PNC Financial Services Group Inc. Trims Stock Position in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• PNC Financial Services Group Inc. has reduced its stake in Labcorp Holdings by 4.4%, now holding 38,555 shares valued at approximately $8.97 million.
• Labcorp recently announced a quarterly dividend of $0.72 per share, with an annualized dividend yield of 1.1% and a payout ratio of 31.79%.
• Equity analysts have mixed ratings on Labcorp, with target prices being boosted by some firms to as high as $306.00, while maintaining an average rating of "Moderate Buy".

PNC Financial Services Group Inc. lowered its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 4.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,555 shares of the medical research company's stock after selling 1,791 shares during the period. PNC Financial Services Group Inc.'s holdings in Labcorp were worth $8,973,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of Labcorp in the fourth quarter valued at approximately $991,000. Franklin Resources Inc. increased its stake in Labcorp by 7.8% during the 4th quarter. Franklin Resources Inc. now owns 22,452 shares of the medical research company's stock worth $5,149,000 after acquiring an additional 1,615 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in Labcorp in the 4th quarter valued at $5,867,000. Aviva PLC lifted its position in shares of Labcorp by 23.5% during the 4th quarter. Aviva PLC now owns 50,490 shares of the medical research company's stock valued at $11,578,000 after acquiring an additional 9,602 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Labcorp by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 294,141 shares of the medical research company's stock worth $67,452,000 after purchasing an additional 9,432 shares in the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on LH shares. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. UBS Group boosted their target price on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Truist Financial increased their price target on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Evercore ISI boosted their price objective on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, Piper Sandler restated a "neutral" rating and set a $280.00 target price (up from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $289.58.

Labcorp Price Performance

Shares of LH traded down $1.19 during trading hours on Thursday, reaching $259.67. The stock had a trading volume of 566,751 shares, compared to its average volume of 876,838. The stock has a market capitalization of $21.58 billion, a PE ratio of 28.66, a PEG ratio of 1.67 and a beta of 0.78. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The company's 50-day moving average is $257.07 and its two-hundred day moving average is $246.00.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $3.53 billion for the quarter, compared to analyst estimates 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 period last year, the firm posted $3.94 earnings per share. Research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business 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 dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.1%. Labcorp's payout ratio is presently 31.79%.

Insider Buying and Selling

In other news, CEO Adam H. Schechter sold 6,105 shares of the 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 sale, the chief executive officer owned 98,962 shares of the company's stock, valued at approximately $24,614,818.26. This represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the company'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 value of $529,900.00. Following the completion of the sale, the director owned 6,656 shares in the company, valued at $1,763,507.20. The trade was a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,605 shares of company stock valued at $3,784,897 over the last 90 days. 0.84% of the stock is owned by corporate 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.