TD Asset Management Inc Trims Stock Holdings in Labcorp Holdings Inc. $LH

TD Asset Management Inc trimmed its holdings in Labcorp Holdings Inc. (NYSE:LH) by 23.9% in the second quarter, Holdings Channel reports. The institutional investor owned 32,780 shares of the medical research company’s stock after selling 10,274 shares during the quarter. TD Asset Management Inc’s holdings in Labcorp were worth $8,605,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Labcorp by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company’s stock valued at $2,262,817,000 after purchasing an additional 71,464 shares in the last quarter. Select Equity Group L.P. grew its position in shares of Labcorp by 39.1% during the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock valued at $516,696,000 after purchasing an additional 624,099 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Labcorp by 2.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,000,828 shares of the medical research company’s stock valued at $528,739,000 after purchasing an additional 43,509 shares in the last quarter. Invesco Ltd. grew its position in shares of Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock valued at $330,750,000 after purchasing an additional 318,865 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Labcorp by 24.5% during the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company’s stock valued at $295,950,000 after purchasing an additional 250,486 shares in the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Evercore ISI boosted their price target on shares of Labcorp from $300.00 to $305.00 and gave the company an “outperform” rating in a research report on Friday, October 3rd. Mizuho boosted their price target on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday. HSBC downgraded shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price objective for the company. in a report on Thursday, July 10th. Hsbc Global Res downgraded shares of Labcorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 10th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Labcorp in a report on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Labcorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $296.46.

Labcorp Stock Performance

Labcorp stock opened at $285.66 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $23.74 billion, a PE ratio of 31.53, a P/E/G ratio of 1.83 and a beta of 0.89. The firm has a fifty day simple moving average of $277.19 and a two-hundred day simple moving average of $257.90. Labcorp Holdings Inc. has a twelve month low of $209.38 and a twelve month high of $289.20.

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

Labcorp Announces Dividend

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

Insider Buying and Selling at Labcorp

In other news, CEO Adam H. Schechter sold 5,643 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the completion of the transaction, the chief executive officer directly owned 93,319 shares of the company’s stock, valued at approximately $24,895,642.82. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kerrii B. Anderson sold 3,500 shares of the company’s stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $280.00, for a total transaction of $980,000.00. Following the transaction, the director directly owned 8,666 shares of the company’s stock, valued at approximately $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 three months, insiders sold 15,046 shares of company stock valued at $4,074,692. Company insiders own 0.84% of the company’s stock.

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.