Wedge Capital Management L L P NC Sells 19,418 Shares of Labcorp Holdings Inc. $LH

Key Points

• Wedge Capital Management L L P NC has reduced its position in Labcorp Holdings Inc. by 14.1%, selling 19,418 shares, and now owns approximately 0.14% of the company valued at $31.1 million.
• Labcorp reported a quarterly EPS of $4.35, surpassing analysts' expectations, and achieved a revenue of $3.53 billion for the quarter, which was up 9.6% year-over-year.
• The company recently declared a quarterly dividend of $0.72 per share, which translates to an annualized dividend of $2.88 and a yield of 1.0%.

Wedge Capital Management L L P NC decreased its stake in shares of Labcorp Holdings Inc. (NYSE:LH - Free Report) by 14.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,642 shares of the medical research company's stock after selling 19,418 shares during the period. Wedge Capital Management L L P NC owned approximately 0.14% of Labcorp worth $31,145,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its holdings in Labcorp by 88.1% during 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 in the last quarter. North Capital Inc. acquired a new stake in Labcorp in the 1st quarter valued at approximately $27,000. TruNorth Capital Management LLC bought a new stake in Labcorp in the 1st quarter valued at approximately $28,000. Larson Financial Group LLC boosted its position in 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 during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in shares of Labcorp during the 1st quarter worth approximately $31,000. 95.94% of the stock is owned by institutional investors.

Labcorp Trading Up 0.7%

NYSE LH traded up $1.86 during mid-day trading on Monday, reaching $279.13. 540,555 shares of the stock were exchanged, compared to its average volume of 689,416. The stock has a market cap of $23.20 billion, a P/E ratio of 30.81, a P/E/G ratio of 1.77 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $283.47. The stock has a 50 day simple moving average of $268.48 and a 200-day simple moving average of $252.08.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping analysts' consensus estimates of $4.14 by $0.21. The firm 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% compared to the same quarter last year. During the same period last year, the business posted $3.94 EPS. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 28th. Labcorp's dividend payout ratio is presently 31.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. UBS Group lifted their price target on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird set a $311.00 target price on Labcorp in a research note on Monday, August 25th. HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price target for the company. in a research report on Thursday, July 10th. Hsbc Global Res downgraded shares of Labcorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 10th. Finally, Morgan Stanley raised their price target on shares of Labcorp from $283.00 to $306.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $290.33.

Insider Activity at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, the director directly owned 8,666 shares in the company, valued at approximately $2,426,480. This trade represents a 28.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dwight Gary Gilliland sold 2,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total value of $529,900.00. Following the completion of the sale, the director directly owned 6,656 shares in the company, valued at approximately $1,763,507.20. The trade was a 23.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,546 shares of company stock valued at $4,207,192 over the last quarter. Corporate insiders own 0.84% of the company's stock.

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.