Labcorp (NYSE:LH) Hits New 52-Week High After Earnings Beat

Labcorp Holdings Inc. (NYSE:LH - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $283.47 and last traded at $268.83, with a volume of 778639 shares. The stock had previously closed at $250.51.

The medical research company reported $4.35 EPS for the quarter, beating analysts' consensus estimates 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%. Labcorp's revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.94 earnings per share.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.09%. Labcorp's dividend payout ratio is currently 33.29%.

Wall Street Analysts Forecast Growth

LH has been the topic of a number of recent research reports. Barclays reiterated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Robert W. Baird boosted their price target on Labcorp from $290.00 to $302.00 and gave the company an "outperform" rating in a report on Friday. Redburn Atlantic started coverage on Labcorp in a report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target for the company. Evercore ISI boosted their price target on Labcorp from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Friday. Finally, HSBC cut Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective for the company. in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Labcorp presently has an average rating of "Moderate Buy" and an average price target of $285.00.

Insider Activity

In other Labcorp news, Director Kerrii B. Anderson sold 500 shares of the business'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 owned 12,166 shares of the company's stock, valued at approximately $3,223,990. The trade was a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Brian J. Caveney sold 2,000 shares of the business's 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 transaction, the executive vice president directly owned 30,067 shares in the company, valued at $7,426,549. This trade represents a 6.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,834 shares of company stock valued at $2,928,714 in the last three months. Company insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Labcorp

Large investors have recently modified their holdings of the business. Golden State Wealth Management LLC lifted its stake in shares of Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after purchasing an additional 52 shares during the last quarter. North Capital Inc. acquired a new position in shares of Labcorp in the 1st quarter valued at $27,000. TruNorth Capital Management LLC acquired a new position in shares of Labcorp in the 1st quarter valued at $28,000. Larson Financial Group LLC lifted its stake in shares of Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock valued at $29,000 after purchasing an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Labcorp in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 95.94% of the company's stock.

Labcorp Trading Down 1.2%

The company has a 50 day moving average price of $254.43 and a 200 day moving average price of $244.60. The firm has a market cap of $22.14 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.60 and a current ratio of 1.50.

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.