Labcorp (NYSE:LH) Given New $305.00 Price Target at UBS Group

Labcorp (NYSE:LH) had its price objective increased by UBS Group from $282.00 to $305.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the medical research company’s stock.

A number of other research firms also recently commented on LH. Redburn Atlantic assumed coverage on shares of Labcorp in a report on Wednesday, April 2nd. They issued a “buy” rating and a $276.00 price objective for the company. Truist Financial lifted their price objective on shares of Labcorp from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Friday. HSBC downgraded shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price objective for the company. in a report on Thursday, July 10th. Wall Street Zen downgraded shares of Labcorp from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Finally, Barclays reissued a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.00.

Labcorp Stock Down 1.2%

Shares of NYSE:LH opened at $264.46 on Friday. The firm has a market cap of $22.14 billion, a PE ratio of 29.19, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82. The company has a fifty day simple moving average of $254.43 and a 200 day simple moving average of $244.53. The company has a current ratio of 1.50, a quick ratio of 1.60 and a debt-to-equity ratio of 0.61. Labcorp has a 12-month low of $209.38 and a 12-month high of $283.47.

Labcorp (NYSE:LH) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.14 by $0.21. The firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.94 earnings per share. On average, equities research analysts anticipate that Labcorp will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.09%. Labcorp’s payout ratio is currently 33.29%.

Insiders Place Their Bets

In other Labcorp news, Director Kerrii B. Anderson sold 500 shares of the business’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the sale, the director directly owned 12,166 shares in the company, valued at approximately $3,223,990. The trade was a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $248.73, for a total transaction of $1,518,496.65. Following the completion of the sale, the chief executive officer owned 98,962 shares in the company, valued at approximately $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Institutional Investors Weigh In On Labcorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. MassMutual Private Wealth & Trust FSB raised its position in Labcorp by 10.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 433 shares of the medical research company’s stock worth $114,000 after acquiring an additional 40 shares in the last quarter. Highland Capital Management LLC lifted its position in shares of Labcorp by 0.3% in the second quarter. Highland Capital Management LLC now owns 15,322 shares of the medical research company’s stock worth $4,022,000 after purchasing an additional 40 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Labcorp by 5.0% in the first quarter. Wedmont Private Capital now owns 920 shares of the medical research company’s stock worth $204,000 after purchasing an additional 44 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in shares of Labcorp by 1.4% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,341 shares of the medical research company’s stock worth $778,000 after purchasing an additional 45 shares in the last quarter. Finally, Tempus Wealth Planning LLC increased its holdings in Labcorp by 2.0% in the second quarter. Tempus Wealth Planning LLC now owns 2,337 shares of the medical research company’s stock worth $613,000 after buying an additional 45 shares during the last quarter. 95.94% of the stock is currently owned by institutional investors.

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.