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Labcorp Holdings (LH) is Trading at an Attractive Valuation

Soumya Eswaran
·2-min read

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2024 investor letter.  A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Strategy highlighted stocks like Labcorp Holdings Inc. (NYSE:LH) in the first quarter 2024 investor letter. Labcorp Holdings Inc. (NYSE:LH) is a laboratory services company. Labcorp Holdings Inc.'s (NYSE:LH) one-month return was -3.22%, and its shares gained 4.17% of their value over the last 52 weeks. On June 3, 2024, Labcorp Holdings Inc. (NYSE:LH) stock closed at $195.01 per share with a market capitalization of $16.438 billion.

Diamond Hill Large Cap Strategy stated the following regarding Labcorp Holdings Inc. (NYSE:LH) in its first quarter 2024 investor letter:

"Other bottom Q1 contributors included BorgWarner and Labcorp Holdings Inc. (NYSE:LH). Shares of life sciences company LabCorp were pressured in the quarter as management set expectations for a slower 2024 for the company. However, we remain optimistic about LabCorp’s position as a leading US diagnostic lab operating in a duopoly and growing at a steady rate. LabCorp further benefits from its scale advantages, which create a significant barrier to entry for potential competitors. The company trades at a highly attractive valuation while generating significant free cash flow."

A research scientist in a lab wearing safety glasses, surrounded by laboratory equipment testing life science samples.

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Labcorp Holdings Inc. (NYSE:LH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Labcorp Holdings Inc. (NYSE:LH) at the end of the first quarter which was 36 in the previous quarter. Revenue of Labcorp Holdings Inc. (NYSE:LH) in the first quarter came to $3.2 billion, and adjusted earnings per share was $3.68.

In another article, we discussed Labcorp Holdings Inc. (NYSE:LH) and shared Vltava Fund's views on the company. Diamond Hill Capital's Long-Short Fund added Labcorp Holdings Inc. (NYSE:LH) to its long portfolio in the third quarter 2023. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.