Diamond Hill Capital Management LLC Investment Advisor Takes Position in Labcorp Holdings Inc. $LH

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Labcorp Holdings Inc. (NYSE:LH) in the second quarter, HoldingsChannel reports. The firm purchased 600,792 shares of the medical research company’s stock, valued at approximately $168,222,000. Labcorp accounts for 1.3% of Diamond Hill Capital Management LLC Investment Advisor’s portfolio, making the stock its 26th biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LH. J.Safra Asset Management Corp purchased a new stake in Labcorp in the 2nd quarter valued at about $678,000. Bank of New York Mellon Corp purchased a new position in Labcorp during the second quarter worth about $142,125,000. Wedge Capital Management L L P NC increased its position in shares of Labcorp by 1.7% during the second quarter. Wedge Capital Management L L P NC now owns 109,674 shares of the medical research company’s stock valued at $30,709,000 after acquiring an additional 1,842 shares during the last quarter. Tema ETFs LLC increased its position in shares of Labcorp by 8.2% during the second quarter. Tema ETFs LLC now owns 1,907 shares of the medical research company’s stock valued at $534,000 after acquiring an additional 145 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of Labcorp by 4.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 28,208 shares of the medical research company’s stock valued at $7,898,000 after acquiring an additional 1,282 shares during the period. 95.94% of the stock is owned by institutional investors and hedge funds.

Labcorp Stock Down 0.0%

Labcorp stock opened at $318.02 on Monday. The stock has a 50-day simple moving average of $286.24 and a 200-day simple moving average of $274.72. The company has a market capitalization of $25.79 billion, a P/E ratio of 26.30, a PEG ratio of 1.84 and a beta of 0.87. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.53 and a current ratio of 1.80. Labcorp Holdings Inc. has a fifty-two week low of $244.52 and a fifty-two week high of $325.58.

Labcorp (NYSE:LH) last released its quarterly earnings results on Thursday, July 30th. The medical research company reported $4.99 EPS for the quarter, topping the consensus estimate of $4.78 by $0.21. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.71 billion. Labcorp had a return on equity of 16.74% and a net margin of 6.99%.The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.35 earnings per share. Labcorp has set its FY 2026 guidance at 18.100-18.550 EPS. Equities research analysts expect that Labcorp Holdings Inc. will post 18.32 earnings per share for the current year.

Labcorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 28th will be given a $0.72 dividend. The ex-dividend date is Friday, August 28th. This represents a $2.88 annualized dividend and a yield of 0.9%. Labcorp’s dividend payout ratio is 23.82%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Weiss Ratings upgraded shares of Labcorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 24th. Bank of America boosted their target price on Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $306.00 price target on shares of Labcorp in a research note on Friday, July 31st. Finally, Mizuho set a $355.00 price objective on Labcorp in a research note on Monday, August 10th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $330.00.

Insider Buying and Selling at Labcorp

In other news, EVP Amy B. Summy sold 924 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $306.74, for a total value of $283,427.76. Following the completion of the sale, the executive vice president directly owned 6,956 shares of the company’s stock, valued at approximately $2,133,683.44. This represents a 11.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bryan T. Vaughn sold 234 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $286.19, for a total transaction of $66,968.46. Following the sale, the executive vice president owned 6,746 shares of the company’s stock, valued at $1,930,637.74. This trade represents 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 have sold 6,681 shares of company stock worth $2,073,617 in the last quarter. 0.84% of the stock is currently owned by company insiders.

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.