UBS Group Lowers Labcorp (NYSE:LH) Price Target to $282.00

Labcorp (NYSE:LH - Free Report) had its price target cut by UBS Group from $284.00 to $282.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the medical research company's stock.

Other equities analysts also recently issued reports about the stock. Redburn Atlantic assumed coverage on shares of Labcorp in a research note on Wednesday, April 2nd. They set a "buy" rating and a $276.00 target price on the stock. Piper Sandler restated a "neutral" rating and set a $280.00 price target (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Morgan Stanley raised their price target on shares of Labcorp from $270.00 to $283.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Evercore ISI boosted their price target on shares of Labcorp from $260.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Truist Financial boosted their price target on shares of Labcorp from $274.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, May 12th. One investment 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $276.08.

Labcorp Stock Down 1.4%

Shares of LH traded down $3.51 during mid-day trading on Friday, hitting $243.73. The company's stock had a trading volume of 573,363 shares, compared to its average volume of 653,135. The company's 50-day moving average is $253.65 and its 200-day moving average is $243.76. Labcorp has a 52-week low of $205.98 and a 52-week high of $265.72. The firm has a market capitalization of $20.40 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 1.54 and a beta of 0.82. 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 issued its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, beating 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 quarter in the prior year, the business posted $3.68 EPS. On average, equities research analysts forecast that Labcorp will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.18%. Labcorp's payout ratio is 33.29%.

Insider Activity at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the sale, the director directly owned 12,166 shares of the company's stock, valued at approximately $3,223,990. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $452,884.00. Following the completion of the transaction, the executive vice president owned 2,244 shares in the company, valued at $534,879.84. The trade was a 45.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,834 shares of company stock worth $2,928,714 over the last three months. Company insiders own 0.84% of the company's stock.

Institutional Trading of Labcorp

Hedge funds have recently made changes to their positions in the company. Brighton Jones LLC acquired a new stake in shares of Labcorp during the fourth quarter worth approximately $991,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Labcorp by 5.5% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 10,069 shares of the medical research company's stock worth $2,309,000 after buying an additional 525 shares in the last quarter. Signaturefd LLC grew its position in shares of Labcorp by 9.7% during the fourth quarter. Signaturefd LLC now owns 588 shares of the medical research company's stock worth $135,000 after buying an additional 52 shares in the last quarter. Xponance Inc. grew its position in shares of Labcorp by 3.9% during the fourth quarter. Xponance Inc. now owns 12,000 shares of the medical research company's stock worth $2,752,000 after buying an additional 445 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its position in shares of Labcorp by 26.1% during the fourth quarter. Teacher Retirement System of Texas now owns 67,404 shares of the medical research company's stock worth $15,457,000 after buying an additional 13,939 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

About Labcorp

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.