Patton Fund Management Inc. Invests $253,000 in Labcorp Holdings Inc. $LH

Key Points

• Patton Fund Management Inc. invested $253,000 in Labcorp Holdings Inc., acquiring 964 shares during the second quarter.
• Labcorp's CEO Adam H. Schechter recently sold 5,643 shares for over $1.5 million, which represents a 5.70% decrease in his ownership of the stock.
• Analyst updates show mixed sentiments, with Morgan Stanley raising their price target to $306, while HSBC downgraded the stock to a "hold" with a $260 price target.

Patton Fund Management Inc. acquired a new position in Labcorp Holdings Inc. (NYSE:LH - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 964 shares of the medical research company's stock, valued at approximately $253,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC bought a new position in shares of Labcorp during the 4th quarter valued at $991,000. GAMMA Investing LLC boosted its holdings in shares of Labcorp by 37,334.2% in the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after buying an additional 807,539 shares during the period. Parallel Advisors LLC lifted its stake in Labcorp by 111.6% in the first quarter. Parallel Advisors LLC now owns 2,966 shares of the medical research company's stock valued at $690,000 after acquiring an additional 1,564 shares during the last quarter. Delphi Management Inc. MA bought a new position in shares of Labcorp in the first quarter valued at about $1,423,000. Finally, Rhumbline Advisers grew its stake in Labcorp by 8.7% during the first quarter. Rhumbline Advisers now owns 155,368 shares of the medical research company's stock worth $36,160,000 after buying an additional 12,433 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insider Transactions at Labcorp

In related news, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 93,319 shares in the company, valued at approximately $24,895,642.82. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the sale, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,546 shares of company stock valued at $4,207,192 in the last three months. 0.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target on the stock. in a report on Thursday, July 10th. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Truist Financial boosted their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Evercore ISI upped their price target on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $290.33.

Labcorp Stock Performance

NYSE LH opened at $280.87 on Friday. 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 1-year low of $209.38 and a 1-year high of $283.47. The business's 50-day simple moving average is $271.17 and its 200-day simple moving average is $253.08. The firm has a market capitalization of $23.34 billion, a P/E ratio of 31.00, a P/E/G ratio of 1.79 and a beta of 0.85.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.49 billion. During the same quarter in the prior year, the firm posted $3.94 earnings per share. Labcorp'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. Equities analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's dividend payout ratio (DPR) is currently 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.

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