Oak Harvest Investment Services Cuts Position in Labcorp Holdings Inc. $LH

Oak Harvest Investment Services trimmed its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 70.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,000 shares of the medical research company’s stock after selling 7,108 shares during the quarter. Oak Harvest Investment Services’ holdings in Labcorp were worth $788,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of LH. Harbor Asset Planning Inc. purchased a new stake in shares of Labcorp during the 2nd quarter valued at $25,000. Larson Financial Group LLC increased its holdings in Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company’s stock worth $29,000 after acquiring an additional 73 shares during the last quarter. Creative Financial Designs Inc. ADV increased its holdings in Labcorp by 392.9% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 138 shares of the medical research company’s stock worth $36,000 after acquiring an additional 110 shares during the last quarter. Atlantic Private Wealth LLC bought a new stake in Labcorp in the 1st quarter valued at about $36,000. Finally, REAP Financial Group LLC lifted its holdings in Labcorp by 193.0% during the second quarter. REAP Financial Group LLC now owns 167 shares of the medical research company’s stock valued at $44,000 after purchasing an additional 110 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Robert W. Baird set a $304.00 price objective on Labcorp in a research note on Wednesday, October 29th. Morgan Stanley raised their price target on Labcorp from $283.00 to $306.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Barclays boosted their price objective on Labcorp from $275.00 to $290.00 and gave the stock an “equal weight” rating in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Labcorp currently has an average rating of “Moderate Buy” and a consensus price target of $297.07.

Labcorp Trading Up 0.7%

Shares of LH opened at $267.82 on Friday. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $293.72. The firm has a market cap of $22.20 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 1.59 and a beta of 0.91. The firm has a 50 day moving average price of $273.56 and a 200-day moving average price of $263.28. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.55.

Labcorp (NYSE:LH) last issued its earnings results on Tuesday, October 28th. The medical research company reported $4.18 EPS for the quarter, topping 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 company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter last year, the company earned $3.50 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. As a group, equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

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

Insider Activity at Labcorp

In other Labcorp news, Director Richelle P. Parham sold 7,009 shares of the business’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 in the company, valued at approximately $627,817.32. The trade was a 73.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.84% of the stock is owned by company insiders.

About Labcorp

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