Raleigh Capital Management Inc. Has $40,000 Holdings in Labcorp Holdings Inc. (NYSE:LH)

Raleigh Capital Management Inc. lessened its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 92.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 173 shares of the medical research company's stock after selling 2,190 shares during the quarter. Raleigh Capital Management Inc.'s holdings in Labcorp were worth $40,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in LH. Wedmont Private Capital lifted its position in shares of Labcorp by 5.0% in 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 in the last quarter. Cidel Asset Management Inc. raised its position in Labcorp by 5.5% during 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 in the last quarter. Resonant Capital Advisors LLC raised its position in Labcorp by 1.5% during the first quarter. Resonant Capital Advisors LLC now owns 3,493 shares of the medical research company's stock worth $813,000 after acquiring an additional 51 shares in the last quarter. Signaturefd LLC raised its position in Labcorp by 9.7% during the fourth quarter. Signaturefd LLC now owns 588 shares of the medical research company's stock worth $135,000 after acquiring an additional 52 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after acquiring an additional 52 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on LH. Redburn Atlantic began coverage on shares of Labcorp in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Truist Financial upped their price target on shares of Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Morgan Stanley upped their price target on shares of Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Wall Street Zen downgraded shares of Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Finally, Robert W. Baird upped their price objective on shares of Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $276.08.

Labcorp Trading Down 0.1%

LH stock opened at $257.68 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84. The company's 50-day simple moving average is $253.01 and its 200 day simple moving average is $242.66. Labcorp Holdings Inc. has a 52 week low of $198.96 and a 52 week high of $265.72. The company has a market capitalization of $21.57 billion, a PE ratio of 29.79, a price-to-earnings-growth ratio of 1.63 and a beta of 0.82.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. The firm had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The business's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $3.68 earnings per share. As a group, sell-side analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.12%. Labcorp's payout ratio is 33.29%.

Insider Activity

In other news, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the transaction, the executive vice president owned 30,067 shares of the company's stock, valued at approximately $7,426,549. This represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Peter J. Wilkinson sold 829 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $242.26, for a total transaction of $200,833.54. Following the completion of the transaction, the chief accounting officer directly owned 2,054 shares of the company's stock, valued at $497,602.04. This trade represents a 28.75% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,834 shares of company stock valued at $2,928,714. Company insiders own 0.84% of the company's stock.

Labcorp Company Profile

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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