Bank of New York Mellon Corp Cuts Stock Holdings in Labcorp Holdings Inc. $LH

Bank of New York Mellon Corp lowered its position in shares of Labcorp Holdings Inc. (NYSE:LH) by 6.5% in the first quarter, Holdings Channel.com reports. The fund owned 536,388 shares of the medical research company’s stock after selling 37,535 shares during the quarter. Bank of New York Mellon Corp’s holdings in Labcorp were worth $143,114,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. JPL Wealth Management LLC acquired a new stake in shares of Labcorp in the third quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Labcorp during the fourth quarter worth approximately $26,000. Hilton Head Capital Partners LLC purchased a new position in Labcorp in the 4th quarter valued at $27,000. Eagle Bay Advisors LLC acquired a new stake in Labcorp during the 4th quarter worth $29,000. Finally, DV Equities LLC acquired a new stake in Labcorp during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Insider Buying and Selling at Labcorp

In other Labcorp news, EVP Bryan T. Vaughn sold 234 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $286.19, for a total value of $66,968.46. Following the transaction, the executive vice president owned 6,746 shares of the company’s stock, valued at $1,930,637.74. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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. Also, CEO Adam H. Schechter sold 5,903 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $254.50, for a total transaction of $1,502,313.50. Following the transaction, the chief executive officer directly owned 107,234 shares of the company’s stock, valued at approximately $27,291,053. This trade represents a 5.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,991 shares of company stock valued at $1,796,696 over the last 90 days. 0.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LH. Robert W. Baird increased their target price on shares of Labcorp from $335.00 to $338.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Labcorp in a research report on Friday, May 8th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Evercore reissued an “outperform” rating and issued a $300.00 target price on shares of Labcorp in a research note on Wednesday, April 8th. Finally, Bank of America boosted their target price on Labcorp from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $314.40.

Labcorp Trading Up 0.1%

LH opened at $283.63 on Monday. The stock has a market capitalization of $23.26 billion, a PE ratio of 25.12, a P/E/G ratio of 1.88 and a beta of 0.89. Labcorp Holdings Inc. has a one year low of $241.81 and a one year high of $293.72. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.54 and a current ratio of 1.73. The business’s 50 day moving average price is $266.22 and its 200 day moving average price is $268.01.

Labcorp (NYSE:LH) last posted its earnings results on Thursday, April 30th. The medical research company reported $4.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.09 by $0.16. Labcorp had a return on equity of 16.29% and a net margin of 6.66%.The company had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same quarter last year, the firm earned $3.84 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. Labcorp has set its FY 2026 guidance at 17.700-18.350 EPS. As a group, equities research analysts expect that Labcorp Holdings Inc. will post 18 EPS for the current year.

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, August 28th. Labcorp’s payout ratio is 25.51%.

Labcorp 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.