Allspring Global Investments Holdings LLC Has $455.37 Million Holdings in Labcorp Holdings Inc. (NYSE:LH)

Allspring Global Investments Holdings LLC grew its position in Labcorp Holdings Inc. (NYSE:LH) by 2.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,957,319 shares of the medical research company’s stock after purchasing an additional 40,814 shares during the period. Labcorp comprises about 0.8% of Allspring Global Investments Holdings LLC’s holdings, making the stock its 15th largest position. Allspring Global Investments Holdings LLC owned approximately 2.34% of Labcorp worth $455,370,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. 3Chopt Investment Partners LLC acquired a new position in Labcorp in the 1st quarter worth about $1,228,000. Mirae Asset Global Investments Co. Ltd. increased its position in Labcorp by 11.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,502 shares of the medical research company’s stock worth $2,416,000 after purchasing an additional 1,108 shares during the last quarter. Transcend Capital Advisors LLC increased its holdings in shares of Labcorp by 9.8% during the 1st quarter. Transcend Capital Advisors LLC now owns 3,282 shares of the medical research company’s stock valued at $764,000 after acquiring an additional 292 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Labcorp by 112.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 12,942 shares of the medical research company’s stock valued at $3,012,000 after acquiring an additional 6,856 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Labcorp by 6.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 144,161 shares of the medical research company’s stock valued at $33,552,000 after acquiring an additional 8,273 shares during the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Labcorp news, Director Kerrii B. Anderson sold 500 shares of the firm’s 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 in the company, valued at approximately $3,293,160. This trade represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian J. Caveney sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the sale, the executive vice president now owns 30,067 shares of the company’s stock, valued at $7,426,549. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,334 shares of company stock worth $2,796,214. 0.84% of the stock is currently owned by company insiders.

Labcorp Price Performance

Shares of NYSE:LH opened at $260.30 on Friday. The business has a 50 day moving average price of $248.19 and a 200 day moving average price of $241.06. Labcorp Holdings Inc. has a twelve month low of $198.96 and a twelve month high of $264.03. The company has a market cap of $21.79 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 1.63 and a beta of 0.81. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68.

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

Labcorp Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley increased their price objective on Labcorp from $270.00 to $283.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. Truist Financial increased their price objective on Labcorp from $274.00 to $290.00 and gave the company a “buy” rating in a report on Monday, May 12th. Wall Street Zen lowered Labcorp from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Redburn Atlantic assumed coverage on Labcorp in a report on Wednesday, April 2nd. They set a “buy” rating and a $276.00 price objective on the stock. Finally, Citigroup raised Labcorp from a “neutral” rating to a “buy” rating and increased their price objective for the company from $250.00 to $300.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Labcorp presently has an average rating of “Moderate Buy” and an average target price of $276.08.

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.