Rafferty Asset Management LLC Decreases Stake in Labcorp Holdings Inc. $LH

Key Points

• Rafferty Asset Management LLC reduced its holdings in Labcorp Holdings Inc. by 18.6%, now owning 7,723 shares valued at approximately $1.8 million.
• Labcorp has received mixed ratings from analysts, with the average target price set at $290.33 and several firms adjusting their price objectives in recent reports.
• The company announced a quarterly dividend of $0.72 per share, representing a yield of 1.0%, with the ex-dividend date set for August 28th.

Rafferty Asset Management LLC lessened its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,723 shares of the medical research company's stock after selling 1,767 shares during the period. Rafferty Asset Management LLC's holdings in Labcorp were worth $1,797,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FORA Capital LLC purchased a new stake in Labcorp during the first quarter worth $814,000. Synovus Financial Corp boosted its stake in shares of Labcorp by 3.7% during the 1st 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 in the last quarter. Oak Harvest Investment Services grew its position in shares of Labcorp by 102.2% during the 1st quarter. Oak Harvest Investment Services now owns 10,108 shares of the medical research company's stock valued at $2,353,000 after acquiring an additional 5,108 shares during the period. Campbell & CO Investment Adviser LLC grew its position in shares of Labcorp by 4,110.2% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 37,513 shares of the medical research company's stock valued at $8,731,000 after acquiring an additional 36,622 shares during the period. Finally, Southeast Asset Advisors LLC increased its stake in shares of Labcorp by 48.3% in the 1st quarter. Southeast Asset Advisors LLC now owns 12,346 shares of the medical research company's stock valued at $2,873,000 after purchasing an additional 4,020 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Hsbc Global Res lowered Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. UBS Group raised their target price on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Morgan Stanley lifted their price target on Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Evercore ISI increased their price objective on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Truist Financial lifted their target price on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Labcorp Trading Up 0.1%

NYSE:LH traded up $0.38 on Thursday, reaching $274.22. The company's stock had a trading volume of 141,701 shares, compared to its average volume of 703,240. The firm has a market cap of $22.79 billion, a price-to-earnings ratio of 30.27, a price-to-earnings-growth ratio of 1.78 and a beta of 0.85. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The stock has a 50 day moving average price of $263.61 and a 200 day moving average price of $249.77.

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

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp's payout ratio is presently 31.79%.

Insider Transactions at Labcorp

In other news, CEO Adam H. Schechter sold 5,643 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares of the company's stock, valued at approximately $24,895,642.82. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director directly owned 8,666 shares in the company, valued at approximately $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,046 shares of company stock worth $4,337,192 over the last quarter. 0.84% of the stock is owned by corporate insiders.

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.