Labcorp Holdings Inc. $LH Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its position in Labcorp Holdings Inc. (NYSE:LH) by 19.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 95,783 shares of the medical research company’s stock after selling 22,859 shares during the period. Wedge Capital Management L L P NC owned approximately 0.12% of Labcorp worth $27,495,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Labcorp by 7.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 158,231 shares of the medical research company’s stock valued at $41,537,000 after buying an additional 11,262 shares during the period. Franklin Resources Inc. grew its holdings in Labcorp by 3.1% during the second quarter. Franklin Resources Inc. now owns 34,331 shares of the medical research company’s stock worth $9,012,000 after acquiring an additional 1,043 shares during the period. Aberdeen Group plc raised its position in Labcorp by 5.1% in the second quarter. Aberdeen Group plc now owns 74,621 shares of the medical research company’s stock worth $19,589,000 after acquiring an additional 3,599 shares in the last quarter. Equitable Trust Co. lifted 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 acquiring an additional 2,644 shares during the period. Finally, Choreo LLC lifted its holdings in Labcorp by 83.8% in the second quarter. Choreo LLC now owns 5,546 shares of the medical research company’s stock valued at $1,456,000 after acquiring an additional 2,529 shares during the period. 95.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LH has been the topic of a number of recent analyst reports. 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 research note on Friday, October 3rd. Mizuho boosted their price objective on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Barclays increased their target price on shares of Labcorp from $275.00 to $290.00 and gave the company an “equal weight” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. lifted their price target on shares of Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Finally, Truist Financial set a $320.00 price target on Labcorp in a research note on Tuesday, October 14th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $299.08.

Insiders Place Their Bets

In other news, CEO Adam H. Schechter sold 5,745 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the transaction, the chief executive officer directly owned 87,574 shares in the company, valued at $23,010,068.50. This represents a 6.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richelle P. Parham sold 7,009 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $254.28, for a total transaction of $1,782,248.52. Following the completion of the sale, the director owned 2,469 shares of the company’s stock, valued at approximately $627,817.32. The trade was a 73.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.84% of the stock is owned by insiders.

Labcorp Stock Performance

Shares of LH opened at $252.01 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.35 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $265.44 and a two-hundred day moving average of $266.50. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $293.72. The stock has a market cap of $20.89 billion, a P/E ratio of 24.76, a PEG ratio of 1.71 and a beta of 0.99.

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

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Wednesday, November 26th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, November 26th. Labcorp’s payout ratio is presently 28.29%.

About Labcorp

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.