Allworth Financial LP Raises Position in Labcorp Holdings Inc. $LH

Allworth Financial LP lifted its holdings in Labcorp Holdings Inc. (NYSE:LH) by 782.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,631 shares of the medical research company’s stock after purchasing an additional 4,993 shares during the quarter. Allworth Financial LP’s holdings in Labcorp were worth $1,478,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in LH. Harbor Asset Planning Inc. acquired a new stake in Labcorp in the second quarter worth about $25,000. Larson Financial Group LLC increased its holdings in shares of Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company’s stock valued at $29,000 after acquiring an additional 73 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Labcorp by 392.9% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 138 shares of the medical research company’s stock worth $36,000 after purchasing an additional 110 shares in the last quarter. Atlantic Private Wealth LLC purchased a new stake in Labcorp during the 1st quarter worth approximately $36,000. Finally, REAP Financial Group LLC grew its position in Labcorp by 193.0% during the 2nd quarter. REAP Financial Group LLC now owns 167 shares of the medical research company’s stock worth $44,000 after purchasing an additional 110 shares during the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Labcorp

In other Labcorp news, CEO Adam H. Schechter sold 5,745 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the transaction, the chief executive officer owned 87,574 shares in the company, valued at approximately $23,010,068.50. This represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richelle P. Parham sold 7,009 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $254.28, for a total value of $1,782,248.52. Following the completion of the sale, the director directly owned 2,469 shares in the company, valued at approximately $627,817.32. The trade was a 73.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

LH has been the subject of a number of research analyst reports. Barclays raised their price target 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. Morgan Stanley raised their target price on Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Robert W. Baird set a $304.00 price target on Labcorp in a research report on Wednesday, October 29th. Evercore ISI boosted their price target on Labcorp from $300.00 to $305.00 and gave the company an “outperform” rating in a research note on Friday, October 3rd. Finally, Mizuho raised their price objective on Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $297.07.

Labcorp Stock Up 0.7%

Shares of LH stock opened at $267.82 on Friday. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $293.72. The stock has a market cap of $22.20 billion, a P/E ratio of 26.31, a P/E/G ratio of 1.59 and a beta of 0.91. The stock has a 50 day moving average of $273.56 and a 200 day moving average of $263.28. The company has a current ratio of 1.55, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59.

Labcorp (NYSE:LH) last issued its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 EPS for the quarter, topping analysts’ consensus estimates of $4.13 by $0.05. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Labcorp had a net margin of 6.21% and a return on equity of 15.85%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $3.50 EPS. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. As a group, sell-side analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp’s payout ratio is presently 28.29%.

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.