First Horizon Corp Takes Position in Labcorp Holdings Inc. $LH

First Horizon Corp purchased a new position in shares of Labcorp Holdings Inc. (NYSE:LH) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,675 shares of the medical research company’s stock, valued at approximately $768,000.

Several other large investors have also recently added to or reduced their stakes in the stock. SP Asset Management LLC lifted its stake in shares of Labcorp by 0.3% during the second quarter. SP Asset Management LLC now owns 14,177 shares of the medical research company’s stock worth $3,722,000 after purchasing an additional 38 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in Labcorp by 4.3% during the 3rd quarter. HBK Sorce Advisory LLC now owns 916 shares of the medical research company’s stock worth $254,000 after acquiring an additional 38 shares in the last quarter. Pure Financial Advisors LLC boosted its holdings in Labcorp by 3.9% in the 3rd quarter. Pure Financial Advisors LLC now owns 1,017 shares of the medical research company’s stock worth $292,000 after acquiring an additional 38 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Labcorp by 10.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 433 shares of the medical research company’s stock valued at $114,000 after acquiring an additional 40 shares in the last quarter. Finally, Highland Capital Management LLC raised its stake in shares of Labcorp by 0.3% during the second quarter. Highland Capital Management LLC now owns 15,322 shares of the medical research company’s stock valued at $4,022,000 after purchasing an additional 40 shares during the period. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on LH. Evercore ISI upped their target price on shares of Labcorp from $300.00 to $305.00 and gave the company an “outperform” rating in a research note on Friday, October 3rd. Barclays upped their price objective on shares of Labcorp from $275.00 to $290.00 and gave the company an “equal weight” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. lifted their target price on Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Truist Financial set a $320.00 price target on Labcorp in a report on Tuesday, October 14th. Finally, Wall Street Zen lowered Labcorp from a “buy” rating to a “hold” rating in a research note on Saturday. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Labcorp currently has an average rating of “Moderate Buy” and an average price target of $299.08.

Insider Activity at Labcorp

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

Labcorp Stock Performance

Shares of Labcorp stock opened at $254.11 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.55. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $293.72. The firm’s 50-day simple moving average is $258.98 and its 200-day simple moving average is $265.86. The firm has a market cap of $21.07 billion, a PE ratio of 24.96, a price-to-earnings-growth ratio of 1.58 and a beta of 1.00.

Labcorp (NYSE:LH) last announced its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 earnings per share for the quarter, beating the consensus estimate of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.56 billion. During the same period in the previous year, the company earned $3.50 earnings per share. Labcorp’s quarterly revenue was up 8.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. Equities analysts forecast that Labcorp Holdings Inc. will post 16.01 earnings per share for the current fiscal year.

Labcorp Company Profile

Laboratory Corporation of America Holdings, commonly known as Labcorp (NYSE: LH), is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp’s core businesses encompass clinical laboratory testing and pharmaceutical development services.