Sequoia Financial Advisors LLC Buys 8,273 Shares of Labcorp Holdings Inc. (NYSE:LH)

Sequoia Financial Advisors LLC boosted its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 6.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 144,161 shares of the medical research company's stock after acquiring an additional 8,273 shares during the quarter. Sequoia Financial Advisors LLC owned 0.17% of Labcorp worth $33,552,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of LH. Golden State Wealth Management LLC raised its position 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 valued at $26,000 after purchasing an additional 52 shares during the period. Bessemer Group Inc. grew its stake in Labcorp by 50.7% during the 1st quarter. Bessemer Group Inc. now owns 5,248 shares of the medical research company's stock valued at $1,220,000 after purchasing an additional 1,765 shares in the last quarter. Mill Capital Management LLC grew its stake in Labcorp by 0.3% during the 1st quarter. Mill Capital Management LLC now owns 63,367 shares of the medical research company's stock valued at $14,748,000 after purchasing an additional 207 shares in the last quarter. Strategic Investment Advisors MI boosted its stake in shares of Labcorp by 6.2% during the 1st quarter. Strategic Investment Advisors MI now owns 1,268 shares of the medical research company's stock valued at $295,000 after buying an additional 74 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of Labcorp by 4.4% during the first quarter. Asset Management One Co. Ltd. now owns 34,232 shares of the medical research company's stock worth $7,967,000 after buying an additional 1,433 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on LH. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a report on Wednesday. Robert W. Baird lifted their price target on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Citigroup upgraded Labcorp from a "neutral" rating to a "buy" rating and boosted their price target for the company from $250.00 to $300.00 in a report on Tuesday, March 4th. Truist Financial raised their target price on shares of Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Morgan Stanley increased their price target on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $276.08.

Insider Buying and Selling at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $260.00, for a total value of $130,000.00. Following the completion of the sale, the director now owns 12,666 shares in the company, valued at approximately $3,293,160. This represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam H. Schechter sold 6,105 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the sale, the chief executive officer now owns 98,962 shares of the company's stock, valued at $24,614,818.26. The trade was a 5.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,092 shares of company stock valued at $2,971,820. Corporate insiders own 0.84% of the company's stock.

Labcorp Price Performance

Shares of NYSE LH traded down $1.58 during mid-day trading on Thursday, reaching $257.12. 931,508 shares of the company traded hands, compared to its average volume of 636,473. Labcorp Holdings Inc. has a fifty-two week low of $198.96 and a fifty-two week high of $264.03. The firm has a market cap of $21.52 billion, a PE ratio of 29.72, a price-to-earnings-growth ratio of 1.66 and a beta of 0.81. The stock has a fifty day simple moving average of $246.53 and a 200-day simple moving average of $240.73. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60.

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

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.12%. Labcorp's dividend payout ratio is currently 33.29%.

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.