Teacher Retirement System of Texas Has $19.49 Million Holdings in Labcorp Holdings Inc. (NYSE:LH)

Teacher Retirement System of Texas grew its holdings in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 24.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 83,722 shares of the medical research company's stock after acquiring an additional 16,318 shares during the quarter. Teacher Retirement System of Texas owned about 0.10% of Labcorp worth $19,485,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Graney & King LLC purchased a new position in shares of Labcorp during the fourth quarter worth about $26,000. Golden State Wealth Management LLC increased its holdings in shares of 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. Garde Capital Inc. purchased a new stake in shares of Labcorp during the first quarter worth approximately $36,000. Heck Capital Advisors LLC acquired a new stake in shares of Labcorp during the fourth quarter worth $44,000. Finally, SBI Securities Co. Ltd. purchased a new position in Labcorp in the 4th quarter valued at $52,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Stock Up 0.7%

Shares of LH traded up $1.89 during midday trading on Friday, hitting $261.89. The company had a trading volume of 271,298 shares, compared to its average volume of 640,698. The stock has a market cap of $21.92 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 1.66 and a beta of 0.82. The company's 50 day moving average price is $252.11 and its 200 day moving average price is $242.14. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a 52 week low of $198.96 and a 52 week high of $265.72.

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 for the quarter, beating analysts' consensus estimates of $3.73 by $0.11. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business earned $3.68 EPS. On average, equities research analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.10%. Labcorp's dividend payout ratio is presently 33.29%.

Insider Transactions at Labcorp

In other Labcorp news, Director Kerrii B. Anderson sold 500 shares of Labcorp stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the transaction, the director owned 12,166 shares in the company, valued at approximately $3,223,990. The trade was a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the company's 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 transaction, the chief executive officer directly owned 98,962 shares in the company, valued at $24,614,818.26. This represents a 5.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 over the last 90 days. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LH. Morgan Stanley increased their target price on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Robert W. Baird increased their price objective on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Redburn Atlantic assumed coverage on Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 target price for the company. Wall Street Zen cut shares of Labcorp from a "buy" rating to a "hold" rating in a research note on Friday, April 18th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $276.08.

Labcorp Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.