Public Employees Retirement System of Ohio Has $7.99 Million Position in Labcorp Holdings Inc. $LH

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Labcorp Holdings Inc. by 3.2%, holding $7.99 million worth of shares after acquiring an additional 947 shares in the second quarter.
• Labcorp reported $4.35 EPS for the last quarter, exceeding analysts' estimates, along with a revenue of $3.53 billion, marking a 9.6% increase year-over-year.
• The company recently declared a quarterly dividend of $0.72 per share, which is equivalent to an annualized dividend yield of 1.0%.

Public Employees Retirement System of Ohio lifted its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 30,416 shares of the medical research company's stock after acquiring an additional 947 shares during the period. Public Employees Retirement System of Ohio's holdings in Labcorp were worth $7,985,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of LH. GAMMA Investing LLC lifted its position 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 valued at $188,450,000 after acquiring an additional 807,539 shares during the period. Select Equity Group L.P. raised its holdings in Labcorp by 39.1% during the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock worth $516,696,000 after buying an additional 624,099 shares during the last quarter. Invesco Ltd. raised its holdings in Labcorp by 28.9% during the first quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock worth $330,750,000 after buying an additional 318,865 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in Labcorp by 55.9% during the first quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company's stock worth $181,819,000 after buying an additional 280,011 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Labcorp by 24.5% during the first quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company's stock worth $295,950,000 after buying an additional 250,486 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Labcorp Stock Performance

Shares of LH stock opened at $280.87 on Friday. The firm has a 50-day moving average of $271.17 and a 200-day moving average of $253.08. The company has a market cap 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. 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 one year low of $209.38 and a one year high of $283.47.

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, topping the consensus estimate of $4.14 by $0.21. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 28th. Labcorp's payout ratio is 31.79%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on LH shares. Morgan Stanley upped their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. UBS Group upped their price objective on shares of Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Barclays restated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, HSBC downgraded shares of 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. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $290.33.

Insider Activity at Labcorp

In related news, Director Kerrii B. Anderson sold 3,500 shares of Labcorp 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 sale, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. The trade was a 28.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of Labcorp stock in a transaction that occurred 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 $24,895,642.82. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,546 shares of company stock worth $4,207,192. Company insiders own 0.84% of the company's stock.

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.

Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Labcorp Holdings Inc. (NYSE:LH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.