Labcorp (NYSE:LH) EVP Brian Caveney Sells 2,000 Shares of Company Stock

Labcorp Holdings Inc. (NYSE:LH) EVP Brian Caveney sold 2,000 shares of Labcorp stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $372.04, for a total transaction of $744,080.00. Following the completion of the transaction, the executive vice president directly owned 34,562 shares in the company, valued at $12,858,446.48. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Labcorp Stock Performance

Shares of LH stock opened at $371.89 on Friday. The business’s fifty day simple moving average is $328.81 and its 200-day simple moving average is $292.08. The company has a market cap of $30.20 billion, a PE ratio of 20.58, a PEG ratio of 2.10 and a beta of 0.86. The company has a current ratio of 1.41, a quick ratio of 1.22 and a debt-to-equity ratio of 0.60. Labcorp Holdings Inc. has a 12-month low of $245.00 and a 12-month high of $375.10.

Labcorp (NYSE:LH) last issued its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 EPS for the quarter, beating the consensus estimate of $4.64 by $0.14. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.76 billion. Labcorp had a return on equity of 17.13% and a net margin of 6.88%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.18 EPS. Analysts expect that Labcorp Holdings Inc. will post 18.51 earnings per share for the current fiscal year.

Labcorp Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. increased their price target on Labcorp from $330.00 to $360.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Truist Financial boosted their price target on Labcorp from $365.00 to $395.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Weiss Ratings upgraded shares of Labcorp from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, October 21st. Barclays upped their price objective on shares of Labcorp from $330.00 to $380.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Finally, HSBC raised shares of Labcorp from a “hold” rating to a “buy” rating and set a $410.00 price objective for the company in a research report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $369.08.

Institutional Trading of Labcorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its stake in shares of Labcorp by 1.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,226,446 shares of the medical research company’s stock worth $607,241,000 after acquiring an additional 22,170 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Labcorp by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,332,775 shares of the medical research company’s stock valued at $355,569,000 after purchasing an additional 28,584 shares during the last quarter. Royal Bank of Canada boosted its holdings in Labcorp by 19.4% in the first quarter. Royal Bank of Canada now owns 820,442 shares of the medical research company’s stock valued at $218,901,000 after purchasing an additional 133,549 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Labcorp by 0.6% in the third quarter. Bessemer Group Inc. now owns 679,807 shares of the medical research company’s stock valued at $209,455,000 after purchasing an additional 4,173 shares during the last quarter. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Labcorp during the 2nd quarter worth about $168,222,000. 95.94% of the stock is currently owned by institutional investors and hedge funds.

About Labcorp

Labcorp (NYSE: LH), formally Laboratory Corporation of America Holdings, is a global life sciences company that provides diagnostic testing and services to patients, physicians, hospitals, employers and other health care organizations. Its offerings include routine and specialty laboratory tests, anatomic pathology and genetic testing. The company also supports pharmaceutical and biotechnology companies with laboratory services for drug development and clinical trials, including testing and analysis used in research and clinical studies.