1,572 Labcorp Holdings Inc. $LH Shares Sold by Carmel Capital Partners LLC

Carmel Capital Partners LLC trimmed its position in Labcorp Holdings Inc. (NYSE:LH) by 14.6% in the 3rd quarter, Holdings Channel reports. The firm owned 9,229 shares of the medical research company’s stock after selling 1,572 shares during the quarter. Labcorp accounts for 1.0% of Carmel Capital Partners LLC’s holdings, making the stock its 24th largest position. Carmel Capital Partners LLC’s holdings in Labcorp were worth $2,844,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of Labcorp by 4.9% in the third quarter. Signaturefd LLC now owns 687 shares of the medical research company’s stock worth $212,000 after purchasing an additional 32 shares during the period. CoreCap Advisors LLC boosted its stake in Labcorp by 13.8% during the third quarter. CoreCap Advisors LLC now owns 289 shares of the medical research company’s stock valued at $89,000 after buying an additional 35 shares during the period. Krilogy Financial LLC boosted its stake in Labcorp by 2.4% during the third quarter. Krilogy Financial LLC now owns 1,590 shares of the medical research company’s stock valued at $502,000 after buying an additional 37 shares during the period. Meeder Advisory Services Inc. grew its position in Labcorp by 4.5% during the first quarter. Meeder Advisory Services Inc. now owns 1,021 shares of the medical research company’s stock worth $272,000 after buying an additional 44 shares in the last quarter. Finally, Grove Bank & Trust grew its position in Labcorp by 1.3% during the second quarter. Grove Bank & Trust now owns 3,719 shares of the medical research company’s stock worth $1,041,000 after buying an additional 47 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Price Performance

LH stock traded up $3.60 during mid-day trading on Friday, hitting $366.90. 610,112 shares of the stock were exchanged, compared to its average volume of 761,004. The business has a fifty day moving average price of $325.66 and a 200 day moving average price of $290.01. Labcorp Holdings Inc. has a 12 month low of $244.52 and a 12 month high of $373.34. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.22. The stock has a market capitalization of $29.79 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 2.01 and a beta of 0.86.

Labcorp (NYSE:LH) last announced its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 EPS for the quarter, beating the consensus estimate of $4.64 by $0.14. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.76 billion. Labcorp had a return on equity of 17.13% and a net margin of 6.88%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $4.18 EPS. On average, sell-side analysts anticipate that Labcorp Holdings Inc. will post 18.51 EPS for the current year.

Labcorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 24th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, November 24th. This represents a $2.88 annualized dividend and a yield of 0.8%. Labcorp’s dividend payout ratio is currently 23.63%.

Insider Buying and Selling at Labcorp

In other Labcorp news, Director Kerrii B. Anderson sold 3,000 shares of Labcorp stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $318.02, for a total transaction of $954,060.00. Following the transaction, the director directly owned 6,563 shares of the company’s stock, valued at approximately $2,087,165.26. This trade represents a 31.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Adam H. Schechter sold 4,669 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $320.37, for a total transaction of $1,495,807.53. Following the completion of the sale, the chief executive officer owned 102,565 shares of the company’s stock, valued at approximately $32,858,749.05. The trade was a 4.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,053 shares of company stock valued at $2,947,495 over the last ninety days. Insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on LH. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $355.00 target price on shares of Labcorp in a research note on Thursday, October 29th. Bank of America boosted their price objective on Labcorp from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Monday, July 13th. JPMorgan Chase & Co. upped their price objective on shares of Labcorp from $330.00 to $360.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Truist Financial raised their target price on shares of Labcorp from $365.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Finally, UBS Group lifted their target price on shares of Labcorp from $380.00 to $420.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $369.08.

Labcorp Profile

Labcorp (NYSE: LH), formally Laboratory Corporation of America Holdings, is a global life sciences company that provides diagnostic testing and services to patients, physicians, hospitals, employers and other health care organizations. Its offerings include routine and specialty laboratory tests, anatomic pathology and genetic testing.

The company also supports pharmaceutical and biotechnology companies with laboratory services for drug development and clinical trials, including testing and analysis used in research and clinical studies.

Labcorp was formed in 1995 through the combination of National Health Laboratories and Roche Biomedical Laboratories.