Maverick Capital Ltd. Has $426,000 Position in Labcorp Holdings Inc. $LH

Maverick Capital Ltd. lessened its holdings in Labcorp Holdings Inc. (NYSE:LH) by 90.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,596 shares of the medical research company’s stock after selling 15,968 shares during the quarter. Maverick Capital Ltd.’s holdings in Labcorp were worth $426,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Labcorp during the fourth quarter valued at $26,000. Hilton Head Capital Partners LLC bought a new stake in shares of Labcorp in the fourth quarter worth $27,000. JPL Wealth Management LLC bought a new stake in shares of Labcorp in the 3rd quarter valued at about $28,000. Eagle Bay Advisors LLC acquired a new stake in shares of Labcorp in the fourth quarter valued at about $29,000. Finally, DV Equities LLC acquired a new position in shares of Labcorp in the fourth quarter worth approximately $29,000. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Labcorp Stock Performance

Shares of Labcorp stock opened at $307.07 on Thursday. The business’s fifty day simple moving average is $272.53 and its 200 day simple moving average is $270.29. The company has a current ratio of 1.73, a quick ratio of 1.54 and a debt-to-equity ratio of 0.68. Labcorp Holdings Inc. has a 12 month low of $244.52 and a 12 month high of $315.77. The firm has a market capitalization of $25.18 billion, a P/E ratio of 27.20, a price-to-earnings-growth ratio of 2.09 and a beta of 0.89.

Labcorp (NYSE:LH) last announced its quarterly earnings data on Thursday, April 30th. The medical research company reported $4.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.09 by $0.16. The firm had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $3.51 billion. Labcorp had a return on equity of 16.29% and a net margin of 6.66%.The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.84 EPS. As a group, analysts anticipate that Labcorp Holdings Inc. will post 18 EPS for the current year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 28th will be given a dividend of $0.72 per share. The ex-dividend date is Friday, August 28th. This represents a $2.88 annualized dividend and a yield of 0.9%. Labcorp’s dividend payout ratio is presently 25.51%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Bank of America increased their target price on shares of Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Evercore restated an “outperform” rating and set a $300.00 target price on shares of Labcorp in a research report on Wednesday, April 8th. Weiss Ratings raised Labcorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 24th. Finally, Robert W. Baird boosted their price target on Labcorp from $335.00 to $338.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $315.33.

Insider Buying and Selling

In related news, CEO Adam H. Schechter sold 5,903 shares of Labcorp stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $254.50, for a total value of $1,502,313.50. Following the sale, the chief executive officer owned 107,234 shares of the company’s stock, valued at approximately $27,291,053. The trade was a 5.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Bryan T. Vaughn sold 234 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $286.19, for a total value of $66,968.46. Following the completion of the transaction, the executive vice president owned 6,746 shares in the company, valued at approximately $1,930,637.74. The trade was a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 6,991 shares of company stock worth $1,796,696. Insiders own 0.84% of the company’s stock.

Labcorp Profile

Laboratory Corporation of America Holdings, commonly known as Labcorp (NYSE: LH), is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp’s core businesses encompass clinical laboratory testing and pharmaceutical development services.