State of New Jersey Common Pension Fund D Has $6.81 Million Holdings in Labcorp Holdings Inc. $LH

State of New Jersey Common Pension Fund D increased its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,948 shares of the medical research company’s stock after buying an additional 256 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Labcorp were worth $6,812,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vontobel Holding Ltd. raised its position in shares of Labcorp by 7.9% during the 2nd quarter. Vontobel Holding Ltd. now owns 3,057 shares of the medical research company’s stock valued at $802,000 after acquiring an additional 225 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Labcorp by 1.3% in the second quarter. Sequoia Financial Advisors LLC now owns 145,977 shares of the medical research company’s stock valued at $38,320,000 after purchasing an additional 1,816 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Labcorp by 2.2% in the second 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 during the last quarter. Allianz Asset Management GmbH increased its holdings in Labcorp by 30.2% in the second quarter. Allianz Asset Management GmbH now owns 207,391 shares of the medical research company’s stock valued at $54,442,000 after purchasing an additional 48,063 shares during the last quarter. Finally, Equitable Trust Co. increased its holdings in Labcorp by 3.5% in the second quarter. Equitable Trust Co. now owns 77,427 shares of the medical research company’s stock valued at $20,325,000 after purchasing an additional 2,644 shares during the last quarter. 95.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on LH shares. Robert W. Baird set a $311.00 price target on Labcorp in a research note on Monday, August 25th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Labcorp in a report on Saturday. UBS Group lifted their price target on shares of Labcorp from $305.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, October 17th. Truist Financial set a $320.00 target price on Labcorp in a research note on Tuesday, October 14th. Finally, Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Eleven equities 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, Labcorp has an average rating of “Moderate Buy” and a consensus target price of $296.46.

Labcorp Trading Down 1.5%

LH stock opened at $279.72 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The company’s 50-day simple moving average is $278.60 and its 200 day simple moving average is $260.07. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72. The company has a market capitalization of $23.25 billion, a PE ratio of 30.87, a price-to-earnings-growth ratio of 1.79 and a beta of 0.89.

Labcorp (NYSE:LH) last released its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same period in the prior year, the company posted $3.94 earnings per share. Labcorp’s revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th will be paid a dividend of $0.72 per share. 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 (DPR) is 31.79%.

Insiders Place Their Bets

In other news, CEO Adam H. Schechter sold 5,643 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dwight Gary Gilliland sold 2,000 shares of the 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 approximately $1,763,507.20. This trade represents a 23.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,546 shares of company stock worth $3,094,692 in the last 90 days. Company insiders own 0.84% of the company’s stock.

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.