Labcorp Holdings Inc. $LH Position Increased by Te Ahumairangi Investment Management Ltd

Te Ahumairangi Investment Management Ltd raised its stake in Labcorp Holdings Inc. (NYSE:LH) by 6.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 23,062 shares of the medical research company’s stock after acquiring an additional 1,325 shares during the period. Labcorp accounts for approximately 1.1% of Te Ahumairangi Investment Management Ltd’s holdings, making the stock its 28th biggest position. Te Ahumairangi Investment Management Ltd’s holdings in Labcorp were worth $6,054,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Labcorp by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 9,879,225 shares of the medical research company’s stock worth $2,593,395,000 after acquiring an additional 156,717 shares during the last quarter. Select Equity Group L.P. lifted its holdings in shares of Labcorp by 39.1% during the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock valued at $516,696,000 after purchasing an additional 624,099 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Labcorp by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 2,113,460 shares of the medical research company’s stock valued at $552,445,000 after purchasing an additional 44,630 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Labcorp by 2.2% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,000,828 shares of the medical research company’s stock worth $528,739,000 after purchasing an additional 43,509 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Labcorp by 28.2% during the 2nd quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after buying an additional 401,808 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on LH shares. Mizuho raised their target price on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Labcorp in a research note on Wednesday, October 8th. Truist Financial set a $320.00 target price on shares of Labcorp in a research note on Tuesday, October 14th. Barclays increased their target price on Labcorp from $275.00 to $290.00 and gave the company an “equal weight” rating in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. lifted their price target on Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $297.07.

Insider Buying and Selling

In other Labcorp news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total value of $1,509,498.75. Following the completion of the sale, the chief executive officer directly owned 87,574 shares of the company’s stock, valued at $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richelle P. Parham sold 7,009 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $254.28, for a total transaction of $1,782,248.52. Following the transaction, the director owned 2,469 shares in the company, valued at $627,817.32. This represents a 73.95% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.84% of the company’s stock.

Labcorp Trading Up 1.8%

Labcorp stock opened at $269.99 on Wednesday. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72. The company has a quick ratio of 1.32, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. The stock has a market cap of $22.38 billion, a P/E ratio of 26.52, a P/E/G ratio of 1.59 and a beta of 0.91. The company’s fifty day simple moving average is $271.52 and its 200-day simple moving average is $264.73.

Labcorp (NYSE:LH) last released its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter last year, the firm earned $3.50 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. As a group, sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Wednesday, November 26th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. Labcorp’s payout ratio is presently 28.29%.

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.