Labcorp (NYSE:LH) Stock: Insider Richelle Parham Sells 1,078 Shares

Labcorp Holdings Inc. (NYSE:LH) Director Richelle Parham sold 1,078 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $361.22, for a total transaction of $389,395.16. Following the completion of the transaction, the director directly owned 2,288 shares of the company’s stock, valued at approximately $826,471.36. This trade represents a 32.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Labcorp Trading Up 4.0%

Shares of LH stock opened at $368.04 on Thursday. The company’s fifty day simple moving average is $324.51 and its two-hundred day simple moving average is $289.07. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.22. Labcorp Holdings Inc. has a 1 year low of $244.52 and a 1 year high of $371.00. The stock has a market capitalization of $29.89 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 2.00 and a beta of 0.86.

Labcorp (NYSE:LH) last posted its quarterly earnings results on Wednesday, October 28th. The medical research company reported $4.78 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $0.14. Labcorp had a return on equity of 17.13% and a net margin of 6.88%. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the company earned $4.18 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts anticipate that Labcorp Holdings Inc. will post 18.51 earnings per share for the current year.

Labcorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 24th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, November 24th. This represents a $2.88 dividend on an annualized basis and a yield of 0.8%. Labcorp’s dividend payout ratio is 23.63%.

Institutional Trading of Labcorp

Institutional investors and hedge funds have recently modified their holdings of the business. Allied Private Wealth LLC bought a new position in shares of Labcorp during the 2nd quarter valued at $33,000. Cedar Mountain Advisors LLC lifted its stake in Labcorp by 786.7% in the first quarter. Cedar Mountain Advisors LLC now owns 133 shares of the medical research company’s stock worth $35,000 after purchasing an additional 118 shares during the last quarter. William Mack & Associates Inc. bought a new stake in Labcorp in the third quarter worth $42,000. Pathway Financial Advisers LLC purchased a new stake in Labcorp during the third quarter valued at about $43,000. Finally, Jones Financial Companies Lllp purchased a new stake in Labcorp during the second quarter valued at about $58,000. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LH. Weiss Ratings raised Labcorp from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, October 21st. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Barclays raised their price objective on shares of Labcorp from $330.00 to $380.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. UBS Group upped their target price on shares of Labcorp from $380.00 to $420.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Finally, Piper Sandler increased their target price on shares of Labcorp from $300.00 to $309.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $365.67.

About Labcorp

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.