Mirae Asset Global Investments Co. Ltd. Raises Stock Holdings in Labcorp Holdings Inc. (NYSE:LH)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Labcorp Holdings Inc. (NYSE:LH) by 11.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 10,502 shares of the medical research company’s stock after purchasing an additional 1,108 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Labcorp were worth $2,416,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Graney & King LLC purchased a new position in Labcorp during the 4th quarter worth $26,000. Golden State Wealth Management LLC increased its holdings in Labcorp by 88.1% during the 1st quarter. Golden State Wealth Management LLC now owns 111 shares of the medical research company’s stock worth $26,000 after purchasing an additional 52 shares during the period. Garde Capital Inc. purchased a new position in Labcorp during the 1st quarter worth $36,000. Heck Capital Advisors LLC purchased a new position in Labcorp during the 4th quarter worth $44,000. Finally, SBI Securities Co. Ltd. purchased a new position in Labcorp during the 4th quarter worth $52,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LH shares. Barclays restated a “cautious” rating on shares of Labcorp in a report on Wednesday, June 25th. Truist Financial raised their price objective on Labcorp from $274.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Wall Street Zen downgraded Labcorp from a “buy” rating to a “hold” rating in a report on Friday, April 18th. Robert W. Baird increased their target price on Labcorp from $253.00 to $267.00 and gave the company an “outperform” rating in a research report on Wednesday, April 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $280.00 target price (up previously from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $276.08.

Labcorp Stock Up 0.7%

Labcorp stock opened at $261.89 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60. The stock has a market capitalization of $21.92 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 1.65 and a beta of 0.82. Labcorp Holdings Inc. has a 1-year low of $198.96 and a 1-year high of $265.72. The business has a fifty day moving average price of $251.44 and a 200-day moving average price of $241.92.

Labcorp (NYSE:LH) last posted its quarterly earnings data on Tuesday, April 29th. The medical research company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.73 by $0.11. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned $3.68 EPS. Equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Thursday, May 29th were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.10%. Labcorp’s payout ratio is 33.29%.

Insider Transactions at Labcorp

In other news, EVP Brian J. Caveney sold 2,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $247.00, for a total value of $494,000.00. Following the completion of the sale, the executive vice president owned 30,067 shares of the company’s stock, valued at $7,426,549. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kerrii B. Anderson sold 500 shares of the firm’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $265.00, for a total value of $132,500.00. Following the completion of the sale, the director directly owned 12,166 shares of the company’s stock, valued at $3,223,990. The trade was a 3.95% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is currently 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.