Insider Selling: Labcorp (NYSE:LH) CEO Sells 5,273 Shares of Stock

Labcorp Holdings Inc. (NYSE:LH) CEO Adam Schechter sold 5,273 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $284.38, for a total value of $1,499,535.74. Following the completion of the transaction, the chief executive officer directly owned 87,343 shares of the company’s stock, valued at $24,838,602.34. The trade was a 5.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Labcorp Stock Performance

Shares of NYSE:LH traded up $4.25 during trading on Friday, hitting $282.36. 291,684 shares of the stock traded hands, compared to its average volume of 761,177. The company has a quick ratio of 1.35, a current ratio of 1.55 and a debt-to-equity ratio of 0.59. The company has a fifty day moving average price of $263.11 and a two-hundred day moving average price of $268.42. Labcorp Holdings Inc. has a 52-week low of $209.38 and a 52-week high of $293.72. The company has a market cap of $23.41 billion, a price-to-earnings ratio of 27.74, a P/E/G ratio of 1.82 and a beta of 1.03.

Labcorp Announces Dividend

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

Institutional Investors Weigh In On Labcorp

Several institutional investors have recently modified their holdings of LH. Victory Capital Management Inc. lifted its holdings in shares of Labcorp by 103.1% during the 4th quarter. Victory Capital Management Inc. now owns 5,356,825 shares of the medical research company’s stock valued at $1,343,922,000 after acquiring an additional 2,719,475 shares in the last quarter. Boston Partners bought a new stake in shares of Labcorp in the 4th quarter worth approximately $480,271,000. Norges Bank acquired a new stake in Labcorp during the 2nd quarter worth about $263,070,000. Lazard Asset Management LLC lifted its position in Labcorp by 224.1% in the 2nd quarter. Lazard Asset Management LLC now owns 989,433 shares of the medical research company’s stock worth $259,734,000 after buying an additional 684,153 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in Labcorp by 28.2% in the 2nd quarter. Nordea Investment Management AB now owns 1,829,039 shares of the medical research company’s stock worth $476,995,000 after purchasing an additional 401,808 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Analysts Set New Price Targets

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