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

Labcorp Holdings Inc. (NYSE:LH) Director Richelle Parham sold 1,078 shares of the stock in a transaction dated Friday, October 30th. The shares were 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 sale was disclosed in a filing with the SEC, which can be accessed through this link.

Labcorp Price Performance

Shares of NYSE:LH opened at $353.39 on Wednesday. The business’s 50 day simple moving average is $323.91 and its 200-day simple moving average is $288.58. The firm has a market capitalization of $28.70 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86. 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 12 month low of $244.52 and a 12 month high of $371.00.

Labcorp (NYSE:LH) last released its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 earnings per share 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 the consensus estimate of $3.76 billion. Labcorp had a return on equity of 17.13% and a net margin of 6.88%. Labcorp’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $4.18 EPS. As a group, equities analysts forecast that Labcorp Holdings Inc. will post 18.51 earnings per share for the current fiscal year.

Labcorp Announces Dividend

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

Institutional Investors Weigh In On Labcorp

Large investors have recently bought and sold shares of the stock. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Labcorp in the 2nd quarter worth $168,222,000. Bank of New York Mellon Corp acquired a new position in Labcorp in the second quarter valued at $142,125,000. Madison Asset Management LLC acquired a new position in Labcorp in the second quarter valued at $133,460,000. Bessemer Group Inc. boosted its holdings in Labcorp by 47.3% in the first quarter. Bessemer Group Inc. now owns 579,036 shares of the medical research company’s stock valued at $154,493,000 after acquiring an additional 185,847 shares during the last quarter. Finally, Royal Bank of Canada grew its position 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 valued at $218,901,000 after acquiring an additional 133,549 shares during the period. Institutional investors and hedge funds own 95.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $388.00 price target on shares of Labcorp in a research note on Thursday, October 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $355.00 price objective on shares of Labcorp in a research report on Thursday, October 29th. Truist Financial increased their price objective on shares of Labcorp from $365.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Robert W. Baird raised their target price on shares of Labcorp from $361.00 to $396.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. Finally, UBS Group lifted their target price on shares of Labcorp from $380.00 to $420.00 and gave the stock a “buy” rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $365.67.

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.