TD Asset Management Inc Purchases 10,411 Shares of Labcorp Holdings Inc. (NYSE:LH)

Key Points

• TD Asset Management Inc increased its stake in Labcorp Holdings Inc. by 31.9%, acquiring an additional 10,411 shares and valuing its holdings at $10,020,000.
• Labcorp reported $4.35 EPS for the latest quarter, beating estimates of $4.14, with a year-over-year revenue increase of 9.6%.
• The company announced a quarterly dividend of $0.72 per share, which will be paid on September 11th, representing an annualized yield of 1.1%.

TD Asset Management Inc raised its position in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 31.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 43,054 shares of the medical research company's stock after purchasing an additional 10,411 shares during the quarter. TD Asset Management Inc owned 0.05% of Labcorp worth $10,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wedmont Private Capital increased its position in Labcorp by 5.0% in the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock worth $204,000 after buying an additional 44 shares in the last quarter. Cidel Asset Management Inc. grew its stake in shares of Labcorp by 5.5% during the 1st quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company's stock valued at $219,000 after acquiring an additional 49 shares during the period. Resonant Capital Advisors LLC increased its holdings in Labcorp by 1.5% in the 1st quarter. Resonant Capital Advisors LLC now owns 3,493 shares of the medical research company's stock worth $813,000 after acquiring an additional 51 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after acquiring an additional 52 shares during the period. Finally, Colonial Trust Co SC lifted its holdings in Labcorp by 3.2% during the fourth quarter. Colonial Trust Co SC now owns 1,722 shares of the medical research company's stock valued at $395,000 after purchasing an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Trading Down 1.6%

Shares of LH opened at $259.56 on Friday. The stock has a market capitalization of $21.73 billion, a PE ratio of 28.65, a P/E/G ratio of 1.69 and a beta of 0.82. The company's fifty day moving average is $255.68 and its 200 day moving average is $245.30. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $3.49 billion. During the same period last year, the company earned $3.94 EPS. The company's revenue for the quarter was up 9.6% on a year-over-year basis. Sell-side analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp's payout ratio is currently 31.79%.

Analysts Set New Price Targets

LH has been the topic of several recent analyst reports. Morgan Stanley raised their price objective on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. UBS Group raised their price target on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday, July 25th. Truist Financial upped their price objective on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Evercore ISI increased their target price on Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Barclays reissued a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $285.00.

Insider Buying and Selling at Labcorp

In other Labcorp news, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the sale, the executive vice president owned 30,067 shares in the company, valued at $7,426,549. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director directly owned 8,666 shares of the company's stock, valued at $2,426,480. This represents a 28.77% decrease in their ownership of the stock. 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 quarter. 0.84% of the stock is owned by insiders.

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.

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