Labcorp Holdings Inc. (NYSE:LH) Shares Sold by Raleigh Capital Management Inc.

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

Several other institutional investors also recently bought and sold shares of LH. Graney & King LLC purchased a new position in Labcorp during the fourth quarter valued at $26,000. Golden State Wealth Management LLC grew its stake 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 valued at $26,000 after acquiring an additional 52 shares in the last quarter. North Capital Inc. purchased a new position in Labcorp during the first quarter valued at $27,000. Garde Capital Inc. purchased a new position in Labcorp during the first quarter valued at $36,000. Finally, Heck Capital Advisors LLC purchased a new position in Labcorp during the fourth quarter valued at $44,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Labcorp Trading Down 1.7%

LH traded down $4.39 on Friday, reaching $249.24. 1,020,152 shares of the company traded hands, compared to its average volume of 721,250. Labcorp Holdings Inc. has a one year low of $205.95 and a one year high of $265.72. The firm has a fifty day simple moving average of $253.62 and a two-hundred day simple moving average of $242.95. The company has a market cap of $20.86 billion, a P/E ratio of 28.81, a price-to-earnings-growth ratio of 1.64 and a beta of 0.82. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68.

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 for the quarter, beating analysts' consensus estimates of $3.73 by $0.11. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the business posted $3.68 EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders 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 yield of 1.16%. Labcorp's dividend payout ratio (DPR) is 33.29%.

Insider Buying and Selling at Labcorp

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total transaction of $494,000.00. Following the transaction, the executive vice president owned 30,067 shares of the company's stock, valued at approximately $7,426,549. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total transaction of $200,833.54. Following the transaction, the chief accounting officer owned 2,054 shares of the company's stock, valued at approximately $497,602.04. This trade represents a 28.75% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

LH has been the subject of several research reports. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Robert W. Baird increased their price objective on shares of Labcorp from $253.00 to $267.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Truist Financial increased their price objective on shares of Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, May 12th. HSBC lowered shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective for the company. in a research report on Thursday. Finally, Piper Sandler reiterated a "neutral" rating and set a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $276.38.

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.