Raymond James Financial Inc. Purchases 3,952 Shares of Labcorp Holdings Inc. $LH

Key Points

• Raymond James Financial Inc. increased its stake in Labcorp Holdings Inc. by 2.7%, acquiring an additional 3,952 shares, bringing its total ownership to 151,254 shares valued at approximately $35.2 million.
• Several analysts have recently upgraded their price targets for Labcorp, with UBS raising it to $305 and Truist Financial to $310, while maintaining a largely positive consensus rating of "Moderate Buy" with an average target price of $289.58.
• Labcorp's board announced a quarterly dividend of $0.72 per share, which will be paid out on September 11th, reflecting an annualized dividend yield of 1.0% and a payout ratio of 31.79%.

Raymond James Financial Inc. raised its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 2.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,254 shares of the medical research company's stock after purchasing an additional 3,952 shares during the period. Raymond James Financial Inc. owned 0.18% of Labcorp worth $35,203,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Freestone Grove Partners LP bought a new position in shares of Labcorp during the 4th quarter valued at about $48,693,000. Brighton Jones LLC bought a new position in shares of Labcorp during the 4th quarter valued at about $991,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Labcorp by 84.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,182 shares of the medical research company's stock valued at $8,421,000 after purchasing an additional 16,574 shares during the last quarter. Wahed Invest LLC boosted its holdings in shares of Labcorp by 5.3% during the 4th quarter. Wahed Invest LLC now owns 2,147 shares of the medical research company's stock valued at $492,000 after purchasing an additional 108 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its holdings in shares of Labcorp by 1.8% during the 1st quarter. Wealthfront Advisers LLC now owns 6,565 shares of the medical research company's stock valued at $1,528,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 95.94% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on LH shares. Piper Sandler reissued a "neutral" rating and set a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. UBS Group increased their price target on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Truist Financial increased their price target on shares of Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a report on Friday, July 25th. Morgan Stanley increased their price target on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a report on Thursday, July 10th. Nine equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $289.58.

Insider Buying and Selling

In related 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 sale, the executive vice president directly owned 30,067 shares of the company's stock, valued at $7,426,549. This represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the sale, the chief executive officer directly owned 93,319 shares in the company, valued at $24,895,642.82. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,046 shares of company stock worth $4,831,192 over the last three months. 0.84% of the stock is currently owned by company insiders.

Labcorp Stock Up 0.5%

Shares of NYSE:LH opened at $277.9660 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.32 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 company has a market cap of $23.10 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 1.78 and a beta of 0.78. The company has a 50-day moving average price of $261.17 and a 200 day moving average price of $248.06.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same period in the prior year, the company posted $3.94 EPS. The firm's revenue for the quarter was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, equities research analysts predict 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 will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp's dividend payout ratio (DPR) is currently 31.79%.

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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