Envestnet Portfolio Solutions Inc. Trims Holdings in Labcorp Holdings Inc. $LH

Envestnet Portfolio Solutions Inc. cut its stake in Labcorp Holdings Inc. (NYSE:LH) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,823 shares of the medical research company’s stock after selling 75 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Labcorp were worth $1,791,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC grew its position in shares of Labcorp by 1.3% in the second quarter. Sequoia Financial Advisors LLC now owns 145,977 shares of the medical research company’s stock valued at $38,320,000 after purchasing an additional 1,816 shares in the last quarter. MGO One Seven LLC purchased a new position in Labcorp during the second quarter worth about $239,000. Allspring Global Investments Holdings LLC grew its position in Labcorp by 2.2% during 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. Alpha Financial Partners LLC purchased a new position in Labcorp during the second quarter worth about $201,000. Finally, Board of the Pension Protection Fund purchased a new position in Labcorp during the second quarter worth about $866,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the sale, the executive vice president owned 2,274 shares of the company’s stock, valued at approximately $617,209.08. The trade was a 63.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adam H. Schechter sold 5,643 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the sale, the chief executive officer directly owned 93,319 shares of the company’s stock, valued at approximately $24,895,642.82. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,046 shares of company stock worth $4,074,692. Insiders own 0.84% of the company’s stock.

Labcorp Trading Up 0.7%

Shares of LH stock opened at $285.66 on Friday. 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 business has a 50-day moving average price of $277.19 and a two-hundred day moving average price of $257.58. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $289.20. The firm has a market cap of $23.74 billion, a P/E ratio of 31.53, a price-to-earnings-growth ratio of 1.81 and a beta of 0.89.

Labcorp (NYSE:LH) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same quarter in the previous year, the company posted $3.94 earnings per share. The company’s revenue was up 9.6% compared to the same quarter last year. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Equities analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Labcorp in a research report on Wednesday, October 8th. Morgan Stanley boosted their target price on Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Evercore ISI boosted their target price on Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a research report on Friday, October 3rd. Finally, Hsbc Global Res cut Labcorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 10th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Labcorp has an average rating of “Moderate Buy” and a consensus price target of $296.46.

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.