Mirae Asset Global Investments Co. Ltd. Buys 755 Shares of Labcorp Holdings Inc. $LH

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 7.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 11,257 shares of the medical research company’s stock after purchasing an additional 755 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Labcorp were worth $2,955,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Labcorp by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,722,508 shares of the medical research company’s stock valued at $2,262,817,000 after purchasing an additional 71,464 shares during the period. Select Equity Group L.P. boosted its stake in shares of Labcorp by 39.1% in the first 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 during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Labcorp by 2.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,957,319 shares of the medical research company’s stock worth $455,370,000 after acquiring an additional 40,814 shares during the period. Invesco Ltd. boosted its stake in shares of Labcorp by 28.9% in the first 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 during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Labcorp by 24.5% in the first 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 during the period. Institutional investors own 95.94% of the company’s stock.

Insider Buying and Selling

In other 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 stock was sold at an average price of $271.42, for a total value of $1,059,352.26. Following the completion of the sale, the executive vice president directly owned 2,274 shares of the company’s stock, valued at $617,209.08. This trade represents a 63.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kerrii B. Anderson sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $280.00, for a total value of $980,000.00. Following the completion of the sale, the director directly owned 8,666 shares of the company’s stock, valued at $2,426,480. The trade was a 28.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,046 shares of company stock valued at $4,074,692 over the last quarter. Company insiders own 0.84% of the company’s stock.

Labcorp Price Performance

Shares of Labcorp stock opened at $279.40 on Wednesday. The stock has a 50 day moving average of $274.34 and a 200 day moving average of $255.13. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $289.20. The firm has a market cap of $23.22 billion, a PE ratio of 30.84, a PEG ratio of 1.76 and a beta of 0.89. The company has a current ratio of 1.50, a quick ratio of 1.32 and a debt-to-equity ratio of 0.61.

Labcorp (NYSE:LH) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.14 by $0.21. The company had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.49 billion. Labcorp had a return on equity of 15.45% and a net margin of 5.66%.The firm’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.94 earnings per share. Labcorp has set its FY 2025 guidance at 16.050-16.500 EPS. On average, research analysts expect that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, August 28th. Labcorp’s dividend payout ratio (DPR) is presently 31.79%.

Analysts Set New Price Targets

LH has been the subject of a number of recent analyst reports. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Truist Financial upped their price objective on Labcorp from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Morgan Stanley upped their price objective on Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Hsbc Global Res lowered Labcorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 10th. Finally, UBS Group increased their price target on Labcorp from $282.00 to $305.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $292.00.

Labcorp Profile

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