8,780 Shares in Labcorp Holdings Inc. (NYSE:LH) Purchased by Pettee Investors Inc.

Pettee Investors Inc. purchased a new position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,780 shares of the medical research company's stock, valued at approximately $2,043,000. Labcorp accounts for approximately 1.2% of Pettee Investors Inc.'s investment portfolio, making the stock its 28th biggest holding.

A number of other large investors also recently made changes to their positions in LH. Norges Bank purchased a new position in shares of Labcorp during the 4th quarter worth $239,811,000. Select Equity Group L.P. lifted 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 worth $365,985,000 after purchasing an additional 959,981 shares during the period. GAMMA Investing LLC lifted 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 worth $188,450,000 after purchasing an additional 807,539 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Labcorp by 59.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock worth $234,160,000 after purchasing an additional 380,624 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in shares of Labcorp during the 4th quarter worth $48,693,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on LH shares. Redburn Atlantic initiated coverage on Labcorp in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Truist Financial increased their target price on Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price on the stock. in a research report on Thursday, July 10th. Finally, UBS Group cut their target price on Labcorp from $284.00 to $282.00 and set a "buy" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $276.08.

Insider Activity at Labcorp

In related news, CEO Adam H. Schechter sold 6,105 shares of Labcorp 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 completion of the transaction, the chief executive officer directly owned 98,962 shares in the company, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Peter J. Wilkinson sold 829 shares of Labcorp stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the transaction, the chief accounting officer owned 2,054 shares of the company's stock, valued at $497,602.04. This trade represents a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,834 shares of company stock valued at $2,928,714. 0.84% of the stock is currently owned by insiders.

Labcorp Stock Down 1.4%

NYSE:LH traded down $3.51 during mid-day trading on Friday, hitting $243.73. The company had a trading volume of 573,363 shares, compared to its average volume of 652,159. The business has a fifty day simple moving average of $253.69 and a 200-day simple moving average of $243.56. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $20.40 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 1.56 and a beta of 0.82. Labcorp Holdings Inc. has a 1 year low of $205.98 and a 1 year high of $265.72.

Labcorp (NYSE:LH - Get Free Report) last announced its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The company's revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $3.68 earnings per share. Equities analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.18%. Labcorp's dividend payout ratio is presently 33.29%.

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.