Zurcher Kantonalbank Zurich Cantonalbank Purchases 1,222 Shares of Labcorp Holdings Inc. (NYSE:LH)

Key Points

• Zurcher Kantonalbank increased its stake in Labcorp by 7.1%, acquiring an additional 1,222 shares, bringing its total holdings to 18,341 shares valued at approximately $4.27 million.
• Labcorp reported earnings of $4.35 per share for the last quarter, exceeding analyst expectations of $4.14 and marking a 9.6% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.72 per share, with an annualized yield of 1.1%, and a payout ratio of 31.79%.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Labcorp Holdings Inc. (NYSE:LH - Free Report) by 7.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,341 shares of the medical research company's stock after purchasing an additional 1,222 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Labcorp were worth $4,269,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of LH. Wedmont Private Capital grew its holdings in shares of Labcorp by 5.0% in the 1st quarter. Wedmont Private Capital now owns 920 shares of the medical research company's stock valued at $204,000 after buying an additional 44 shares during the period. Cidel Asset Management Inc. grew its stake in Labcorp by 5.5% in the first quarter. Cidel Asset Management Inc. now owns 941 shares of the medical research company's stock valued at $219,000 after acquiring an additional 49 shares during the period. Resonant Capital Advisors LLC grew its stake in Labcorp by 1.5% in the first quarter. Resonant Capital Advisors LLC now owns 3,493 shares of the medical research company's stock valued at $813,000 after acquiring an additional 51 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of Labcorp by 88.1% in the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after acquiring an additional 52 shares in the last quarter. Finally, Colonial Trust Co SC raised its position in shares of Labcorp by 3.2% during the fourth quarter. Colonial Trust Co SC now owns 1,722 shares of the medical research company's stock worth $395,000 after purchasing an additional 53 shares during the period. Institutional investors own 95.94% of the company's stock.

Labcorp Stock Performance

LH opened at $259.56 on Friday. The business's 50-day simple moving average is $255.68 and its 200 day simple moving average is $245.30. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-week high of $283.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The firm has a market capitalization of $21.73 billion, a PE ratio of 28.65, a PEG ratio of 1.69 and a beta of 0.82.

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

Labcorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.

Insider Buying and Selling at Labcorp

In related news, CEO Adam H. Schechter sold 6,105 shares of Labcorp stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the transaction, the chief executive officer owned 98,962 shares in the company, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Brian J. Caveney sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the transaction, the executive vice president directly owned 30,067 shares in the company, valued at approximately $7,426,549. This trade represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,605 shares of company stock worth $3,254,997 over the last quarter. 0.84% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LH shares. Piper Sandler reiterated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Evercore ISI upped their price target on shares of Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Robert W. Baird raised their price objective on shares of Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. UBS Group boosted their price objective on shares of Labcorp from $282.00 to $305.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Barclays reiterated a "cautious" rating on shares of Labcorp in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $285.00.

Labcorp Company 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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