QRG Capital Management Inc. decreased its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 12.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,290 shares of the medical research company's stock after selling 2,052 shares during the quarter. QRG Capital Management Inc.'s holdings in Labcorp were worth $3,751,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of LH. Boyar Asset Management Inc. grew its stake in Labcorp by 2.8% in the 2nd quarter. Boyar Asset Management Inc. now owns 3,993 shares of the medical research company's stock worth $1,048,000 after buying an additional 108 shares in the last quarter. Franklin Street Advisors Inc. NC bought a new stake in shares of Labcorp during the 2nd quarter worth $204,000. Hilltop National Bank purchased a new position in Labcorp in the second quarter worth $257,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Labcorp by 7.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,257 shares of the medical research company's stock valued at $2,955,000 after acquiring an additional 755 shares during the last quarter. Finally, Cornell Pochily Investment Advisors Inc. raised its position in Labcorp by 3.3% during the second quarter. Cornell Pochily Investment Advisors Inc. now owns 3,136 shares of the medical research company's stock valued at $823,000 after purchasing an additional 100 shares in the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total transaction of $529,900.00. Following the completion of the transaction, the director owned 6,656 shares in the company, valued at $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the sale, the director owned 8,666 shares in the company, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,046 shares of company stock worth $4,074,692. 0.84% of the stock is currently owned by company insiders.
Labcorp Trading Down 0.6%
NYSE:LH opened at $275.29 on Tuesday. The firm has a market capitalization of $22.88 billion, a P/E ratio of 30.39, a P/E/G ratio of 1.77 and a beta of 0.89. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The company has a fifty day moving average of $273.98 and a 200 day moving average of $254.96. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $289.20.
Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 was up 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, research analysts predict 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 was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's payout ratio is currently 31.79%.
Wall Street Analysts Forecast Growth
LH has been the topic of several recent research reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of Labcorp in a research report on Saturday, September 27th. UBS Group upped their target price on Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Truist Financial increased their price target on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Morgan Stanley increased their target price on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Labcorp presently has a consensus rating of "Moderate Buy" and an average target price of $292.00.
View Our Latest Research Report on Labcorp
Labcorp Profile
(
Free Report)
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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