Mitsubishi UFJ Asset Management Co. Ltd. Has $41.54 Million Stock Position in Labcorp Holdings Inc. $LH

by · The Cerbat Gem

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Labcorp Holdings Inc. (NYSE:LH – Free Report) by 7.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 158,231 shares of the medical research company’s stock after acquiring an additional 11,262 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Labcorp were worth $41,537,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in LH. Select Equity Group L.P. raised its stake in shares of Labcorp by 39.1% during the 1st quarter. Select Equity Group L.P. now owns 2,220,056 shares of the medical research company’s stock worth $516,696,000 after purchasing an additional 624,099 shares in the last quarter. Nordea Investment Management AB increased its holdings in Labcorp by 28.2% during the second quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after buying an additional 401,808 shares during the last quarter. Invesco Ltd. raised its position in Labcorp by 28.9% during 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 in the last quarter. Lord Abbett & CO. LLC lifted its stake in Labcorp by 55.9% in the first quarter. Lord Abbett & CO. LLC now owns 781,211 shares of the medical research company’s stock valued at $181,819,000 after acquiring an additional 280,011 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Labcorp by 24.5% in 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 acquiring an additional 250,486 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.

Labcorp Stock Performance

NYSE:LH opened at $261.95 on Tuesday. The stock has a 50 day simple moving average of $273.97 and a 200 day simple moving average of $262.94. The stock has a market cap of $21.72 billion, a P/E ratio of 25.73, a PEG ratio of 1.59 and a beta of 0.91. Labcorp Holdings Inc. has a 1-year low of $209.38 and a 1-year high of $293.72. 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 (NYSE:LH – Get Free Report) last posted its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 earnings per share for the quarter, topping the consensus estimate of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The firm had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter last year, the business earned $3.50 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. Labcorp has set its FY 2025 guidance at 16.150-16.500 EPS. Research analysts anticipate that Labcorp Holdings Inc. will post 16.01 earnings per share for the current 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 of this dividend is Wednesday, November 26th. This represents a $2.88 dividend on an annualized basis and a yield of 1.1%. Labcorp’s payout ratio is currently 28.29%.

Insider Buying and Selling

In other news, Director Richelle P. Parham sold 7,009 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 2,469 shares of the company’s stock, valued at approximately $627,817.32. This trade represents a 73.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Der Vaart Sandra D. Van sold 3,903 shares of Labcorp stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 2,274 shares of the company’s stock, valued at approximately $617,209.08. The trade was a 63.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Robert W. Baird set a $304.00 price objective on Labcorp in a research note on Wednesday, October 29th. Morgan Stanley lifted their target price on Labcorp from $283.00 to $306.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Truist Financial set a $320.00 price target on Labcorp in a research note on Tuesday, October 14th. 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. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Labcorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $297.07.

Read Our Latest Stock Analysis on Labcorp

About Labcorp

(Free Report)

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

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