Frank Rimerman Advisors LLC Makes New Investment in Labcorp Holdings Inc. $LH

Frank Rimerman Advisors LLC purchased a new position in Labcorp Holdings Inc. (NYSE:LH) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 764 shares of the medical research company’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LH. Select Equity Group L.P. lifted its position 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 valued at $516,696,000 after acquiring an additional 624,099 shares in the last quarter. Nordea Investment Management AB raised its stake in Labcorp by 28.2% during the 2nd quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock valued at $476,995,000 after purchasing an additional 401,808 shares during the period. Invesco Ltd. lifted its holdings in Labcorp by 28.9% in the 1st quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company’s stock worth $330,750,000 after purchasing an additional 318,865 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in Labcorp by 55.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company’s stock worth $181,819,000 after purchasing an additional 280,011 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Labcorp by 24.5% during the 1st quarter. Alliancebernstein L.P. now owns 1,271,590 shares of the medical research company’s stock valued at $295,950,000 after buying an additional 250,486 shares in the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Labcorp in a report on Wednesday, October 8th. Mizuho lifted their price target on shares of Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, October 17th. UBS Group dropped their price objective on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, JPMorgan Chase & Co. boosted their target price on Labcorp from $291.00 to $317.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $297.07.

Labcorp Stock Performance

Shares of NYSE:LH opened at $265.81 on Friday. The firm has a fifty day simple moving average of $271.80 and a two-hundred day simple moving average of $264.17. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72. The company has a quick ratio of 1.32, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $22.04 billion, a P/E ratio of 26.11, a PEG ratio of 1.59 and a beta of 0.91.

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

Labcorp Dividend Announcement

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 paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Labcorp’s dividend payout ratio (DPR) is presently 28.29%.

Insider Buying and Selling

In other news, CEO Adam H. Schechter sold 5,745 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the transaction, the chief executive officer owned 87,574 shares of the company’s stock, valued at approximately $23,010,068.50. The trade was a 6.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richelle P. Parham sold 7,009 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $254.28, for a total value of $1,782,248.52. Following the sale, the director owned 2,469 shares in the company, valued at $627,817.32. The trade was a 73.95% decrease in their position. The disclosure for this sale is available in the SEC filing. 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.