Private Advisor Group LLC Has $1.92 Million Stock Position in Labcorp Holdings Inc. (NYSE:LH)

Private Advisor Group LLC decreased its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 11.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,231 shares of the medical research company's stock after selling 1,024 shares during the period. Private Advisor Group LLC's holdings in Labcorp were worth $1,916,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in Labcorp during the fourth quarter worth about $991,000. LPL Financial LLC boosted its holdings in Labcorp by 63.8% in the 4th quarter. LPL Financial LLC now owns 62,546 shares of the medical research company's stock valued at $14,343,000 after purchasing an additional 24,357 shares during the last quarter. TIAA Trust National Association boosted its holdings in Labcorp by 2.0% in the 4th quarter. TIAA Trust National Association now owns 3,787 shares of the medical research company's stock valued at $868,000 after purchasing an additional 75 shares during the last quarter. Graney & King LLC acquired a new position in Labcorp in the 4th quarter valued at about $26,000. Finally, Korea Investment CORP boosted its holdings in Labcorp by 36.0% in the 4th quarter. Korea Investment CORP now owns 37,058 shares of the medical research company's stock valued at $8,498,000 after purchasing an additional 9,800 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

Insider Transactions at Labcorp

In other news, CAO Peter J. Wilkinson sold 829 shares of Labcorp stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total value of $200,833.54. Following 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total transaction of $494,000.00. Following the completion of the transaction, the executive vice president directly owned 30,067 shares in the company, valued at approximately $7,426,549. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,834 shares of company stock valued at $2,928,714. Insiders own 0.84% of the company's stock.

Labcorp Price Performance

Labcorp stock traded down $3.23 during trading hours on Friday, hitting $264.46. 1,152,351 shares of the company traded hands, compared to its average volume of 840,803. The firm's 50-day simple moving average is $254.13 and its two-hundred day simple moving average is $244.33. The firm has a market cap of $22.14 billion, a P/E ratio of 29.19, a P/E/G ratio of 1.69 and a beta of 0.82. The company has a quick ratio of 1.60, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last announced its earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping the consensus estimate of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. During the same period last year, the company posted $3.94 earnings per share. The business's revenue for the quarter was up 9.6% on a year-over-year basis. As a group, 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. Shareholders of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.09%. Labcorp's dividend payout ratio (DPR) is presently 33.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. 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 note on Thursday, July 10th. Evercore ISI lifted their target price on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday. Truist Financial lifted their target price on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a report on Friday. UBS Group lifted their target price on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday. Finally, Barclays reissued a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $285.00.

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.