Royal Bank of Canada Sells 52,930 Shares of Labcorp Holdings Inc. $LH

Key Points

• Royal Bank of Canada decreased its stake in Labcorp Holdings by 6.5%, now holding 764,186 shares valued at approximately $177.86 million.
• Labcorp's quarterly earnings surpassed expectations, with $4.35 EPS reported, beating forecasts by $0.21 and an overall revenue increase of 9.6% year-over-year.
• The company declared a quarterly dividend of $0.72 per share, representing an annualized yield of 1.0%, with the payment set for September 11th.

Royal Bank of Canada cut its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 764,186 shares of the medical research company's stock after selling 52,930 shares during the quarter. Royal Bank of Canada owned approximately 0.91% of Labcorp worth $177,857,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC grew its holdings in Labcorp by 88.1% in the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after purchasing an additional 52 shares during the period. North Capital Inc. purchased a new stake in shares of Labcorp in the 1st quarter worth approximately $27,000. TruNorth Capital Management LLC bought a new position in Labcorp during the 1st quarter valued at approximately $28,000. Larson Financial Group LLC raised its stake in Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after buying an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in Labcorp in the first quarter worth $31,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the sale, the director owned 8,666 shares of the company's stock, valued at $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 is available at this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the completion of the sale, the director owned 6,656 shares of the company's stock, valued at $1,763,507.20. This trade represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,046 shares of company stock valued at $4,337,192. 0.84% of the stock is owned by corporate insiders.

Labcorp Stock Performance

Shares of LH traded up $3.28 during trading hours on Friday, hitting $278.51. The stock had a trading volume of 279,728 shares, compared to its average volume of 429,705. The firm has a market capitalization of $23.14 billion, a PE ratio of 30.74, a PEG ratio of 1.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The stock has a fifty day moving average price of $264.34 and a 200 day moving average price of $250.21.

Labcorp (NYSE:LH - Get Free Report) last posted its earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.Labcorp's revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. Labcorp's dividend payout ratio (DPR) is presently 31.79%.

Analysts Set New Price Targets

LH has been the subject of several analyst reports. UBS Group raised their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Hsbc Global Res cut shares of Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Wall Street Zen upgraded shares of Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Barclays reissued a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Finally, Truist Financial upped their price objective on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $290.33.

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.