Labcorp Holdings Inc. (NYSE:LH - Get Free Report) announced a quarterly dividend on Thursday, July 10th, RTT News reports. Stockholders of record on Thursday, August 28th will be given a dividend of 0.72 per share by the medical research company on Thursday, September 11th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.11%.
Labcorp has a payout ratio of 16.4% meaning its dividend is sufficiently covered by earnings. 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 Price Performance
Shares of LH opened at $259.45 on Thursday. The company has a market cap of $21.72 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 1.63 and a beta of 0.82. Labcorp has a 1-year low of $198.96 and a 1-year high of $265.72. The company's fifty day simple moving average is $253.38 and its 200 day simple moving average is $242.78. 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 released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, topping analysts' consensus estimates of $3.73 by $0.11. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.68 earnings per share. On average, research analysts forecast that Labcorp will post 16.01 earnings per share for the current fiscal year.
Analyst Ratings Changes
LH has been the subject of a number of analyst reports. Evercore ISI boosted their price target on Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday. Barclays reaffirmed a "cautious" rating on shares of Labcorp in a research note on Wednesday, June 25th. Truist Financial boosted their price target on Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Morgan Stanley boosted their target price on Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Finally, Robert W. Baird boosted their target price on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $277.75.
Check Out Our Latest Analysis on Labcorp
Insider Buying and Selling at Labcorp
In other Labcorp news, Director Kerrii B. Anderson sold 500 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total transaction of $132,500.00. Following the transaction, the director directly owned 12,166 shares in the company, valued at approximately $3,223,990. This trade represents a 3.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction 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 sale, the executive vice president owned 30,067 shares in the company, valued at $7,426,549. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Labcorp
A number of hedge funds have recently made changes to their positions in LH. Integrated Wealth Concepts LLC increased its holdings in Labcorp by 7.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company's stock worth $565,000 after acquiring an additional 177 shares during the last quarter. Brighton Jones LLC purchased a new stake in Labcorp in the 4th quarter worth about $991,000. Finally, Goldman Sachs Group Inc. grew its stake in Labcorp by 52.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company's stock valued at $82,353,000 after buying an additional 121,304 shares in the last quarter. 95.94% of the stock is currently owned by institutional investors.
Labcorp Company Profile
(
Get Free Report)
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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