State of New Jersey Common Pension Fund D Sells 2,939 Shares of Labcorp Holdings Inc. $LH

Key Points

• The State of New Jersey Common Pension Fund D decreased its holdings in Labcorp Holdings Inc. by 10.3% in the first quarter, now owning 25,692 shares valued at $5.98 million.
• Labcorp reported earnings of $4.35 per share for the last quarter, exceeding analysts' expectations, with revenue up 9.6% year-over-year.
• The company announced a quarterly dividend of $0.72 per share, scheduled for payment on September 11th, yielding 1.1% annually.

State of New Jersey Common Pension Fund D lessened its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,692 shares of the medical research company's stock after selling 2,939 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Labcorp were worth $5,980,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in LH. Golden State Wealth Management LLC lifted its position in Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after buying an additional 52 shares in the last quarter. North Capital Inc. purchased a new stake in shares of Labcorp during the first quarter worth $27,000. TruNorth Capital Management LLC acquired a new stake in Labcorp during the first quarter valued at $28,000. Larson Financial Group LLC increased its position in Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after purchasing an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in shares of Labcorp during the 1st quarter worth about $31,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on LH shares. Truist Financial boosted their price target on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Evercore ISI boosted their target price on shares of Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Morgan Stanley increased their price target 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. UBS Group lifted their price objective on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Hsbc Global Res downgraded shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $289.58.

Insider Buying and Selling

In other Labcorp news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the transaction, the executive vice president owned 2,274 shares of the company's stock, valued at $617,209.08. The trade was a 63.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kerrii B. Anderson sold 3,500 shares of the company's stock in a transaction that occurred on 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 owned 8,666 shares in the company, valued at approximately $2,426,480. This represents a 28.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,046 shares of company stock worth $4,831,192 over the last three months. Company insiders own 0.84% of the company's stock.

Labcorp Stock Down 0.6%

Shares of LH traded down $1.5910 during midday trading on Thursday, hitting $276.5090. The stock had a trading volume of 384,680 shares, compared to its average volume of 687,035. The firm has a market cap of $22.98 billion, a price-to-earnings ratio of 30.52, a price-to-earnings-growth ratio of 1.78 and a beta of 0.78. The company has a 50 day simple moving average of $260.83 and a two-hundred day simple moving average of $247.86. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month 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.

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

Labcorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. Labcorp's dividend 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.