Freedom Investment Management Inc. Sells 131 Shares of Labcorp Holdings Inc. $LH

Freedom Investment Management Inc. reduced its stake in Labcorp Holdings Inc. (NYSE:LH) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,448 shares of the medical research company’s stock after selling 131 shares during the period. Freedom Investment Management Inc.’s holdings in Labcorp were worth $380,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vontobel Holding Ltd. raised its stake in Labcorp by 7.9% in the second quarter. Vontobel Holding Ltd. now owns 3,057 shares of the medical research company’s stock worth $802,000 after buying an additional 225 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Labcorp by 1.3% in the second quarter. Sequoia Financial Advisors LLC now owns 145,977 shares of the medical research company’s stock worth $38,320,000 after buying an additional 1,816 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Labcorp by 2.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,000,828 shares of the medical research company’s stock worth $528,739,000 after buying an additional 43,509 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Labcorp by 30.2% in the second quarter. Allianz Asset Management GmbH now owns 207,391 shares of the medical research company’s stock worth $54,442,000 after buying an additional 48,063 shares in the last quarter. Finally, Equitable Trust Co. grew its holdings in Labcorp by 3.5% in the second quarter. Equitable Trust Co. now owns 77,427 shares of the medical research company’s stock worth $20,325,000 after purchasing an additional 2,644 shares during the period. 95.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. HSBC cut 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. Barclays upped their price objective on shares of Labcorp from $275.00 to $290.00 and gave the stock an “equal weight” rating in a report on Thursday, October 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Labcorp in a report on Saturday. UBS Group upped their price objective on shares of Labcorp from $305.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Finally, Mizuho upped their price objective on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $296.46.

Insider Activity

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total transaction of $529,900.00. Following the transaction, the director owned 6,656 shares in the company, valued at $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the transaction, the executive vice president owned 2,274 shares in the company, valued at approximately $617,209.08. This trade represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,546 shares of company stock worth $3,094,692 over the last 90 days. 0.84% of the stock is currently owned by insiders.

Labcorp Trading Down 1.5%

NYSE:LH opened at $279.72 on Monday. The company’s 50 day moving average price is $278.60 and its 200-day moving average price is $260.07. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The stock has a market cap of $23.25 billion, a price-to-earnings ratio of 30.87, a PEG ratio of 1.79 and a beta of 0.89.

Labcorp (NYSE:LH) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating 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 firm 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 company posted $3.94 earnings per share. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.72 per share. The ex-dividend date is Wednesday, November 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.0%. Labcorp’s dividend payout ratio is presently 31.79%.

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.