Zurcher Kantonalbank Zurich Cantonalbank Buys 1,222 Shares of Labcorp Holdings Inc. (NYSE:LH)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Labcorp Holdings Inc. (NYSE:LH) by 7.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,341 shares of the medical research company’s stock after purchasing an additional 1,222 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Labcorp were worth $4,269,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC grew its stake in Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company’s stock valued at $26,000 after buying an additional 52 shares during the last quarter. North Capital Inc. bought a new stake in shares of Labcorp during the first quarter worth approximately $27,000. TruNorth Capital Management LLC acquired a new position in shares of Labcorp in the first quarter valued at approximately $28,000. Larson Financial Group LLC increased its stake in shares of Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company’s stock worth $29,000 after purchasing an additional 73 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Labcorp during the 1st quarter worth approximately $31,000. 95.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on LH. Robert W. Baird increased their price objective on Labcorp from $290.00 to $302.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Morgan Stanley upped their price target on shares of Labcorp from $283.00 to $306.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Piper Sandler reiterated a “neutral” rating and issued a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Truist Financial boosted their price objective on shares of Labcorp from $290.00 to $310.00 and gave the company a “buy” rating in a report on Friday, July 25th. Finally, HSBC cut shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 target price on the stock. in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Labcorp currently has a consensus rating of “Moderate Buy” and an average target price of $285.00.

Insider Transactions at Labcorp

In related news, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the sale, the director directly owned 8,666 shares of the company’s stock, valued at approximately $2,426,480. The trade was a 28.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Adam H. Schechter sold 6,105 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 98,962 shares of the company’s stock, valued at approximately $24,614,818.26. This represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,605 shares of company stock valued at $3,254,997. 0.84% of the stock is currently owned by insiders.

Labcorp Stock Performance

Shares of NYSE:LH opened at $259.56 on Friday. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $283.47. The stock has a market capitalization of $21.73 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The company’s 50 day simple moving average is $255.68 and its 200 day simple moving average is $245.30.

Labcorp (NYSE:LH) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same quarter last year, the company posted $3.94 EPS. The company’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, research analysts predict 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 will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp’s dividend payout ratio (DPR) is currently 31.79%.

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.