Wealth Enhancement Advisory Services LLC Has $8.42 Million Stock Holdings in Labcorp Holdings Inc. (NYSE:LH)

Wealth Enhancement Advisory Services LLC grew its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 84.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,182 shares of the medical research company's stock after acquiring an additional 16,574 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Labcorp were worth $8,421,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in LH. Graney & King LLC acquired a new position in shares of Labcorp during the fourth quarter valued at about $26,000. Heck Capital Advisors LLC bought a new stake in Labcorp in the 4th quarter valued at $44,000. SBI Securities Co. Ltd. bought a new position in shares of Labcorp during the 4th quarter worth about $52,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Labcorp during the 4th quarter valued at about $55,000. Finally, Transamerica Financial Advisors Inc. increased its stake in Labcorp by 1,506.3% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 257 shares of the medical research company's stock valued at $59,000 after acquiring an additional 241 shares during the period. Institutional investors and hedge funds own 95.94% of the company's stock.

Insider Activity at Labcorp

In other news, Director Kerrii B. Anderson sold 500 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $260.00, for a total transaction of $130,000.00. Following the completion of the sale, the director now directly owns 12,666 shares of the company's stock, valued at $3,293,160. This trade represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the chief accounting officer now owns 2,054 shares in the company, valued at $497,602.04. The trade was a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,092 shares of company stock valued at $2,971,820. 0.84% of the stock is owned by insiders.

Labcorp Stock Performance

Shares of Labcorp stock opened at $261.01 on Tuesday. The stock has a market cap of $21.85 billion, a price-to-earnings ratio of 30.17, a P/E/G ratio of 1.66 and a beta of 0.81. Labcorp Holdings Inc. has a twelve month low of $198.96 and a twelve month high of $264.03. The company's fifty day moving average is $245.03 and its 200 day moving average is $240.45. 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 (NYSE:LH - Get Free Report) last issued its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the company posted $3.68 earnings per share. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. Sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.10%. Labcorp's dividend payout ratio (DPR) is currently 33.29%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Piper Sandler reaffirmed a "neutral" rating and issued a $280.00 price target (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Citigroup upgraded shares of Labcorp from a "neutral" rating to a "buy" rating and boosted their price target for the company from $250.00 to $300.00 in a research report on Tuesday, March 4th. Morgan Stanley upped their price objective on shares of Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Barclays lifted their target price on shares of Labcorp from $240.00 to $250.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Finally, Wall Street Zen lowered Labcorp from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Labcorp has an average rating of "Moderate Buy" and a consensus price target of $274.00.

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.

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