State of Michigan Retirement System Sells 400 Shares of Labcorp Holdings Inc. $LH

State of Michigan Retirement System lessened its stake in shares of Labcorp Holdings Inc. (NYSE:LH) by 1.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,387 shares of the medical research company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Labcorp were worth $6,402,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of LH. Harbor Asset Planning Inc. purchased a new position in Labcorp during the second quarter valued at approximately $25,000. TruNorth Capital Management LLC purchased a new position in Labcorp during the first quarter valued at approximately $28,000. Larson Financial Group LLC increased its holdings in Labcorp by 140.4% during the first quarter. Larson Financial Group LLC now owns 125 shares of the medical research company’s stock valued at $29,000 after buying an additional 73 shares during the period. Financial Gravity Asset Management Inc. purchased a new position in Labcorp during the first quarter valued at approximately $31,000. Finally, Atlantic Private Wealth LLC purchased a new position in Labcorp during the first quarter valued at approximately $36,000. 95.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LH. Morgan Stanley lifted their price objective on shares of Labcorp from $283.00 to $306.00 and gave the company an “overweight” rating in a report on Friday, July 25th. Hsbc Global Res lowered shares of Labcorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 10th. Mizuho lifted their price objective on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Labcorp in a report on Wednesday, October 8th. Finally, Evercore ISI lifted their price target on shares of Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Friday, October 3rd. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $295.54.

Labcorp Price Performance

NYSE LH opened at $252.55 on Wednesday. The firm’s fifty day simple moving average is $275.96 and its two-hundred day simple moving average is $262.06. The company has a current ratio of 1.55, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $293.72. The firm has a market capitalization of $20.99 billion, a P/E ratio of 24.81, a P/E/G ratio of 1.59 and a beta of 0.89.

Labcorp (NYSE:LH) last released its quarterly earnings results on Tuesday, October 28th. The medical research company reported $4.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.13 by $0.05. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.56 billion. Labcorp had a net margin of 6.21% and a return on equity of 15.85%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.50 earnings per share. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. Analysts forecast 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 will be paid on Thursday, December 11th. Stockholders of record on Wednesday, November 26th will be issued 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 dividend yield of 1.1%. Labcorp’s payout ratio is 28.29%.

Insider Activity

In other news, Director Richelle P. Parham sold 7,009 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $254.28, for a total transaction of $1,782,248.52. Following the sale, the director directly owned 2,469 shares of the company’s stock, valued at $627,817.32. The trade was a 73.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of the business’s stock in a transaction 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 sale, the executive vice president directly owned 2,274 shares in the company, valued at $617,209.08. This trade represents a 63.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 16,555 shares of company stock valued at $4,347,040 over the last ninety days. 0.84% of the stock is currently owned by insiders.

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.