Robert W. Baird Forecasts Strong Price Appreciation for Labcorp (NYSE:LH) Stock

Key Points

• Labcorp's price target has been increased from $290.00 to $302.00 by Robert W. Baird, indicating a potential upside of 12.93% from its previous close.
• The company reported earnings of $4.35 per share, exceeding the consensus estimate of $4.14, alongside a revenue growth of 9.6% year-over-year.
• Analysts have mixed ratings on Labcorp's stock, with one sell rating, five hold ratings, and nine buy ratings, contributing to an average "Moderate Buy" rating with a consensus target price of $278.77.

Labcorp (NYSE:LH - Free Report) had its target price increased by Robert W. Baird from $290.00 to $302.00 in a report issued on Friday morning,Benzinga reports. They currently have an outperform rating on the medical research company's stock.

A number of other research analysts have also weighed in on LH. Piper Sandler restated a "neutral" rating and issued a $280.00 target price (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. HSBC downgraded shares of Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a report on Thursday, July 10th. UBS Group lowered their target price on shares of Labcorp from $284.00 to $282.00 and set a "buy" rating for the company in a report on Friday, July 18th. Redburn Atlantic started coverage on shares of Labcorp in a research report on Wednesday, April 2nd. They set a "buy" rating and a $276.00 price target on the stock. Finally, Evercore ISI upped their price objective on shares of Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

Labcorp Stock Down 1.2%

NYSE:LH traded down $3.23 during trading hours on Friday, reaching $264.46. The company had a trading volume of 1,152,351 shares, compared to its average volume of 840,803. Labcorp has a twelve month low of $209.38 and a twelve month high of $283.47. The company has a quick ratio of 1.60, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The firm has a market cap of $22.14 billion, a price-to-earnings ratio of 29.19, a P/E/G ratio of 1.68 and a beta of 0.82. The business's 50-day simple moving average is $254.43 and its two-hundred day simple moving average is $244.60.

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

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.09%. Labcorp's payout ratio is 33.29%.

Insider Buying and Selling

In related news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total value of $452,884.00. Following the completion of the transaction, the executive vice president directly owned 2,244 shares of the company's stock, valued at approximately $534,879.84. This trade represents a 45.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the sale, the chief executive officer directly owned 98,962 shares in the company, valued at $24,614,818.26. The trade was a 5.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,834 shares of company stock worth $2,928,714 in the last quarter. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Labcorp

Several hedge funds have recently made changes to their positions in the stock. Golden State Wealth Management LLC lifted its stake in Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock worth $26,000 after purchasing an additional 52 shares in the last quarter. North Capital Inc. purchased a new position in shares of Labcorp during the 1st quarter valued at $27,000. TruNorth Capital Management LLC bought a new position in shares of Labcorp in the first quarter worth $28,000. Larson Financial Group LLC raised its position in shares of Labcorp by 140.4% in the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after buying an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in Labcorp during the first quarter valued at $31,000. 95.94% of the stock is currently owned by hedge funds and other 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.