Labcorp Holdings Inc. (NYSE:LH) Declares Quarterly Dividend of $0.72

Labcorp Holdings Inc. (NYSE:LH - Get Free Report) declared a quarterly dividend on Thursday, July 10th, RTT News reports. Investors of record on Thursday, August 28th will be paid a dividend of 0.72 per share by the medical research company on Thursday, September 11th. This represents a $2.88 annualized dividend and a yield of 1.16%.

Labcorp has a dividend payout ratio of 16.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Labcorp to earn $17.54 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 16.4%.

Labcorp Stock Performance

Shares of NYSE LH traded down $4.39 during trading on Friday, reaching $249.24. 1,139,598 shares of the company traded hands, compared to its average volume of 648,524. The firm's fifty day simple moving average is $253.64 and its 200 day simple moving average is $243.27. The stock has a market cap of $20.86 billion, a P/E ratio of 28.81, a PEG ratio of 1.58 and a beta of 0.82. Labcorp has a 12-month low of $205.98 and a 12-month high of $265.72. The company has a current ratio of 1.84, a quick ratio of 1.60 and a debt-to-equity ratio of 0.68.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the business earned $3.68 EPS. Labcorp's revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts anticipate that Labcorp will post 16.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on LH. Redburn Atlantic began coverage on Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price objective on the stock. Piper Sandler reiterated a "neutral" rating and issued a $280.00 price objective (up from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Hsbc Global Res cut Labcorp from a "strong-buy" rating to a "hold" rating in a report on Thursday. Evercore ISI lifted their price objective on Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Robert W. Baird lifted their price objective on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $276.38.

Insider Transactions at Labcorp

In related news, CEO Adam H. Schechter sold 6,105 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the transaction, the chief executive officer directly owned 98,962 shares in the company, valued at approximately $24,614,818.26. This represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Peter J. Wilkinson sold 829 shares of the company's 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 transaction, the chief accounting officer owned 2,054 shares in the company, valued at $497,602.04. This trade represents a 28.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock valued at $2,928,714 in the last ninety days. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Labcorp

Hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its stake in shares of Labcorp by 7.9% during the first quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company's stock worth $565,000 after buying an additional 177 shares during the period. Brighton Jones LLC acquired a new stake in shares of Labcorp during the fourth quarter worth about $991,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Labcorp by 52.2% during the first quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company's stock worth $82,353,000 after buying an additional 121,304 shares during the period. Hedge funds and other institutional investors own 95.94% of the company's stock.

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.