New York State Teachers Retirement System Has $14.47 Million Stock Holdings in Labcorp Holdings Inc. (NYSE:LH)

New York State Teachers Retirement System reduced its position in shares of Labcorp Holdings Inc. (NYSE:LH) by 6.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 62,170 shares of the medical research company’s stock after selling 4,410 shares during the quarter. New York State Teachers Retirement System’s holdings in Labcorp were worth $14,469,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Labcorp by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 2,003,998 shares of the medical research company’s stock valued at $458,334,000 after acquiring an additional 39,255 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Labcorp by 2.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company’s stock valued at $455,370,000 after purchasing an additional 40,814 shares in the last quarter. FMR LLC raised its holdings in Labcorp by 2.2% during the fourth quarter. FMR LLC now owns 1,620,826 shares of the medical research company’s stock worth $371,688,000 after buying an additional 34,429 shares during the last quarter. Select Equity Group L.P. lifted its stake in shares of Labcorp by 150.9% in the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company’s stock valued at $365,985,000 after buying an additional 959,981 shares in the last quarter. Finally, Amundi grew its holdings in shares of Labcorp by 344.9% during the fourth quarter. Amundi now owns 1,123,409 shares of the medical research company’s stock valued at $263,161,000 after buying an additional 870,903 shares during the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Trading Down 1.6%

Shares of Labcorp stock opened at $260.03 on Thursday. The stock has a fifty day moving average price of $250.78 and a 200-day moving average price of $241.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. The firm has a market cap of $21.76 billion, a PE ratio of 30.06, a P/E/G ratio of 1.68 and a beta of 0.82. Labcorp Holdings Inc. has a 1 year low of $198.96 and a 1 year high of $265.72.

Labcorp (NYSE:LH) last posted its quarterly earnings data 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. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a net margin of 5.55% and a return on equity of 15.27%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $3.68 earnings per share. Equities research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Thursday, May 29th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.11%. Labcorp’s dividend payout ratio (DPR) is presently 33.29%.

Analyst Upgrades and Downgrades

LH has been the topic of a number of analyst reports. Robert W. Baird upped their target price on shares of Labcorp from $253.00 to $267.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. Barclays reissued a “cautious” rating on shares of Labcorp in a research note on Wednesday, June 25th. Truist Financial lifted their target price on Labcorp from $274.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Piper Sandler reiterated a “neutral” rating and set a $280.00 price target (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Finally, Wall Street Zen cut Labcorp from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $276.08.

Insiders Place Their Bets

In other Labcorp news, CEO Adam H. Schechter sold 6,105 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $248.73, for a total value of $1,518,496.65. Following the completion of the sale, the chief executive officer directly owned 98,962 shares of the company’s stock, valued at $24,614,818.26. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Peter J. Wilkinson sold 829 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $242.26, for a total value of $200,833.54. Following the transaction, the chief accounting officer directly owned 2,054 shares in the company, valued at $497,602.04. This represents a 28.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,834 shares of company stock valued at $2,928,714 in the last quarter. 0.84% of the stock is currently owned by company insiders.

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.