Westpac Banking Corp Grows Stock Position in Labcorp Holdings Inc. (NYSE:LH)

Westpac Banking Corp increased its holdings in Labcorp Holdings Inc. (NYSE:LH) by 9,568.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,306 shares of the medical research company’s stock after buying an additional 17,127 shares during the period. Westpac Banking Corp’s holdings in Labcorp were worth $4,028,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC boosted its position in shares of Labcorp by 88.1% in the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company’s stock worth $26,000 after buying an additional 52 shares in the last quarter. North Capital Inc. acquired a new position in Labcorp in the 1st quarter valued at about $27,000. TruNorth Capital Management LLC acquired a new position in Labcorp in the 1st quarter valued at about $28,000. Larson Financial Group LLC raised its stake in Labcorp by 140.4% in the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company’s stock valued at $29,000 after purchasing an additional 73 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in Labcorp in the 1st quarter valued at about $31,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LH shares. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Robert W. Baird boosted their target price on shares of Labcorp from $290.00 to $302.00 and gave the company an “outperform” rating in a research note on Friday, July 25th. UBS Group boosted their target price on shares of Labcorp from $282.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Morgan Stanley boosted their target price 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. Finally, Hsbc Global Res downgraded shares of Labcorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $289.58.

Insider Transactions at Labcorp

In other news, Director Kerrii B. Anderson sold 3,500 shares of the business’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $280.00, for a total transaction of $980,000.00. Following the completion of the sale, the director owned 8,666 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Dwight Gary Gilliland sold 2,000 shares of the business’s stock in a transaction dated 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 $1,763,507.20. The trade was a 23.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,500 shares of company stock worth $2,266,400. 0.84% of the stock is currently owned by company insiders.

Labcorp Trading Up 0.7%

NYSE LH opened at $267.72 on Tuesday. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $283.47. The company has a 50-day moving average of $258.08 and a 200-day moving average of $246.48. 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 has a market cap of $22.25 billion, a P/E ratio of 29.55, a P/E/G ratio of 1.70 and a beta of 0.78.

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

Labcorp Dividend Announcement

The company 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 dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp’s payout ratio is currently 31.79%.

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.