Select Equity Group L.P. Acquires 624,099 Shares of Labcorp Holdings Inc. $LH

Key Points

• Select Equity Group L.P. increased its position in Labcorp Holdings Inc. by 39.1%, now owning approximately $516.7 million worth of Labcorp stock, making it its 15th largest position.
• Labcorp reported earnings per share (EPS) of $4.35 for the last quarter, exceeding analyst expectations, and anticipates a FY 2025 EPS range of $16.050 to $16.500.
• The company announced a quarterly dividend of $0.72 per share, representing an annualized yield of 1.0%, with the ex-dividend date set for August 28th.

Select Equity Group L.P. boosted its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 39.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,220,056 shares of the medical research company's stock after buying an additional 624,099 shares during the period. Labcorp comprises 2.2% of Select Equity Group L.P.'s portfolio, making the stock its 15th largest holding. Select Equity Group L.P. owned approximately 2.65% of Labcorp worth $516,696,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC acquired a new stake in Labcorp during the fourth quarter worth $991,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Labcorp by 84.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,182 shares of the medical research company's stock valued at $8,421,000 after acquiring an additional 16,574 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Labcorp by 8.1% during the first quarter. AQR Capital Management LLC now owns 163,798 shares of the medical research company's stock valued at $37,762,000 after acquiring an additional 12,281 shares during the period. Wealthfront Advisers LLC lifted its holdings in shares of Labcorp by 1.8% during the first quarter. Wealthfront Advisers LLC now owns 6,565 shares of the medical research company's stock valued at $1,528,000 after acquiring an additional 114 shares during the period. Finally, Ritholtz Wealth Management lifted its holdings in shares of Labcorp by 40.2% during the first quarter. Ritholtz Wealth Management now owns 1,718 shares of the medical research company's stock valued at $400,000 after acquiring an additional 493 shares during the period. Institutional investors and hedge funds own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Evercore ISI lifted their price objective on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. UBS Group lifted their price objective on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Morgan Stanley lifted their price objective on Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Hsbc Global Res cut Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Finally, Barclays restated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Nine 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 data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $290.33.

Insider Transactions at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the sale, the director directly owned 8,666 shares in the company, valued at $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were 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 in the company, valued at approximately $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. In the last ninety days, insiders have sold 15,546 shares of company stock valued at $4,207,192. 0.84% of the stock is currently owned by company insiders.

Labcorp Stock Down 0.2%

Shares of NYSE:LH traded down $0.67 during trading on Friday, hitting $279.05. 110,069 shares of the company's stock traded hands, compared to its average volume of 693,178. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $283.47. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The company has a market cap of $23.19 billion, a price-to-earnings ratio of 30.85, a price-to-earnings-growth ratio of 1.75 and a beta of 0.85. The company has a 50-day moving average price of $265.53 and a 200-day moving average price of $250.94.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.49 billion. During the same quarter in the previous year, the business posted $3.94 EPS. Labcorp'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, research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Thursday, August 28th. Labcorp's payout ratio is 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.