Bank of Montreal Can Sells 17,942 Shares of Labcorp Holdings Inc. $LH

Bank of Montreal Can lowered its position in Labcorp Holdings Inc. (NYSE:LH) by 16.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,706 shares of the medical research company’s stock after selling 17,942 shares during the period. Bank of Montreal Can’s holdings in Labcorp were worth $24,599,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Select Equity Group L.P. increased its stake 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 valued at $516,696,000 after buying an additional 624,099 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Labcorp by 28.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after buying an additional 401,808 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Labcorp by 28.9% in the first quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock valued at $330,750,000 after acquiring an additional 318,865 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of Labcorp by 55.9% during the first quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company’s stock valued at $181,819,000 after acquiring an additional 280,011 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Labcorp by 24.5% during the first quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company’s stock worth $295,950,000 after acquiring an additional 250,486 shares during the period. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Price Performance

NYSE LH opened at $252.63 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. The company has a market cap of $20.94 billion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 1.59 and a beta of 0.91. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72. The firm’s 50-day simple moving average is $274.29 and its two-hundred day simple moving average is $262.15.

Labcorp (NYSE:LH) last posted its earnings results on Tuesday, October 28th. The medical research company reported $4.18 earnings per share for the quarter, topping the consensus estimate of $4.13 by $0.05. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.56 billion. Labcorp had a net margin of 6.21% and a return on equity of 15.85%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $3.50 earnings per share. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. Research analysts predict that Labcorp Holdings Inc. will post 16.01 earnings per share for the current year.

Labcorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th will be given a dividend of $0.72 per share. The ex-dividend date is Wednesday, November 26th. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. Labcorp’s dividend payout ratio is currently 28.29%.

Insider Transactions at Labcorp

In other Labcorp 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 value of $1,059,352.26. Following the completion of the transaction, the executive vice president owned 2,274 shares in the company, valued at $617,209.08. This trade represents a 63.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richelle P. Parham sold 7,009 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $254.28, for a total value of $1,782,248.52. Following the sale, the director owned 2,469 shares in the company, valued at approximately $627,817.32. This represents a 73.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 16,555 shares of company stock valued at $4,347,040 over the last three months. Company insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on LH. Robert W. Baird set a $304.00 price objective on Labcorp in a research note on Wednesday, October 29th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Morgan Stanley raised their price objective on shares of Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a report on Friday, July 25th. Truist Financial set a $320.00 price objective on shares of Labcorp in a research report on Tuesday, October 14th. Finally, Evercore ISI increased their target price 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. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Labcorp presently has an average rating of “Moderate Buy” and a consensus target price of $297.07.

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.