DAVENPORT & Co LLC Has $1.02 Million Position in Labcorp Holdings Inc. $LH

DAVENPORT & Co LLC increased its stake in Labcorp Holdings Inc. (NYSE:LH) by 4.9% in the 2nd quarter, Holdings Channel reports. The firm owned 3,901 shares of the medical research company’s stock after purchasing an additional 181 shares during the period. DAVENPORT & Co LLC’s holdings in Labcorp were worth $1,024,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling

In other Labcorp news, Director Dwight Gary Gilliland sold 2,000 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $264.95, for a total value of $529,900.00. Following the sale, the director directly owned 6,656 shares in the company, valued at $1,763,507.20. This represents a 23.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of the company’s stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the sale, the director owned 8,666 shares in the company, valued at $2,426,480. This trade 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 have sold 15,046 shares of company stock valued at $4,074,692. 0.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. Robert W. Baird set a $311.00 price target on Labcorp in a research report on Monday, August 25th. Truist Financial lifted their price target on Labcorp from $290.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Evercore ISI lifted their price target on Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a research report on Friday, October 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Labcorp in a research report on Wednesday. Finally, Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Labcorp presently has an average rating of “Moderate Buy” and an average price target of $292.00.

Labcorp Stock Performance

LH opened at $277.96 on Friday. The stock has a market cap of $23.10 billion, a PE ratio of 30.68, a P/E/G ratio of 1.78 and a beta of 0.89. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $289.20. The stock’s 50 day simple moving average is $275.30 and its 200-day simple moving average is $255.87.

Labcorp (NYSE:LH) last released its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The business had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same period in the previous year, the business posted $3.94 earnings per share. Labcorp’s quarterly revenue was up 9.6% on a year-over-year basis. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. Sell-side analysts forecast 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 will be paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, November 26th. Labcorp’s dividend payout ratio is 31.79%.

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.