HB Wealth Management LLC Has $673,000 Stake in Labcorp Holdings Inc. (NYSE:LH)

HB Wealth Management LLC raised its holdings in Labcorp Holdings Inc. (NYSE:LH) by 25.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,893 shares of the medical research company’s stock after buying an additional 592 shares during the quarter. HB Wealth Management LLC’s holdings in Labcorp were worth $673,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ grew its holdings in Labcorp by 78.6% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 32,107 shares of the medical research company’s stock valued at $7,473,000 after buying an additional 14,132 shares during the last quarter. Stevens Capital Management LP acquired a new stake in Labcorp in the 1st quarter valued at approximately $568,000. Neo Ivy Capital Management acquired a new stake in Labcorp in the 1st quarter valued at approximately $218,000. Assetmark Inc. grew its holdings in Labcorp by 1.9% in the 1st quarter. Assetmark Inc. now owns 58,251 shares of the medical research company’s stock valued at $13,557,000 after buying an additional 1,059 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in Labcorp by 21.0% in the 1st quarter. Cetera Investment Advisers now owns 19,916 shares of the medical research company’s stock valued at $4,635,000 after buying an additional 3,463 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Labcorp Price Performance

Labcorp stock opened at $264.02 on Thursday. 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 capitalization of $22.10 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 1.68 and a beta of 0.82. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $283.47. The business has a 50 day simple moving average of $255.33 and a 200 day simple moving average of $245.13.

Labcorp (NYSE:LH) last posted its earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping the consensus estimate 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 quarter last year, the company earned $3.94 EPS. Labcorp’s revenue was up 9.6% on a year-over-year basis. On average, sell-side analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.09%. Labcorp’s payout ratio is 31.79%.

Insider Buying and Selling at Labcorp

In other Labcorp news, Director Kerrii B. Anderson sold 3,500 shares of Labcorp stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. Also, EVP Brian J. Caveney sold 2,000 shares of Labcorp stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the transaction, the executive vice president owned 30,067 shares of the company’s stock, valued at approximately $7,426,549. The trade was a 6.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,605 shares of company stock worth $3,254,997. 0.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on LH shares. Barclays reissued a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. Truist Financial lifted their price objective on Labcorp from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Evercore ISI lifted their price objective on Labcorp from $285.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. Redburn Atlantic started coverage on Labcorp in a report on Wednesday, April 2nd. They set a “buy” rating and a $276.00 price objective on the stock. Finally, Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Labcorp presently has a consensus rating of “Moderate Buy” and an average price target of $285.00.

About Labcorp

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.