Insider Selling: Labcorp (NYSE:LH) EVP Sells 87 Shares of Stock

Labcorp Holdings Inc. (NYSE:LH) EVP Jonathan Meltzer sold 87 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $290.42, for a total value of $25,266.54. Following the sale, the executive vice president owned 2,782 shares of the company’s stock, valued at $807,948.44. This trade represents a 3.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Labcorp Stock Performance

Labcorp stock traded up $4.25 during trading hours on Friday, hitting $282.36. The stock had a trading volume of 291,684 shares, compared to its average volume of 761,177. The company has a 50-day moving average of $263.11 and a two-hundred day moving average of $268.42. 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 market cap of $23.41 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.82 and a beta of 1.03. Labcorp Holdings Inc. has a fifty-two week low of $209.38 and a fifty-two week high of $293.72.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $2.88 annualized dividend and a yield of 1.0%. Labcorp’s payout ratio is currently 28.29%.

Analyst Ratings Changes

Several brokerages recently issued reports on LH. Wall Street Zen raised Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Mizuho lifted their price target on Labcorp from $285.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. JPMorgan Chase & Co. raised their price target on Labcorp from $317.00 to $319.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. UBS Group decreased their target price on shares of Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Finally, Robert W. Baird set a $313.00 target price on Labcorp in a research note on Wednesday, January 14th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $300.75.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in LH. Vanguard Group Inc. increased its stake in shares of Labcorp by 1.6% in the second quarter. Vanguard Group Inc. now owns 9,879,225 shares of the medical research company’s stock worth $2,593,395,000 after acquiring an additional 156,717 shares during the period. Victory Capital Management Inc. raised its position in Labcorp by 103.1% in 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 purchasing an additional 2,719,475 shares in the last quarter. State Street Corp increased its holdings in shares of Labcorp by 0.9% in the 2nd quarter. State Street Corp now owns 3,863,039 shares of the medical research company’s stock valued at $1,014,086,000 after acquiring an additional 36,003 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Labcorp by 10.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,204,276 shares of the medical research company’s stock worth $554,728,000 after purchasing an additional 207,962 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Labcorp by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 2,137,010 shares of the medical research company’s stock valued at $534,023,000 after buying an additional 13,775 shares during the last quarter. 95.94% of the stock is owned by institutional investors.

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.