2,268 Shares in Labcorp Holdings Inc. $LH Bought by Quarry LP

Key Points

• Quarry LP acquired a new stake in Labcorp Holdings Inc. valued at approximately $528,000, purchasing 2,268 shares during the first quarter.
• Labcorp recently reported a quarterly earnings per share of $4.35, exceeding expectations and showing a revenue increase of 9.6% year-over-year.
• The company announced a quarterly dividend of $0.72 per share, with a payout date set for September 11th, reflecting an annualized dividend yield of 1.0%.

Quarry LP purchased a new position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,268 shares of the medical research company's stock, valued at approximately $528,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wedmont Private Capital grew its holdings in shares of Labcorp by 5.0% during the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock worth $204,000 after purchasing an additional 44 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Labcorp by 1.4% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,341 shares of the medical research company's stock worth $778,000 after acquiring an additional 45 shares during the period. Horizon Investments LLC lifted its stake in shares of Labcorp by 4.2% in the first quarter. Horizon Investments LLC now owns 1,196 shares of the medical research company's stock worth $278,000 after acquiring an additional 48 shares during the period. Cidel Asset Management Inc. lifted its stake in shares of Labcorp by 5.5% in the first quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company's stock worth $219,000 after acquiring an additional 49 shares during the period. Finally, Synovus Financial Corp lifted its stake in shares of Labcorp by 3.7% in the first quarter. Synovus Financial Corp now owns 1,389 shares of the medical research company's stock worth $323,000 after acquiring an additional 49 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Insider Transactions at Labcorp

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction 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 sale, the director owned 6,656 shares in the company, valued at approximately $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the sale, the executive vice president owned 2,274 shares of the company's stock, valued at $617,209.08. This trade represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,046 shares of company stock valued at $4,337,192 over the last ninety days. Company insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Truist Financial lifted their price objective on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Morgan Stanley lifted their price objective on Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a research note on Thursday, July 10th. Finally, UBS Group boosted their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Nine research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Labcorp Trading Up 1.2%

LH traded up $3.28 during trading on Friday, hitting $278.51. The company's stock had a trading volume of 279,708 shares, compared to its average volume of 701,268. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $283.47. 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 stock's fifty day moving average price is $263.97 and its 200-day moving average price is $249.96. The firm has a market capitalization of $23.14 billion, a P/E ratio of 30.74, a PEG ratio of 1.75 and a beta of 0.85.

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

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, August 28th. Labcorp's dividend payout ratio is presently 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.