Labcorp Holdings Inc. $LH Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 68.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,995 shares of the medical research company’s stock after selling 87,538 shares during the quarter. New York State Common Retirement Fund’s holdings in Labcorp were worth $10,499,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Labcorp by 7.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 158,231 shares of the medical research company’s stock worth $41,537,000 after purchasing an additional 11,262 shares in the last quarter. Aberdeen Group plc increased its holdings in shares of Labcorp by 5.1% in the second quarter. Aberdeen Group plc now owns 74,621 shares of the medical research company’s stock valued at $19,589,000 after purchasing an additional 3,599 shares during the last quarter. Franklin Resources Inc. lifted its position in Labcorp by 3.1% during the second quarter. Franklin Resources Inc. now owns 34,331 shares of the medical research company’s stock worth $9,012,000 after buying an additional 1,043 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Labcorp by 7.9% during 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 during the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Labcorp by 1.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 145,977 shares of the medical research company’s stock valued at $38,320,000 after buying an additional 1,816 shares in the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on LH. Robert W. Baird set a $304.00 price target on Labcorp in a report on Wednesday, October 29th. Truist Financial set a $320.00 price objective on shares of Labcorp in a research report on Tuesday, October 14th. UBS Group decreased their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Barclays increased their price target on shares of Labcorp from $275.00 to $290.00 and gave the company an “equal weight” rating in a research note on Thursday, October 2nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Labcorp in a report on Wednesday, October 8th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $297.07.

Insider Buying and Selling at Labcorp

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

Labcorp Trading Down 1.6%

NYSE LH opened at $261.42 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35. The stock has a market capitalization of $21.67 billion, a P/E ratio of 25.68, a PEG ratio of 1.76 and a beta of 0.99. The firm’s 50-day moving average is $269.95 and its two-hundred day moving average is $265.40. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72.

Labcorp (NYSE:LH) last released its quarterly earnings results 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 net margin of 6.21% and a return on equity of 15.85%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the previous year, the firm earned $3.50 EPS. The business’s revenue was up 8.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. On average, sell-side analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current 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 given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Labcorp’s dividend payout ratio (DPR) is currently 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.