Labcorp (NYSE:LH) Stock Rating Lowered by Hsbc Global Res

Labcorp (NYSE:LH - Get Free Report) was downgraded by stock analysts at Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other brokerages have also recently issued reports on LH. Redburn Atlantic initiated coverage on Labcorp in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price target for the company. HSBC downgraded Labcorp from a "buy" rating to a "hold" rating and set a $260.00 target price for the company. in a research report on Thursday. Robert W. Baird increased their target price on Labcorp from $253.00 to $267.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Evercore ISI raised their price target on Labcorp from $260.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Truist Financial upped their price objective on shares of Labcorp from $274.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $276.38.

Labcorp Stock Performance

Shares of NYSE LH opened at $253.17 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. The firm has a market cap of $21.19 billion, a price-to-earnings ratio of 29.27, a P/E/G ratio of 1.64 and a beta of 0.82. The stock's fifty day moving average price is $253.62 and its two-hundred day moving average price is $242.95. Labcorp has a one year low of $200.90 and a one year high of $265.72.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results 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 business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. Labcorp's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $3.68 earnings per share. On average, equities analysts forecast that Labcorp will post 16.01 EPS for the current year.

Insider Activity at Labcorp

In other news, EVP Brian J. Caveney sold 2,000 shares of the 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 completion of the transaction, the executive vice president directly owned 30,067 shares in the company, valued at approximately $7,426,549. This represents a 6.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total value of $200,833.54. Following the sale, the chief accounting officer directly owned 2,054 shares in the company, valued at approximately $497,602.04. This trade represents a 28.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 in the last ninety days. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Labcorp

Large investors have recently bought and sold shares of the company. Golden State Wealth Management LLC increased its stake in shares of Labcorp by 88.1% in the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company's stock valued at $26,000 after buying an additional 52 shares during the period. Graney & King LLC bought a new stake in Labcorp during the 4th quarter worth approximately $26,000. North Capital Inc. acquired a new position in Labcorp in the 1st quarter valued at approximately $27,000. TruNorth Capital Management LLC bought a new position in shares of Labcorp during the first quarter valued at $28,000. Finally, Larson Financial Group LLC lifted its holdings in shares of Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company's stock worth $29,000 after purchasing an additional 73 shares during the period. 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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