Wealth Enhancement Advisory Services LLC Increases Position in Labcorp Holdings Inc. $LH

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Labcorp Holdings Inc. by 3.7% during Q2, bringing its total to 37,533 shares, valued at approximately $9.83 million.
• Labcorp reported a quarterly earnings of $4.35 per share, exceeding the estimate by $0.21, with a revenue of $3.53 billion.
• The company recently announced a quarterly dividend of $0.72 per share, representing an annual yield of 1.0%.

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,533 shares of the medical research company's stock after acquiring an additional 1,351 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Labcorp were worth $9,830,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. NewEdge Advisors LLC increased its position in shares of Labcorp by 25.2% during the first quarter. NewEdge Advisors LLC now owns 8,546 shares of the medical research company's stock worth $1,989,000 after acquiring an additional 1,721 shares during the last quarter. Strs Ohio purchased a new stake in shares of Labcorp during the first quarter worth about $23,639,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Labcorp during the first quarter worth about $2,639,000. Select Equity Group L.P. grew its stake in Labcorp by 39.1% in the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company's stock worth $516,696,000 after purchasing an additional 624,099 shares in the last quarter. Finally, Teewinot Capital Advisers L.L.C. acquired a new position in Labcorp in the first quarter worth about $709,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Labcorp Stock Performance

Shares of LH stock opened at $279.13 on Tuesday. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average of $268.48 and a two-hundred day moving average of $252.08. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $283.47. The company has a market cap of $23.20 billion, a P/E ratio of 30.81, a PEG ratio of 1.77 and a beta of 0.85.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $0.21. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The business's revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were given a dividend of $0.72 per share. The ex-dividend date was Thursday, August 28th. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp's payout ratio is currently 31.79%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. 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. Robert W. Baird set a $311.00 price target on Labcorp in a research note on Monday, August 25th. Truist Financial lifted their price target on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Evercore ISI lifted their price target on Labcorp from $285.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $290.33.

Insiders Place Their Bets

In other news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the completion of the transaction, the executive vice president directly owned 2,274 shares in the company, valued at approximately $617,209.08. The trade was a 63.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kerrii B. Anderson sold 3,500 shares of the business's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the transaction, the director owned 8,666 shares of the company's stock, valued at approximately $2,426,480. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,546 shares of company stock valued at $4,207,192. Corporate insiders own 0.84% of the company's stock.

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.

Want to see what other hedge funds are holding LH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Labcorp Holdings Inc. (NYSE:LH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.