State of New Jersey Common Pension Fund D Has $6.81 Million Stock Holdings in Labcorp Holdings Inc. $LH

State of New Jersey Common Pension Fund D raised its holdings in Labcorp Holdings Inc. (NYSE:LH) by 1.0% during the second quarter, HoldingsChannel reports. The firm owned 25,948 shares of the medical research company’s stock after acquiring an additional 256 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Labcorp were worth $6,812,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vontobel Holding Ltd. boosted its stake in Labcorp by 7.9% in the second quarter. Vontobel Holding Ltd. now owns 3,057 shares of the medical research company’s stock valued at $802,000 after buying an additional 225 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Labcorp by 1.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 145,977 shares of the medical research company’s stock valued at $38,320,000 after purchasing an additional 1,816 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Labcorp by 2.2% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,000,828 shares of the medical research company’s stock valued at $528,739,000 after purchasing an additional 43,509 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Labcorp by 30.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 207,391 shares of the medical research company’s stock valued at $54,442,000 after purchasing an additional 48,063 shares in the last quarter. Finally, Equitable Trust Co. boosted its position 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 buying an additional 2,644 shares in the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

LH has been the topic of a number of research analyst reports. Mizuho raised their target price 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Labcorp in a report on Saturday. UBS Group lifted their price target on Labcorp from $305.00 to $325.00 and gave the company a “buy” rating in a research note on Friday, October 17th. HSBC lowered Labcorp from a “buy” rating to a “hold” rating and set a $260.00 price target on the stock. in a research note on Thursday, July 10th. Finally, Morgan Stanley lifted their price target on Labcorp from $283.00 to $306.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $296.46.

Insider Activity at Labcorp

In other news, CEO Adam H. Schechter sold 5,643 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $266.78, for a total value 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. The trade was a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business’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 value of $1,059,352.26. Following the completion of the transaction, the executive vice president directly owned 2,274 shares in the company, valued at approximately $617,209.08. This trade represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,546 shares of company stock worth $3,094,692 over the last quarter. Company insiders own 0.84% of the company’s stock.

Labcorp Price Performance

Labcorp stock opened at $279.72 on Monday. The stock’s 50 day moving average is $278.60 and its 200 day moving average is $260.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.50 and a quick ratio of 1.32. The firm has a market cap of $23.25 billion, a P/E ratio of 30.87, a P/E/G ratio of 1.79 and a beta of 0.89. Labcorp Holdings Inc. has a one year low of $209.38 and a one year high of $293.72.

Labcorp (NYSE:LH) last issued its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.14 by $0.21. The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.49 billion. Labcorp had a net margin of 5.66% and a return on equity of 15.45%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.94 EPS. As a group, research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current year.

Labcorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Wednesday, November 26th will be issued a $0.72 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $2.88 annualized dividend and a yield of 1.0%. Labcorp’s payout ratio is presently 31.79%.

About Labcorp

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.