Resona Asset Management Co. Ltd. Buys 1,413 Shares of Labcorp Holdings Inc. $LH

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Labcorp Holdings Inc. by 5.5% during the first quarter, owning a total of 26,981 shares valued at approximately $6.27 million.
• Multiple institutional investors have also modified their holdings in Labcorp, with Vanguard Group Inc. owning nearly 9.72 million shares valued at around $2.26 billion.
• Labcorp recently announced a quarterly dividend of $0.72 per share, signaling a good yield for investors amidst optimistic projections of an average target price of $289.58.

Resona Asset Management Co. Ltd. grew its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 5.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,981 shares of the medical research company's stock after buying an additional 1,413 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Labcorp were worth $6,268,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in LH. Brighton Jones LLC bought a new stake in Labcorp during the fourth quarter valued at $991,000. Raymond James Financial Inc. bought a new stake in shares of Labcorp in the 4th quarter worth approximately $33,779,000. Townsquare Capital LLC boosted its position in Labcorp by 16.1% during the 4th quarter. Townsquare Capital LLC now owns 4,396 shares of the medical research company's stock valued at $1,008,000 after purchasing an additional 611 shares during the period. SageView Advisory Group LLC bought a new position in Labcorp during the 4th quarter worth $224,000. Finally, Mariner LLC increased its position in Labcorp by 25.8% in the fourth quarter. Mariner LLC now owns 13,215 shares of the medical research company's stock worth $3,030,000 after buying an additional 2,709 shares during the period. 95.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Kerrii B. Anderson sold 3,500 shares of Labcorp 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 completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the sale, the executive vice president owned 2,274 shares in the company, valued at approximately $617,209.08. This trade represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,046 shares of company stock valued at $4,831,192. Insiders own 0.84% of the company's stock.

Labcorp Trading Up 2.0%

NYSE:LH traded up $5.40 on Tuesday, hitting $275.89. 191,202 shares of the stock were exchanged, compared to its average volume of 719,514. The company's 50-day moving average price is $259.84 and its 200 day moving average price is $247.24. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $283.47. The stock has a market capitalization of $22.93 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 1.73 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50.

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

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.0%. Labcorp's dividend payout ratio is 31.79%.

Analysts Set New Price Targets

Several research firms recently commented on LH. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Hsbc Global Res downgraded Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. UBS Group lifted their price target on Labcorp from $282.00 to $305.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Truist Financial raised their target price on shares of Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Morgan Stanley lifted their target price on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Labcorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $289.58.

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.