HB Wealth Management LLC Sells 66 Shares of Labcorp Holdings Inc. $LH

HB Wealth Management LLC trimmed its holdings in Labcorp Holdings Inc. (NYSE:LH) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,827 shares of the medical research company’s stock after selling 66 shares during the quarter. HB Wealth Management LLC’s holdings in Labcorp were worth $742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Select Equity Group L.P. increased its stake in shares of Labcorp by 39.1% during the first quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock valued at $516,696,000 after purchasing an additional 624,099 shares in the last quarter. Invesco Ltd. increased its position in Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock valued at $330,750,000 after buying an additional 318,865 shares in the last quarter. Lord Abbett & CO. LLC increased its position in Labcorp by 55.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company’s stock valued at $181,819,000 after buying an additional 280,011 shares in the last quarter. Alliancebernstein L.P. increased its position in Labcorp by 24.5% during the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company’s stock valued at $295,950,000 after buying an additional 250,486 shares in the last quarter. Finally, Nuveen LLC bought a new position in Labcorp during the 1st quarter valued at approximately $48,193,000. 95.94% of the stock is currently owned by institutional investors.

Labcorp Stock Performance

Shares of LH stock opened at $276.56 on Friday. The company has a 50 day moving average price of $273.70 and a 200-day moving average price of $254.54. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $289.20. The firm has a market capitalization of $22.98 billion, a PE ratio of 30.52, a P/E/G ratio of 1.77 and a beta of 0.89. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61.

Labcorp (NYSE:LH) last posted its earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the previous year, the firm posted $3.94 EPS. The firm’s revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. As a group, equities research analysts expect that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were issued a $0.72 dividend. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. Labcorp’s payout ratio is presently 31.79%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. UBS Group raised their price objective on shares of Labcorp from $282.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Morgan Stanley raised their price objective on shares of Labcorp from $283.00 to $306.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Barclays raised their price objective on shares of Labcorp from $275.00 to $290.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, HSBC downgraded shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price target for the company. in a research report on Thursday, July 10th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $292.00.

Insider Transactions at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 5,643 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the sale, the chief executive officer directly owned 93,319 shares in the company, valued at $24,895,642.82. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of the business’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the sale, the director owned 8,666 shares of the company’s stock, valued at approximately $2,426,480. This represents a 28.77% 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 worth $4,074,692. 0.84% of the stock is currently owned by insiders.

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.