Envestnet Portfolio Solutions Inc. Sells 75 Shares of Labcorp Holdings Inc. $LH

Envestnet Portfolio Solutions Inc. lowered its position in Labcorp Holdings Inc. (NYSE:LH) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,823 shares of the medical research company’s stock after selling 75 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Labcorp were worth $1,791,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in LH. Select Equity Group L.P. boosted its holdings in Labcorp by 39.1% in the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock worth $516,696,000 after acquiring an additional 624,099 shares in the last quarter. Invesco Ltd. raised its stake in shares of Labcorp by 28.9% in the first quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock worth $330,750,000 after purchasing an additional 318,865 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Labcorp by 55.9% in the first quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company’s stock worth $181,819,000 after purchasing an additional 280,011 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Labcorp by 24.5% in the first quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company’s stock worth $295,950,000 after purchasing an additional 250,486 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Labcorp in the first quarter worth approximately $48,193,000. Institutional investors own 95.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LH. Weiss Ratings reissued a “buy (b-)” rating on shares of Labcorp in a research note on Wednesday, October 8th. Truist Financial set a $320.00 price objective on Labcorp in a research note on Tuesday. Evercore ISI increased their price target on Labcorp from $300.00 to $305.00 and gave the company an “outperform” rating in a research report on Friday, October 3rd. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Robert W. Baird set a $311.00 price target on Labcorp in a research report on Monday, August 25th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $296.46.

Insider Transactions at Labcorp

In other Labcorp news, Director Dwight Gary Gilliland sold 2,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 6,656 shares of the company’s stock, valued at $1,763,507.20. This trade represents a 23.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Adam H. Schechter sold 5,643 shares of Labcorp stock in a transaction on Monday, August 11th. The shares were sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares of the company’s stock, valued at approximately $24,895,642.82. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,046 shares of company stock valued at $4,074,692. Corporate insiders own 0.84% of the company’s stock.

Labcorp Stock Performance

NYSE:LH opened at $285.66 on Friday. 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 business has a fifty day simple moving average of $277.19 and a two-hundred day simple moving average of $257.58. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $289.20. The company has a market capitalization of $23.74 billion, a P/E ratio of 31.53, a P/E/G ratio of 1.81 and a beta of 0.89.

Labcorp (NYSE:LH) last released 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 the consensus estimate of $3.49 billion. During the same period last year, the business posted $3.94 earnings per share. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Labcorp’s dividend payout ratio (DPR) 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.