Labcorp Holdings Inc. (NYSE:LH – Get Free Report) EVP Bryan Vaughn sold 306 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $353.70, for a total transaction of $108,232.20. Following the completion of the sale, the executive vice president directly owned 6,845 shares in the company, valued at approximately $2,421,076.50. This represents a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Labcorp Price Performance
Labcorp stock opened at $368.04 on Thursday. The stock has a market cap of $29.89 billion, a P/E ratio of 30.19, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86. The company has a fifty day simple moving average of $324.51 and a 200-day simple moving average of $289.07. Labcorp Holdings Inc. has a 12-month low of $244.52 and a 12-month high of $371.00. 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 (NYSE:LH – Get Free Report) last posted its earnings results 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 for 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%. Labcorp’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 company posted $4.18 earnings per share. Equities analysts expect that Labcorp Holdings Inc. will post 18.51 EPS 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 paid a dividend of $0.72 per share. The ex-dividend date is Tuesday, November 24th. This represents a $2.88 annualized dividend and a yield of 0.8%. Labcorp’s payout ratio is presently 23.63%.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings 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 valued at $607,241,000 after acquiring an additional 22,170 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Labcorp by 2.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,332,775 shares of the medical research company’s stock worth $355,569,000 after acquiring an additional 28,584 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Labcorp by 19.4% in the 1st 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. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Labcorp in the 2nd quarter valued at $168,222,000. Finally, Bessemer Group Inc. raised its position in Labcorp by 47.3% in the 1st quarter. Bessemer Group Inc. now owns 579,036 shares of the medical research company’s stock valued at $154,493,000 after purchasing an additional 185,847 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.
Analyst Upgrades and Downgrades
LH has been the topic of several recent analyst reports. Leerink Partners set a $410.00 price target on shares of Labcorp in a research note on Wednesday, October 28th. Robert W. Baird boosted their price objective on shares of Labcorp from $361.00 to $396.00 and gave the stock an “outperform” rating in a research report on Thursday, October 29th. UBS Group upped their target price on shares of Labcorp from $380.00 to $420.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Truist Financial increased their target price on shares of Labcorp from $365.00 to $395.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. Finally, Mizuho set a $355.00 price target on shares of Labcorp in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Labcorp currently has a consensus rating of “Moderate Buy” and an average price target of $369.08.
Read Our Latest Analysis on LH
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.
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