Labcorp Holdings Inc. $LH Stake Boosted by Tritonpoint Wealth LLC

Tritonpoint Wealth LLC grew its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,180 shares of the medical research company’s stock after acquiring an additional 291 shares during the period. Tritonpoint Wealth LLC’s holdings in Labcorp were worth $2,935,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of LH. Brighton Jones LLC purchased a new position in shares of Labcorp during the 4th quarter valued at $991,000. GAMMA Investing LLC boosted its holdings in Labcorp by 37,334.2% in the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company’s stock worth $188,450,000 after purchasing an additional 807,539 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Labcorp by 111.6% in the first quarter. Parallel Advisors LLC now owns 2,966 shares of the medical research company’s stock worth $690,000 after purchasing an additional 1,564 shares in the last quarter. Delphi Management Inc. MA bought a new stake in Labcorp in the first quarter worth $1,423,000. Finally, Rhumbline Advisers boosted its holdings in Labcorp by 8.7% in the first quarter. Rhumbline Advisers now owns 155,368 shares of the medical research company’s stock worth $36,160,000 after purchasing an additional 12,433 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Stock Up 1.7%

Shares of LH opened at $280.87 on Friday. The firm has a market capitalization of $23.34 billion, a P/E ratio of 31.00, a P/E/G ratio of 1.79 and a beta of 0.85. The company has a 50-day simple moving average of $271.17 and a 200-day simple moving average of $253.08. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $283.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50.

Labcorp (NYSE:LH) last posted its earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.14 by $0.21. The business had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, equities research analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were paid a $0.72 dividend. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp’s payout ratio is presently 31.79%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. UBS Group boosted their target price on shares of Labcorp from $282.00 to $305.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Robert W. Baird set a $311.00 target price on shares of Labcorp in a research report on Monday, August 25th. Finally, Evercore ISI boosted their target price on shares of Labcorp from $285.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $290.33.

Insider Activity

In other Labcorp news, Director Kerrii B. Anderson sold 3,500 shares of the company’s stock in a transaction dated 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. This represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam H. Schechter sold 5,643 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the sale, the chief executive officer directly owned 93,319 shares in the company, valued at $24,895,642.82. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,546 shares of company stock valued at $4,207,192 over the last three months. 0.84% of the stock is owned by corporate insiders.

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.