Labcorp Holdings Inc. (NYSE:LH) Shares Sold by Trust Asset Management LLC

Trust Asset Management LLC lowered its stake in Labcorp Holdings Inc. (NYSE:LH) by 5.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 975 shares of the medical research company’s stock after selling 54 shares during the quarter. Trust Asset Management LLC’s holdings in Labcorp were worth $227,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Brighton Jones LLC purchased a new position in Labcorp in the fourth quarter valued at about $991,000. Raymond James Financial Inc. purchased a new position in Labcorp in the fourth quarter valued at about $33,779,000. Bessemer Group Inc. boosted its holdings in Labcorp by 295.8% in the fourth quarter. Bessemer Group Inc. now owns 3,483 shares of the medical research company’s stock valued at $799,000 after purchasing an additional 2,603 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in Labcorp by 0.4% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,955 shares of the medical research company’s stock valued at $8,704,000 after purchasing an additional 170 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in Labcorp by 51.8% in the fourth quarter. Sterling Capital Management LLC now owns 5,198 shares of the medical research company’s stock valued at $1,192,000 after purchasing an additional 1,774 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Labcorp Trading Up 0.7%

Shares of NYSE LH opened at $267.72 on Tuesday. The company has a market cap of $22.25 billion, a price-to-earnings ratio of 29.55, a price-to-earnings-growth ratio of 1.70 and a beta of 0.78. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. The stock’s 50 day simple moving average is $258.08 and its 200 day simple moving average is $246.48.

Labcorp (NYSE:LH) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $0.21. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The business’s revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $3.94 EPS. Equities research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The business also recently declared 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 dividend yield of 1.1%. Labcorp’s dividend payout ratio (DPR) is 31.79%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Evercore ISI increased their price target on Labcorp from $285.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, July 25th. Barclays reissued a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. Robert W. Baird increased their target price on Labcorp from $290.00 to $302.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. UBS Group upped their price target on Labcorp from $282.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Finally, Truist Financial raised their price objective on Labcorp from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Labcorp currently has an average rating of “Moderate Buy” and a consensus price target of $289.58.

Insider Buying and Selling

In related news, Director Dwight Gary Gilliland sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the sale, the director owned 6,656 shares of the company’s stock, valued at approximately $1,763,507.20. This trade represents a 23.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the sale, the director directly owned 8,666 shares in the company, valued at $2,426,480. The trade was a 28.77% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,500 shares of company stock valued at $2,266,400. Insiders own 0.84% of the company’s stock.

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.