Public Sector Pension Investment Board Has $2.66 Million Stake in Labcorp Holdings Inc. $LH

Key Points

• The Public Sector Pension Investment Board increased its stake in Labcorp Holdings Inc. by 8.7% in the first quarter, now owning $2.66 million worth of shares.
• Several institutional investors significantly raised their positions, with Golden State Wealth Management increasing its holdings by 88.1% during the same period.
• Labcorp announced a quarterly dividend of $0.72 per share, which will be paid on September 11, with a yield of 1.0%.

Public Sector Pension Investment Board grew its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 8.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,418 shares of the medical research company's stock after purchasing an additional 913 shares during the period. Public Sector Pension Investment Board's holdings in Labcorp were worth $2,657,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC lifted its holdings in shares of Labcorp by 88.1% in the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after purchasing an additional 52 shares in the last quarter. North Capital Inc. bought a new stake in shares of Labcorp in the first quarter valued at about $27,000. TruNorth Capital Management LLC bought a new stake in shares of Labcorp in the first quarter valued at about $28,000. Larson Financial Group LLC lifted its holdings in shares of Labcorp by 140.4% in the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after purchasing an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Labcorp in the first quarter valued at about $31,000. 95.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Labcorp

In other news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the completion of the sale, the executive vice president owned 2,274 shares in the company, valued at $617,209.08. The trade was a 63.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the sale, the chief executive officer owned 93,319 shares of the company's stock, valued at approximately $24,895,642.82. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,046 shares of company stock valued at $4,831,192 in the last three months. Corporate insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LH. Evercore ISI boosted their price target on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Truist Financial lifted their target price on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. HSBC downgraded 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. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $289.58.

Labcorp Trading Up 2.1%

Labcorp stock opened at $276.1560 on Wednesday. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week 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 stock has a market capitalization of $22.95 billion, a P/E ratio of 30.48, a PEG ratio of 1.73 and a beta of 0.78. The stock has a 50-day simple moving average of $260.17 and a 200 day simple moving average of $247.45.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The business had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. During the same quarter last year, the company posted $3.94 earnings per share. Labcorp's quarterly revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp's payout ratio is currently 31.79%.

About Labcorp

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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