Freedom Investment Management Inc. Trims Stake in Labcorp Holdings Inc. $LH

Freedom Investment Management Inc. reduced its position in shares of Labcorp Holdings Inc. (NYSE:LH) by 8.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,448 shares of the medical research company’s stock after selling 131 shares during the period. Freedom Investment Management Inc.’s holdings in Labcorp were worth $380,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Harbor Asset Planning Inc. purchased a new position in shares of Labcorp during the 2nd quarter valued at $25,000. Golden State Wealth Management LLC lifted its holdings in shares of Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company’s stock worth $26,000 after acquiring an additional 52 shares during the last quarter. North Capital Inc. bought a new stake in shares of Labcorp during the 1st quarter worth $27,000. TruNorth Capital Management LLC bought a new stake in shares of Labcorp during the 1st quarter worth $28,000. Finally, Larson Financial Group LLC lifted its holdings in shares of Labcorp by 140.4% during the 1st quarter. Larson Financial Group LLC now owns 125 shares of the medical research company’s stock worth $29,000 after acquiring an additional 73 shares during the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LH. UBS Group lifted their price objective on shares of Labcorp from $305.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, October 17th. Truist Financial set a $320.00 price objective on shares of Labcorp in a report on Tuesday, October 14th. Evercore ISI lifted their price objective on shares of Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Friday, October 3rd. Barclays lifted their price objective on shares of Labcorp from $275.00 to $290.00 and gave the stock an “equal weight” rating in a report on Thursday, October 2nd. Finally, HSBC downgraded shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price objective for the company. in a report on Thursday, July 10th. 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, Labcorp currently has a consensus rating of “Moderate Buy” and an average price target of $296.46.

Labcorp Stock Performance

Labcorp stock opened at $279.72 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $23.25 billion, a PE ratio of 30.87, a P/E/G ratio of 1.79 and a beta of 0.89. The firm has a fifty day simple moving average of $278.60 and a two-hundred day simple moving average of $260.07. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $293.72.

Labcorp (NYSE:LH) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.21. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $3.94 earnings per share. Research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Wednesday, November 26th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Labcorp’s dividend payout ratio is 31.79%.

Insider Activity

In other news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the completion of the transaction, the executive vice president directly owned 2,274 shares of the company’s stock, valued at approximately $617,209.08. This represents a 63.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $264.95, for a total transaction of $529,900.00. Following the transaction, the director directly 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,546 shares of company stock valued at $3,094,692. 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.