Labcorp Holdings Inc. $LH Shares Sold by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE lessened its stake in Labcorp Holdings Inc. (NYSE:LH) by 94.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 675 shares of the medical research company’s stock after selling 12,532 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Labcorp were worth $208,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in LH. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Labcorp during the 2nd quarter valued at approximately $168,222,000. Bank of New York Mellon Corp acquired a new position in shares of Labcorp in the 2nd quarter valued at $142,125,000. Madison Asset Management LLC acquired a new position in shares of Labcorp in the 2nd quarter valued at $133,460,000. Bessemer Group Inc. boosted its holdings in Labcorp by 47.3% during the first quarter. Bessemer Group Inc. now owns 579,036 shares of the medical research company’s stock worth $154,493,000 after buying an additional 185,847 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Labcorp by 19.4% during the first quarter. Royal Bank of Canada now owns 820,442 shares of the medical research company’s stock worth $218,901,000 after buying an additional 133,549 shares in the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Insider Activity

In related news, Director Kerrii B. Anderson sold 3,000 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $318.02, for a total transaction of $954,060.00. Following the completion of the transaction, the director owned 6,563 shares in the company, valued at $2,087,165.26. This represents a 31.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Amy B. Summy sold 924 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $306.74, for a total transaction of $283,427.76. Following the completion of the transaction, the executive vice president directly owned 6,956 shares in the company, valued at $2,133,683.44. This represents a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,593 shares of company stock worth $2,733,295 over the last 90 days. 0.84% of the stock is currently owned by company insiders.

Labcorp Price Performance

Labcorp stock opened at $322.90 on Wednesday. The company’s fifty day moving average price is $320.55 and its 200 day moving average price is $289.98. Labcorp Holdings Inc. has a 1 year low of $244.52 and a 1 year high of $341.80. The stock has a market capitalization of $26.19 billion, a P/E ratio of 26.71, a P/E/G ratio of 1.82 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 (NYSE:LH) last issued 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 during the quarter, compared to analyst estimates of $3.71 billion. Labcorp had a net margin of 6.99% and a return on equity of 16.74%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.35 EPS. Labcorp has set its FY 2026 guidance at 18.100-18.550 EPS. As a group, equities research analysts anticipate that Labcorp Holdings Inc. will post 18.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LH has been the topic of several analyst reports. Piper Sandler raised their price target on shares of Labcorp from $300.00 to $309.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Labcorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, October 6th. Robert W. Baird set a $352.00 price objective on shares of Labcorp in a research report on Friday, July 31st. Mizuho set a $355.00 target price on shares of Labcorp in a research note on Monday, August 10th. Finally, Morgan Stanley increased their target price on shares of Labcorp from $308.00 to $338.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $337.73.

Labcorp Company Profile

Labcorp (NYSE: LH), formally Laboratory Corporation of America Holdings, is a global life sciences and healthcare company headquartered in Burlington, North Carolina. The company provides laboratory testing and diagnostic services to physicians, hospitals, health systems, employers, insurers and consumers.

Through its diagnostics operations, Labcorp offers routine and specialty testing, oncology diagnostics, women’s health testing, genetic testing, pathology services and other laboratory services.