Insider Selling: Labcorp (NYSE:LH) EVP Sells $25,266.54 in Stock

Labcorp Holdings Inc. (NYSE:LH) EVP Jonathan Meltzer sold 87 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $290.42, for a total transaction of $25,266.54. Following the sale, the executive vice president directly owned 2,782 shares of the company’s stock, valued at approximately $807,948.44. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Labcorp Price Performance

Shares of NYSE:LH opened at $282.64 on Monday. The firm has a market cap of $23.43 billion, a price-to-earnings ratio of 27.76, a P/E/G ratio of 1.78 and a beta of 1.03. The firm has a fifty day moving average price of $263.59 and a 200 day moving average price of $268.65. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $293.72. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.55.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 27th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, February 27th. Labcorp’s payout ratio is currently 28.29%.

Institutional Trading of Labcorp

A number of large investors have recently modified their holdings of LH. Brighton Jones LLC bought a new stake in Labcorp during the 4th quarter valued at $991,000. Integrated Wealth Concepts LLC increased its stake in shares of Labcorp by 7.9% during the first quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company’s stock valued at $565,000 after buying an additional 177 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Labcorp by 52.2% in the first quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock valued at $82,353,000 after acquiring an additional 121,304 shares in the last quarter. Callan Family Office LLC bought a new stake in shares of Labcorp in the second quarter valued at about $373,000. Finally, Blue Trust Inc. lifted its stake in Labcorp by 11.6% in the second quarter. Blue Trust Inc. now owns 637 shares of the medical research company’s stock worth $167,000 after acquiring an additional 66 shares during the period. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group reduced their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. JPMorgan Chase & Co. boosted their price objective on Labcorp from $317.00 to $319.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Weiss Ratings upgraded Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 10th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Robert W. Baird set a $313.00 target price on Labcorp in a research report on Wednesday, January 14th. Ten investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $300.75.

About Labcorp

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.