Oak Thistle LLC Takes Position in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Oak Thistle LLC has acquired a new position in Labcorp Holdings Inc., buying 1,277 shares worth approximately $297,000 during the first quarter.
• Labcorp's quarterly earnings report indicated EPS of $4.35, exceeding estimates, with revenue increasing 9.6% year-over-year to $3.53 billion.
• The company will pay a quarterly dividend of $0.72 on September 11th, resulting in an annualized yield of 1.09%.

Oak Thistle LLC purchased a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,277 shares of the medical research company's stock, valued at approximately $297,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC raised its position 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 buying an additional 52 shares during the last quarter. North Capital Inc. purchased a new position in Labcorp during the first quarter worth about $27,000. TruNorth Capital Management LLC purchased a new position in Labcorp during the first quarter worth about $28,000. Larson Financial Group LLC raised 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 in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in Labcorp during the first quarter worth about $31,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LH shares. Truist Financial increased their target price on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a report on Thursday, July 10th. Wall Street Zen raised shares of Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday. Redburn Atlantic assumed coverage on shares of Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target for the company. Finally, Piper Sandler reiterated a "neutral" rating and issued a $280.00 price target (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Insider Transactions at Labcorp

In related news, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the sale, the director directly owned 8,666 shares in the company, valued at approximately $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam H. Schechter sold 6,105 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the sale, the chief executive officer owned 98,962 shares of the company's stock, valued at $24,614,818.26. The trade was a 5.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,334 shares of company stock valued at $3,908,714 in the last quarter. Insiders own 0.84% of the company's stock.

Labcorp Trading Up 0.2%

LH stock traded up $0.63 during midday trading on Tuesday, hitting $262.51. The stock had a trading volume of 95,904 shares, compared to its average volume of 739,162. The firm has a market cap of $21.97 billion, a PE ratio of 28.97, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The company's 50-day moving average price is $254.66 and its 200 day moving average price is $244.88.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The business's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.94 earnings per share. On average, equities research analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.10%. Labcorp's payout ratio is 31.79%.

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.