Brokerages Set Labcorp Holdings Inc. (NYSE:LH) Price Target at $274.00

Labcorp Holdings Inc. (NYSE:LH) has been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $274.00.

A number of analysts recently issued reports on the company. Citigroup upgraded Labcorp from a “neutral” rating to a “buy” rating and boosted their price target for the company from $250.00 to $300.00 in a report on Tuesday, March 4th. Barclays boosted their price target on Labcorp from $240.00 to $250.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. Morgan Stanley boosted 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. Piper Sandler reiterated a “neutral” rating and issued a $280.00 price target (up previously from $260.00) on shares of Labcorp in a report on Tuesday, May 6th. Finally, Robert W. Baird boosted their price target on Labcorp from $253.00 to $267.00 and gave the company an “outperform” rating in a report on Wednesday, April 30th.

Labcorp Stock Down 1.7%

Shares of NYSE:LH opened at $259.36 on Friday. Labcorp has a 1 year low of $198.96 and a 1 year high of $267.53. The business has a 50 day simple moving average of $242.08 and a two-hundred day simple moving average of $239.76. The firm has a market capitalization of $21.71 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 1.67 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.84 and a quick ratio of 1.60.

Labcorp (NYSE:LH) last announced its earnings results on Tuesday, April 29th. The medical research company reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.73 by $0.11. Labcorp had a return on equity of 15.27% and a net margin of 5.55%. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the business earned $3.68 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Labcorp will post 16.01 EPS for the current year.

Labcorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Thursday, May 29th were issued 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%.

Insiders Place Their Bets

In other news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $238.36, for a total transaction of $452,884.00. Following the transaction, the executive vice president now directly owns 2,244 shares of the company’s stock, valued at approximately $534,879.84. This represents a 45.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kerrii B. Anderson sold 500 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $260.00, for a total value of $130,000.00. Following the completion of the transaction, the director now directly owns 12,666 shares in the company, valued at approximately $3,293,160. The trade was a 3.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,092 shares of company stock worth $2,971,820 over the last 90 days. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Labcorp

Hedge funds have recently made changes to their positions in the company. eCIO Inc. acquired a new stake in Labcorp during the 1st quarter worth about $94,000. Strs Ohio acquired a new stake in Labcorp during the 1st quarter worth about $23,639,000. IFM Investors Pty Ltd grew its position in Labcorp by 2.6% during the 1st quarter. IFM Investors Pty Ltd now owns 15,859 shares of the medical research company’s stock worth $3,691,000 after purchasing an additional 404 shares during the period. Belpointe Asset Management LLC grew its position in Labcorp by 7.4% during the 1st quarter. Belpointe Asset Management LLC now owns 1,725 shares of the medical research company’s stock worth $402,000 after purchasing an additional 119 shares during the period. Finally, Intech Investment Management LLC grew its position in Labcorp by 245.3% during the 1st quarter. Intech Investment Management LLC now owns 11,120 shares of the medical research company’s stock worth $2,588,000 after purchasing an additional 7,900 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

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.