Cannell & Spears LLC lowered its position in shares of Labcorp Holdings Inc. (NYSE:LH – Free Report) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,537 shares of the medical research company’s stock after selling 7,025 shares during the quarter. Cannell & Spears LLC’s holdings in Labcorp were worth $40,431,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in shares of Labcorp by 103.1% in the fourth quarter. Victory Capital Management Inc. now owns 5,356,825 shares of the medical research company’s stock worth $1,343,922,000 after purchasing an additional 2,719,475 shares in the last quarter. Boston Partners bought a new position in Labcorp in the fourth quarter valued at $480,271,000. Norges Bank bought a new position in Labcorp in the fourth quarter valued at $248,006,000. Wellington Management Group LLP increased its stake in Labcorp by 15.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,105,791 shares of the medical research company’s stock valued at $604,488,000 after buying an additional 289,029 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in Labcorp by 79.1% in the 3rd quarter. Marshall Wace LLP now owns 623,550 shares of the medical research company’s stock valued at $178,996,000 after buying an additional 275,454 shares during the last quarter. 95.94% of the stock is owned by institutional investors.
Insider Activity at Labcorp
In other Labcorp news, CEO Adam H. Schechter sold 5,903 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $254.50, for a total value of $1,502,313.50. Following the transaction, the chief executive officer directly owned 107,234 shares of the company’s stock, valued at $27,291,053. This represents a 5.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Bryan T. Vaughn sold 234 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $286.19, for a total value of $66,968.46. Following the transaction, the executive vice president owned 6,746 shares in the company, valued at $1,930,637.74. The trade was a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 6,991 shares of company stock worth $1,796,696 in the last ninety days. 0.84% of the stock is owned by company insiders.
Labcorp Stock Up 2.0%
Labcorp (NYSE:LH – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The medical research company reported $4.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.09 by $0.16. Labcorp had a return on equity of 16.29% and a net margin of 6.66%.The company had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same quarter in the previous year, the company posted $3.84 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. Labcorp has set its FY 2026 guidance at 17.700-18.350 EPS. As a group, analysts expect that Labcorp Holdings Inc. will post 18 EPS for the current year.
Labcorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 28th will be paid a $0.72 dividend. The ex-dividend date is Friday, August 28th. This represents a $2.88 annualized dividend and a yield of 1.0%. Labcorp’s payout ratio is 25.51%.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on LH. Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Evercore reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Labcorp in a research report on Wednesday, April 8th. Bank of America increased their price target on Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Robert W. Baird raised their price target on Labcorp from $335.00 to $338.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Labcorp in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $315.33.
Get Our Latest Analysis on Labcorp
Labcorp Company Profile
Laboratory Corporation of America Holdings, commonly known as Labcorp (NYSE: LH), is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.
Labcorp’s core businesses encompass clinical laboratory testing and pharmaceutical development services.
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