Wedbush Securities Inc. Makes New Investment in Labcorp Holdings Inc. $LH

Wedbush Securities Inc. bought a new position in shares of Labcorp Holdings Inc. (NYSE:LH) in the second quarter, HoldingsChannel.com reports. The firm bought 976 shares of the medical research company’s stock, valued at approximately $256,000.

Other institutional investors have also added to or reduced their stakes in the company. SP Asset Management LLC boosted its position in shares of Labcorp by 0.3% during the 2nd quarter. SP Asset Management LLC now owns 14,177 shares of the medical research company’s stock worth $3,722,000 after acquiring an additional 38 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Labcorp by 10.2% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 433 shares of the medical research company’s stock worth $114,000 after purchasing an additional 40 shares in the last quarter. Highland Capital Management LLC grew its position in Labcorp by 0.3% in the 2nd quarter. Highland Capital Management LLC now owns 15,322 shares of the medical research company’s stock worth $4,022,000 after purchasing an additional 40 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of Labcorp by 1.4% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,341 shares of the medical research company’s stock worth $778,000 after buying an additional 45 shares during the last quarter. Finally, Tempus Wealth Planning LLC raised its stake in shares of Labcorp by 2.0% in the second quarter. Tempus Wealth Planning LLC now owns 2,337 shares of the medical research company’s stock valued at $613,000 after buying an additional 45 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Barclays lifted their price target on Labcorp from $275.00 to $290.00 and gave the company an “equal weight” rating in a research report on Thursday, October 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Labcorp in a research note on Wednesday, October 8th. Mizuho increased their target price on Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, JPMorgan Chase & Co. raised their price target on Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $297.07.

Insider Transactions at Labcorp

In related news, Director Richelle P. Parham sold 7,009 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $254.28, for a total value of $1,782,248.52. Following the completion of the transaction, the director directly owned 2,469 shares in the company, valued at approximately $627,817.32. This represents a 73.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adam H. Schechter sold 5,745 shares of Labcorp stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total value of $1,509,498.75. Following the completion of the sale, the chief executive officer directly owned 87,574 shares of the company’s stock, valued at $23,010,068.50. The trade was a 6.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.84% of the company’s stock.

Labcorp Stock Down 0.3%

NYSE:LH opened at $267.31 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.32. The firm has a market cap of $22.16 billion, a PE ratio of 26.20, a price-to-earnings-growth ratio of 1.59 and a beta of 0.91. The company has a 50-day moving average of $273.71 and a 200 day moving average of $263.24. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $293.72.

Labcorp (NYSE:LH) last announced its earnings results on Tuesday, October 28th. The medical research company reported $4.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.13 by $0.05. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $3.56 billion. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.50 EPS. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. As a group, research analysts anticipate that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders 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 dividend on an annualized basis and a yield of 1.1%. Labcorp’s dividend payout ratio is presently 28.29%.

Labcorp Company Profile

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