Virtu Financial LLC Takes $702,000 Position in Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Virtu Financial LLC has acquired a new stake in Labcorp Holdings Inc. valued at approximately $702,000, purchasing 3,016 shares of the medical research company.
• Labcorp recently announced a quarterly dividend of $0.72 per share, with an annualized dividend yield of 1.1%, payable on September 11th to shareholders of record on August 28th.
• The company's latest earnings report showed a 9.6% increase in quarterly revenue year-over-year, totaling $3.53 billion, along with an earnings per share (EPS) of $4.35, exceeding analyst expectations.

Virtu Financial LLC bought a new stake in Labcorp Holdings Inc. (NYSE:LH - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,016 shares of the medical research company's stock, valued at approximately $702,000.

A number of other institutional investors have also modified their holdings of the business. Brighton Jones LLC purchased a new position in Labcorp in the 4th quarter valued at $991,000. Raymond James Financial Inc. purchased a new position in Labcorp in the 4th quarter valued at $33,779,000. Bessemer Group Inc. grew its position in Labcorp by 295.8% in the 4th quarter. Bessemer Group Inc. now owns 3,483 shares of the medical research company's stock valued at $799,000 after buying an additional 2,603 shares during the last quarter. Sterling Capital Management LLC grew its position in Labcorp by 51.8% in the 4th quarter. Sterling Capital Management LLC now owns 5,198 shares of the medical research company's stock valued at $1,192,000 after buying an additional 1,774 shares during the last quarter. Finally, Townsquare Capital LLC grew its position in Labcorp by 16.1% in the 4th quarter. Townsquare Capital LLC now owns 4,396 shares of the medical research company's stock valued at $1,008,000 after buying an additional 611 shares during the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Trading Up 0.6%

Shares of LH stock opened at $269.16 on Wednesday. The firm has a 50-day moving average price of $258.46 and a 200 day moving average price of $246.64. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $283.47. The company has a market capitalization of $22.37 billion, a price-to-earnings ratio of 29.71, a PEG ratio of 1.71 and a beta of 0.78. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61.

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

Labcorp Announces Dividend

The business 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 1.1%. Labcorp's dividend payout ratio is currently 31.79%.

Insider Activity

In other news, Director Kerrii B. Anderson sold 3,500 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the transaction, the director owned 8,666 shares of the company's stock, valued at $2,426,480. This represents a 28.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the company'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 transaction, the executive vice president directly owned 30,067 shares of the company's stock, valued at approximately $7,426,549. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,500 shares of company stock valued at $2,266,400 in the last 90 days. 0.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler reissued a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Barclays reissued a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. Wall Street Zen raised Labcorp from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Truist Financial raised their target price on Labcorp from $290.00 to $310.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Labcorp has an average rating of "Moderate Buy" and an average target price of $289.58.

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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