Oppenheimer & Co. Inc. Sells 275 Shares of Labcorp Holdings Inc. (NYSE:LH)

Oppenheimer & Co. Inc. lowered its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 13.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,832 shares of the medical research company’s stock after selling 275 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Labcorp were worth $426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LH. Norges Bank purchased a new stake in shares of Labcorp during the fourth quarter valued at about $239,811,000. Select Equity Group L.P. grew its position in shares of Labcorp by 150.9% in the 4th quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company’s stock worth $365,985,000 after buying an additional 959,981 shares during the last quarter. Amundi raised its stake in shares of Labcorp by 344.9% during the 4th quarter. Amundi now owns 1,123,409 shares of the medical research company’s stock worth $263,161,000 after acquiring an additional 870,903 shares in the last quarter. GAMMA Investing LLC lifted its position in Labcorp by 37,334.2% during the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company’s stock valued at $188,450,000 after acquiring an additional 807,539 shares during the last quarter. Finally, Madison Investment Advisors LLC purchased a new stake in Labcorp during the fourth quarter valued at approximately $123,415,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Labcorp Trading Up 0.6%

Shares of NYSE:LH opened at $264.18 on Wednesday. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a 52-week low of $198.96 and a 52-week high of $265.72. The stock has a market cap of $22.11 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 1.66 and a beta of 0.82. The business has a 50-day moving average price of $250.06 and a 200-day moving average price of $241.57.

Labcorp (NYSE:LH) last posted its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.73 by $0.11. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period last year, the firm posted $3.68 EPS. Labcorp’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts predict that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.09%. Labcorp’s payout ratio is currently 33.29%.

Insider Activity at Labcorp

In related news, Director Kerrii B. Anderson sold 500 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $260.00, for a total transaction of $130,000.00. Following the sale, the director directly owned 12,666 shares of the company’s stock, valued at approximately $3,293,160. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 1,900 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $238.36, for a total transaction of $452,884.00. Following the sale, the executive vice president owned 2,244 shares in the company, valued at approximately $534,879.84. This represents a 45.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,334 shares of company stock valued at $2,796,214 in the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Truist Financial lifted their price target on shares of Labcorp from $274.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Piper Sandler reissued a “neutral” rating and issued a $280.00 price objective (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. Morgan Stanley boosted their target price on Labcorp from $270.00 to $283.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 11th. Redburn Atlantic began coverage on Labcorp in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $276.00 price target for the company. Finally, Barclays reissued a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Labcorp currently has a consensus rating of “Moderate Buy” and an average price target of $276.08.

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.