorp's revenue for the quarter was up 9.6% compared to the same quarter last year. Analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.

Insider Transactions at Labcorp

In other Labcorp news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the completion of the transaction, the executive vice president directly owned 2,274 shares in the company, valued at $617,209.08. The trade was a 63.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total transaction of $529,900.00. Following the transaction, 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. Over the last quarter, insiders sold 18,046 shares of company stock worth $4,831,192. Corporate insiders own 0.84% of the company's stock.

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.