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

Raleigh Capital Management Inc. decreased its stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 92.7% during the 1st quarter, according to the company in 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of LH. Brighton Jones LLC purchased a new stake in shares of Labcorp during the fourth quarter worth about $991,000. SBI Securities Co. Ltd. purchased a new stake in shares of Labcorp during the fourth quarter worth about $52,000. Steward Partners Investment Advisory LLC increased its stake in shares of Labcorp by 13.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 733 shares of the medical research company's stock worth $168,000 after purchasing an additional 86 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Labcorp during the fourth quarter worth about $16,512,000. Finally, Raymond James Financial Inc. acquired a new position in Labcorp during the fourth quarter worth about $33,779,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in 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. Robert W. Baird boosted their price target on shares of Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Wall Street Zen lowered shares of Labcorp from a "buy" rating to a "hold" rating in a report on Friday, April 18th. Barclays reiterated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $280.00 target price (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. One research 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. Based on data from MarketBeat, Labcorp has a consensus rating of "Moderate Buy" and an average price target of $277.75.

Labcorp Stock Up 0.8%

Shares of NYSE LH traded up $2.00 during trading on Wednesday, reaching $259.45. 527,493 shares of the stock were exchanged, compared to its average volume of 641,963. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68. The business's 50-day moving average price is $253.01 and its 200 day moving average price is $242.66. The company has a market capitalization of $21.72 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 1.63 and a beta of 0.82. Labcorp Holdings Inc. has a twelve month low of $198.96 and a twelve month high of $265.72.

Labcorp (NYSE:LH - Get Free Report) last released its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.11. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the firm earned $3.68 earnings per share. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.11%. Labcorp's payout ratio is 33.29%.

Insider Activity

In other news, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total transaction of $132,500.00. Following the completion of the transaction, the director owned 12,166 shares in the company, valued at approximately $3,223,990. This represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian J. Caveney sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was 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 $7,426,549. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,834 shares of company stock valued at $2,928,714 over the last quarter. 0.84% of the stock is owned by company insiders.

Labcorp Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.