Victory Capital Management Inc. Acquires 7,254 Shares of Labcorp Holdings Inc. (NYSE:LH)

Victory Capital Management Inc. grew its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 13.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,565 shares of the medical research company's stock after buying an additional 7,254 shares during the quarter. Victory Capital Management Inc. owned approximately 0.07% of Labcorp worth $13,863,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC increased 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 purchasing an additional 52 shares during the last quarter. Graney & King LLC bought a new stake in shares of Labcorp during the 4th quarter worth about $26,000. North Capital Inc. bought a new stake in shares of Labcorp during the 1st quarter worth about $27,000. TruNorth Capital Management LLC bought a new stake in shares of Labcorp during the 1st quarter worth about $28,000. Finally, Larson Financial Group LLC boosted its stake in shares of Labcorp by 140.4% during the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after acquiring an additional 73 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Price Performance

Shares of Labcorp stock traded down $3.23 during midday trading on Friday, hitting $264.46. 1,152,351 shares of the company were exchanged, compared to its average volume of 840,803. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.60. The firm has a market cap of $22.14 billion, a P/E ratio of 29.19, a PEG ratio of 1.69 and a beta of 0.82. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $283.47. The firm has a 50 day simple moving average of $254.43 and a 200-day simple moving average of $244.53.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.49 billion. During the same period last year, the firm posted $3.94 EPS. The business's revenue was up 9.6% on a year-over-year basis. Research analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.09%. Labcorp's dividend payout ratio (DPR) is currently 33.29%.

Insider Buying and Selling

In other news, CAO Peter J. Wilkinson sold 829 shares of Labcorp stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $242.26, for a total value of $200,833.54. Following the completion of the sale, the chief accounting officer directly owned 2,054 shares of the company's stock, valued at approximately $497,602.04. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of Labcorp 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 sale, the chief executive officer directly owned 98,962 shares of the company's stock, valued at $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Truist Financial upped their price target on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a research note on Thursday, July 10th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a report on Saturday. Evercore ISI raised their target price on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday. Finally, UBS Group raised their target price on Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, Labcorp presently has a consensus rating of "Moderate Buy" and an average target price of $285.00.

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.