CIBC Asset Management Inc Has $5.01 Million Holdings in Labcorp Holdings Inc. $LH

CIBC Asset Management Inc grew its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 61.3% in the 4th quarter, HoldingsChannel reports. The fund owned 19,974 shares of the medical research company’s stock after purchasing an additional 7,592 shares during the quarter. CIBC Asset Management Inc’s holdings in Labcorp were worth $5,011,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Hantz Financial Services Inc. lifted its position in Labcorp by 48.8% during the third quarter. Hantz Financial Services Inc. now owns 122 shares of the medical research company’s stock worth $35,000 after acquiring an additional 40 shares during the last quarter. Advisor OS LLC lifted its position in Labcorp by 5.4% during the third quarter. Advisor OS LLC now owns 821 shares of the medical research company’s stock worth $236,000 after acquiring an additional 42 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Labcorp by 3.9% during the fourth quarter. Pinnacle Associates Ltd. now owns 1,126 shares of the medical research company’s stock worth $282,000 after acquiring an additional 42 shares during the last quarter. Larson Financial Group LLC lifted its position in Labcorp by 37.5% during the third quarter. Larson Financial Group LLC now owns 154 shares of the medical research company’s stock worth $44,000 after acquiring an additional 42 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its position in Labcorp by 7.6% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 668 shares of the medical research company’s stock worth $168,000 after acquiring an additional 47 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Labcorp news, CEO Adam H. Schechter sold 5,903 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $254.50, for a total transaction of $1,502,313.50. Following the completion of the transaction, the chief executive officer directly owned 107,234 shares in the company, valued at $27,291,053. The trade was a 5.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on LH shares. Piper Sandler raised their price objective on shares of Labcorp from $270.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Evercore reiterated an “outperform” rating and issued a $300.00 price target on shares of Labcorp in a research report on Wednesday, April 8th. Robert W. Baird set a $334.00 price target on shares of Labcorp in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Labcorp in a research report on Tuesday, February 17th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $308.00.

Labcorp Stock Up 1.8%

NYSE LH opened at $265.80 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.54 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a 1-year low of $241.81 and a 1-year high of $293.72. The company has a 50 day moving average of $262.75 and a 200-day moving average of $265.62. The company has a market cap of $21.80 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 1.86 and a beta of 0.90.

Labcorp (NYSE:LH) last released its quarterly earnings results on Thursday, April 30th. The medical research company reported $4.25 earnings per share for the quarter, beating analysts’ consensus estimates of $4.09 by $0.16. Labcorp had a net margin of 6.66% and a return on equity of 16.29%. The company had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the previous year, the business earned $3.84 earnings per share. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. Labcorp has set its FY 2026 guidance at 17.700-18.350 EPS. On average, equities research analysts expect that Labcorp Holdings Inc. will post 18 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Shareholders of record on Friday, May 29th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, May 29th. Labcorp’s payout ratio is currently 25.51%.

Labcorp Company Profile

Laboratory Corporation of America Holdings, commonly known as Labcorp (NYSE: LH), is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp’s core businesses encompass clinical laboratory testing and pharmaceutical development services.