Retirement Systems of Alabama Sells 187 Shares of Labcorp Holdings Inc. (NYSE:LH)

Retirement Systems of Alabama lowered its position in Labcorp Holdings Inc. (NYSE:LH) by 1.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 17,921 shares of the medical research company’s stock after selling 187 shares during the quarter. Retirement Systems of Alabama’s holdings in Labcorp were worth $4,171,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in LH. Graney & King LLC purchased a new position in shares of Labcorp during the fourth quarter worth about $26,000. Heck Capital Advisors LLC purchased a new stake in Labcorp in the fourth quarter worth approximately $44,000. SBI Securities Co. Ltd. bought a new stake in Labcorp in the fourth quarter valued at approximately $52,000. Kohmann Bosshard Financial Services LLC bought a new stake in Labcorp in the fourth quarter valued at approximately $55,000. Finally, Transamerica Financial Advisors Inc. lifted its position in Labcorp by 1,506.3% in the fourth quarter. Transamerica Financial Advisors Inc. now owns 257 shares of the medical research company’s stock valued at $59,000 after purchasing an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Labcorp Stock Down 1.4%

Labcorp stock opened at $258.95 on Thursday. The firm has a market cap of $21.67 billion, a price-to-earnings ratio of 29.94, a price-to-earnings-growth ratio of 1.66 and a beta of 0.81. Labcorp Holdings Inc. has a 52 week low of $198.96 and a 52 week high of $264.03. The business’s 50-day moving average price is $246.53 and its 200 day moving average price is $240.73. The company has a quick ratio of 1.60, a current ratio of 1.84 and a debt-to-equity ratio of 0.68.

Labcorp (NYSE:LH) last issued its quarterly earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.73 by $0.11. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. Labcorp’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.68 earnings per share. 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.11%. Labcorp’s dividend payout ratio is currently 33.29%.

Analysts Set New Price Targets

A number of brokerages recently commented on LH. Piper Sandler restated a “neutral” rating and set a $280.00 target price (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Morgan Stanley raised their price target on Labcorp from $270.00 to $283.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. Robert W. Baird increased their price objective on Labcorp from $253.00 to $267.00 and gave the company an “outperform” rating in a research report on Wednesday, April 30th. Barclays raised their target price on Labcorp from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Citigroup raised Labcorp from a “neutral” rating to a “buy” rating and raised their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, March 4th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $276.08.

Insiders Place Their Bets

In related news, Director Kerrii B. Anderson sold 500 shares of Labcorp stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $260.00, for a total transaction of $130,000.00. Following the transaction, the director now owns 12,666 shares in the company, valued at approximately $3,293,160. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Amy B. Summy sold 758 shares of Labcorp stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $231.67, for a total value of $175,605.86. Following the transaction, the executive vice president now owns 5,302 shares in the company, valued at approximately $1,228,314.34. The trade was a 12.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,092 shares of company stock worth $2,971,820. 0.84% of the stock is owned by corporate insiders.

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.