Labcorp Holdings Inc. $LH Stock Position Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 2.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,000,828 shares of the medical research company’s stock after buying an additional 43,509 shares during the period. Labcorp comprises 0.9% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 8th biggest holding. Allspring Global Investments Holdings LLC’s holdings in Labcorp were worth $528,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC lifted its position in shares of Labcorp by 88.1% during the first quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company’s stock worth $26,000 after acquiring an additional 52 shares in the last quarter. North Capital Inc. purchased a new stake in shares of Labcorp during the first quarter worth $27,000. TruNorth Capital Management LLC purchased a new stake in shares of Labcorp during the first quarter worth $28,000. Larson Financial Group LLC lifted its position 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 worth $29,000 after acquiring an additional 73 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in shares of Labcorp during the first quarter worth $31,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Insider Transactions at Labcorp

In other news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the transaction, the executive vice president directly owned 2,274 shares of the company’s stock, valued at approximately $617,209.08. This trade represents a 63.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam H. Schechter sold 5,643 shares of Labcorp stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the completion of the transaction, the chief executive officer owned 93,319 shares in the company, valued at approximately $24,895,642.82. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,046 shares of company stock worth $4,074,692 in the last three months. Insiders own 0.84% of the company’s stock.

Labcorp Stock Up 0.1%

LH opened at $277.96 on Monday. 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 quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $289.20. The business’s fifty day simple moving average is $275.30 and its 200 day simple moving average is $256.20.

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

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Wednesday, November 26th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Labcorp’s dividend payout ratio is currently 31.79%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Labcorp from $282.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Evercore ISI upped their price target on shares of Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Friday, October 3rd. Hsbc Global Res cut shares of Labcorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 10th. Finally, Morgan Stanley upped their price target on shares of Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Labcorp has an average rating of “Moderate Buy” and a consensus price target of $292.00.

Labcorp Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.