Forum Financial Management LP Acquires 80 Shares of Labcorp Holdings Inc. $LH

Forum Financial Management LP boosted its holdings in shares of Labcorp Holdings Inc. (NYSE:LH) by 3.8% during the 2nd quarter, Holdings Channel reports. The fund owned 2,210 shares of the medical research company’s stock after buying an additional 80 shares during the period. Forum Financial Management LP’s holdings in Labcorp were worth $580,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LH. Select Equity Group L.P. grew its holdings in Labcorp by 39.1% during the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock worth $516,696,000 after acquiring an additional 624,099 shares in the last quarter. Nordea Investment Management AB grew its holdings in Labcorp by 28.2% during 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 acquiring an additional 401,808 shares in the last quarter. Invesco Ltd. grew its holdings in Labcorp by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock worth $330,750,000 after acquiring an additional 318,865 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in Labcorp by 55.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company’s stock worth $181,819,000 after acquiring an additional 280,011 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Labcorp by 24.5% during the 1st 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 in the last quarter. 95.94% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Labcorp news, EVP Der Vaart Sandra D. Van sold 3,903 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $271.42, for a total transaction of $1,059,352.26. Following the completion of the transaction, the executive vice president directly owned 2,274 shares of the company’s stock, valued at approximately $617,209.08. This trade represents a 63.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adam H. Schechter sold 5,643 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total transaction of $1,505,439.54. Following the transaction, the chief executive officer directly owned 93,319 shares of the company’s stock, valued at $24,895,642.82. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,546 shares of company stock valued at $3,094,692. 0.84% of the stock is owned by insiders.

Labcorp Stock Performance

Shares of Labcorp stock opened at $279.72 on Friday. The firm has a market capitalization of $23.25 billion, a P/E ratio of 30.87, a PEG ratio of 1.82 and a beta of 0.89. The company has a quick ratio of 1.32, a current ratio of 1.50 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average price of $278.60 and a 200 day moving average price of $259.57. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72.

Labcorp (NYSE:LH) last announced its quarterly earnings data on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating the consensus estimate of $4.14 by $0.21. The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. Labcorp’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted $3.94 EPS. Sell-side analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The firm also recently declared 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 of this dividend is Wednesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp’s dividend payout ratio (DPR) is currently 31.79%.

Analyst Ratings Changes

LH has been the subject of several analyst reports. Mizuho increased their price target on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. HSBC lowered shares of Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price target for the company. in a research report on Thursday, July 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of Labcorp in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Morgan Stanley increased their price target on shares of Labcorp from $283.00 to $306.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $296.46.

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.