AMI Asset Management Corp Sells 6,595 Shares of Labcorp Holdings Inc. (NYSE:LH)

AMI Asset Management Corp cut its holdings in Labcorp Holdings Inc. (NYSE:LH) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 197,777 shares of the medical research company’s stock after selling 6,595 shares during the period. Labcorp comprises 2.7% of AMI Asset Management Corp’s holdings, making the stock its 14th largest holding. AMI Asset Management Corp owned approximately 0.24% of Labcorp worth $46,031,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Labcorp during the 4th quarter worth about $239,811,000. Select Equity Group L.P. boosted its position in Labcorp by 150.9% in the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company’s stock valued at $365,985,000 after buying an additional 959,981 shares during the period. Amundi boosted its position in Labcorp by 344.9% in the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company’s stock valued at $263,161,000 after buying an additional 870,903 shares during the period. GAMMA Investing LLC boosted its position in Labcorp by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company’s stock valued at $188,450,000 after buying an additional 807,539 shares during the period. Finally, Madison Investment Advisors LLC purchased a new stake in Labcorp in the 4th quarter valued at about $123,415,000. 95.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $260.00, for a total value of $130,000.00. Following the completion of the sale, the director now owns 12,666 shares of the company’s stock, valued at approximately $3,293,160. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Amy B. Summy sold 758 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $231.67, for a total value of $175,605.86. Following the completion of the sale, the executive vice president now directly owns 5,302 shares of the company’s stock, valued at approximately $1,228,314.34. This represents a 12.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,092 shares of company stock valued at $2,971,820 over the last quarter. 0.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on LH shares. Wall Street Zen cut shares of Labcorp from a “buy” rating to a “hold” rating in a research report on Friday, April 18th. Barclays upped their price target on shares of Labcorp from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial upped their price target 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. Robert W. Baird upped their price target on shares of Labcorp from $253.00 to $267.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 30th. Finally, Citigroup raised shares of Labcorp from a “neutral” rating to a “buy” rating and upped their price target for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $276.08.

Labcorp Trading Down 1.4%

Shares of Labcorp stock opened at $258.95 on Thursday. The firm’s 50 day simple moving average is $246.53 and its two-hundred day simple moving average is $240.73. The firm has a market capitalization of $21.67 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 1.66 and a beta of 0.81. 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 Holdings Inc. has a 12-month low of $198.96 and a 12-month high of $264.03.

Labcorp (NYSE:LH) last released its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 EPS for the quarter, beating the consensus estimate of $3.73 by $0.11. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm earned $3.68 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.11%. Labcorp’s payout ratio is currently 33.29%.

Labcorp Profile

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