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

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.

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

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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