Labcorp Holdings Inc. (NYSE:LH) Shares Acquired by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB increased its holdings in Labcorp Holdings Inc. by 78.6%, now owning 32,107 shares valued at approximately $7.47 million.
• Several hedge funds have also made significant increases in their positions in Labcorp, indicating strong institutional investor interest, with a total of 95.94% of the company's stock held by institutional investors.
• Labcorp recently announced a quarterly dividend of $0.72 per share, which reflects an annualized dividend yield of 1.09%.

Skandinaviska Enskilda Banken AB publ increased its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 78.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,107 shares of the medical research company's stock after purchasing an additional 14,132 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Labcorp were worth $7,473,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in Labcorp during the fourth quarter worth approximately $239,811,000. Select Equity Group L.P. grew its stake in Labcorp by 150.9% in the 4th 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 acquiring an additional 959,981 shares during the period. GAMMA Investing LLC increased its holdings in Labcorp by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock worth $188,450,000 after acquiring an additional 807,539 shares in the last quarter. Alliancebernstein L.P. raised its position in Labcorp by 59.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock worth $234,160,000 after acquiring an additional 380,624 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in Labcorp during the fourth quarter valued at $48,693,000. Hedge funds and other institutional investors own 95.94% of the company's stock.

Analysts Set New Price Targets

LH has been the subject of a number of research reports. Morgan Stanley boosted their target price on shares of Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Truist Financial raised their target price on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Redburn Atlantic initiated coverage on Labcorp in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target for the company. HSBC cut shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price on the stock. in a research note on Thursday, July 10th. Finally, Barclays reaffirmed a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $285.00.

Insider Activity

In other news, CEO Adam H. Schechter sold 6,105 shares of Labcorp stock in a transaction dated 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 sale, the chief executive officer owned 98,962 shares of the company's stock, valued at $24,614,818.26. The trade was a 5.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian J. Caveney sold 2,000 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 30,067 shares of the company's stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,605 shares of company stock valued at $3,254,997 in the last ninety days. 0.84% of the stock is currently owned by company insiders.

Labcorp Stock Down 0.7%

Shares of LH stock traded down $1.93 during trading on Thursday, reaching $261.98. The company's stock had a trading volume of 158,271 shares, compared to its average volume of 737,179. The company has a market capitalization of $21.93 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 1.68 and a beta of 0.82. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $283.47. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The stock's 50-day moving average price is $255.33 and its 200 day moving average price is $245.13.

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. The business had revenue of $3.53 billion during 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%. The business's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.94 earnings per share. On average, research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.10%. Labcorp's dividend payout ratio (DPR) is 31.79%.

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.