Resonant Capital Advisors LLC Increases Stake in Labcorp Holdings Inc. (NYSE:LH)

Resonant Capital Advisors LLC boosted its stake in Labcorp Holdings Inc. (NYSE:LH) by 1.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,493 shares of the medical research company’s stock after purchasing an additional 51 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Labcorp were worth $813,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Labcorp in the 4th quarter worth about $239,811,000. Select Equity Group L.P. grew its stake in Labcorp by 150.9% during the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company’s stock worth $365,985,000 after buying an additional 959,981 shares during the period. Amundi increased its position in shares of Labcorp by 344.9% in the fourth quarter. Amundi now owns 1,123,409 shares of the medical research company’s stock worth $263,161,000 after acquiring an additional 870,903 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Labcorp by 37,334.2% in the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company’s stock valued at $188,450,000 after acquiring an additional 807,539 shares during the period. Finally, Madison Investment Advisors LLC acquired a new position in shares of Labcorp during the 4th quarter valued at $123,415,000. Institutional investors and hedge funds own 95.94% of the company’s stock.

Insider Buying and Selling at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the business’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total value of $132,500.00. Following the completion of the sale, the director directly owned 12,166 shares of the company’s stock, valued at $3,223,990. The trade was a 3.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Brian J. Caveney sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the sale, the executive vice president owned 30,067 shares in the company, valued at $7,426,549. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,834 shares of company stock valued at $2,928,714. Corporate insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on LH shares. Barclays reiterated a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. Wall Street Zen lowered Labcorp from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. Robert W. Baird boosted their price target on Labcorp from $253.00 to $267.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 30th. Truist Financial increased their price objective on shares of Labcorp from $274.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Finally, Redburn Atlantic assumed coverage on shares of Labcorp in a research note on Wednesday, April 2nd. They set a “buy” rating and a $276.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $276.08.

Labcorp Stock Performance

Shares of LH opened at $261.89 on Friday. The firm has a market cap of $21.92 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 1.65 and a beta of 0.82. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68. The business’s 50 day moving average is $251.44 and its two-hundred day moving average is $241.92. Labcorp Holdings Inc. has a 52-week low of $198.96 and a 52-week high of $265.72.

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

Labcorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.10%. Labcorp’s dividend payout ratio (DPR) is presently 33.29%.

Labcorp Profile

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