Labcorp Holdings Inc. (NYSE:LH) Shares Acquired by SFE Investment Counsel

SFE Investment Counsel boosted its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 11.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 31,684 shares of the medical research company's stock after buying an additional 3,195 shares during the period. Labcorp accounts for approximately 1.5% of SFE Investment Counsel's holdings, making the stock its 22nd biggest position. SFE Investment Counsel's holdings in Labcorp were worth $7,374,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of LH. Norges Bank purchased a new position in shares of Labcorp during the fourth quarter valued at about $239,811,000. Select Equity Group L.P. grew its position in shares of Labcorp by 150.9% during the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after purchasing an additional 959,981 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Labcorp by 37,334.2% during the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after purchasing an additional 807,539 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Labcorp by 59.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock valued at $234,160,000 after purchasing an additional 380,624 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in Labcorp in the fourth quarter worth about $48,693,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Piper Sandler reiterated a "neutral" rating and issued a $280.00 price target (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. UBS Group dropped their price target on Labcorp from $284.00 to $282.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Evercore ISI lifted their price target on Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Hsbc Global Res lowered Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Finally, Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $276.08.

Insider Activity

In related news, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total transaction of $494,000.00. Following the completion of the transaction, the executive vice president owned 30,067 shares of the company's stock, valued at approximately $7,426,549. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kerrii B. Anderson sold 500 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total transaction of $132,500.00. Following the sale, the director owned 12,166 shares in the company, valued at approximately $3,223,990. This trade represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,834 shares of company stock worth $2,928,714 in the last three months. 0.84% of the stock is currently owned by corporate insiders.

Labcorp Price Performance

Shares of Labcorp stock traded up $16.91 during trading hours on Thursday, reaching $267.42. The stock had a trading volume of 2,383,287 shares, compared to its average volume of 768,214. The firm has a market capitalization of $22.38 billion, a PE ratio of 30.92, a PEG ratio of 1.59 and a beta of 0.82. The stock's 50 day moving average is $254.13 and its 200 day moving average is $244.33. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a twelve month low of $209.35 and a twelve month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last released its earnings results 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. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The business's revenue was up 9.6% on a year-over-year basis. During the same period last year, the company posted $3.94 EPS. Equities analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The business 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 dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.08%. Labcorp's payout ratio is currently 33.29%.

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.