Securian Asset Management Inc. Reduces Holdings in Labcorp Holdings Inc. (NYSE:LH)

Securian Asset Management Inc. decreased its holdings in Labcorp Holdings Inc. (NYSE:LH) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,353 shares of the medical research company’s stock after selling 100 shares during the quarter. Securian Asset Management Inc.’s holdings in Labcorp were worth $1,013,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in Labcorp during the 4th quarter worth approximately $239,811,000. Select Equity Group L.P. raised its stake in Labcorp by 150.9% during the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company’s stock worth $365,985,000 after acquiring an additional 959,981 shares during the period. GAMMA Investing LLC raised its stake in Labcorp by 37,334.2% during the 1st quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company’s stock worth $188,450,000 after acquiring an additional 807,539 shares during the period. Alliancebernstein L.P. raised its stake in Labcorp by 59.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company’s stock worth $234,160,000 after acquiring an additional 380,624 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in Labcorp during the 4th quarter worth approximately $48,693,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Insider Activity at Labcorp

In related news, CEO Adam H. Schechter sold 6,105 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the transaction, the chief executive officer directly owned 98,962 shares in the company, valued at $24,614,818.26. The trade was a 5.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Brian J. Caveney sold 2,000 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total transaction of $494,000.00. Following the sale, the executive vice president directly owned 30,067 shares in the company, valued at $7,426,549. This trade represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,834 shares of company stock worth $2,928,714 in the last ninety days. 0.84% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. HSBC cut shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price target on the stock. in a research report on Thursday, July 10th. Truist Financial boosted their price target on shares of Labcorp from $274.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Evercore ISI boosted their price target on shares of Labcorp from $260.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Barclays restated a “cautious” rating on shares of Labcorp in a research report on Wednesday, June 25th. Finally, Hsbc Global Res cut shares of Labcorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $276.38.

Labcorp Stock Performance

LH stock opened at $245.94 on Thursday. The firm has a market cap of $20.58 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 1.56 and a beta of 0.82. The firm has a 50-day simple moving average of $253.73 and a two-hundred day simple moving average of $243.44. Labcorp Holdings Inc. has a one year low of $205.98 and a one year high of $265.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.60 and a current ratio of 1.84.

Labcorp (NYSE:LH) last posted its quarterly earnings data 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 the consensus estimate of $3.41 billion. During the same quarter in the prior year, the company posted $3.68 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.17%. Labcorp’s dividend payout ratio is presently 33.29%.

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.