Labcorp (NYSE:LH) Stock: Insider Brian Caveney Sells 2,000 Shares

Labcorp Holdings Inc. (NYSE:LH) EVP Brian Caveney sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $372.04, for a total value of $744,080.00. Following the completion of the transaction, the executive vice president owned 34,562 shares of the company’s stock, valued at $12,858,446.48. The trade was a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Labcorp Trading Up 0.2%

Labcorp stock opened at $371.79 on Thursday. Labcorp Holdings Inc. has a 1 year low of $245.00 and a 1 year high of $373.76. The firm’s 50 day moving average price is $328.02 and its 200-day moving average price is $291.56. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.41 and a quick ratio of 1.22. The stock has a market cap of $30.19 billion, a P/E ratio of 30.50, a PEG ratio of 2.09 and a beta of 0.86.

Labcorp (NYSE:LH) last issued its earnings results on Wednesday, October 28th. The medical research company reported $4.78 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 6.88% and a return on equity of 17.13%. Labcorp’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.18 earnings per share. On average, equities analysts predict that Labcorp Holdings Inc. will post 18.51 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The company also recently declared 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 of this dividend is Tuesday, November 24th. This represents a $2.88 dividend on an annualized basis and a yield of 0.8%. Labcorp’s dividend payout ratio is presently 23.63%.

Analyst Ratings Changes

Several research firms have commented on LH. Robert W. Baird increased their price objective on shares of Labcorp from $361.00 to $396.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Piper Sandler boosted their target price on shares of Labcorp from $300.00 to $309.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Barclays upped their target price on shares of Labcorp from $330.00 to $380.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. Mizuho set a $355.00 price target on shares of Labcorp in a report on Monday, August 10th. Finally, UBS Group increased their price target on shares of Labcorp from $380.00 to $420.00 and gave the company a “buy” rating in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Labcorp has an average rating of “Moderate Buy” and a consensus price target of $369.08.

Institutional Investors Weigh In On Labcorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. purchased a new stake in Labcorp in the third quarter worth $2,806,000. Ieq Capital LLC boosted its stake in shares of Labcorp by 7.2% during the third quarter. Ieq Capital LLC now owns 15,041 shares of the medical research company’s stock valued at $4,634,000 after purchasing an additional 1,016 shares during the period. Checchi Capital Advisers LLC boosted its stake in shares of Labcorp by 11.1% during the third quarter. Checchi Capital Advisers LLC now owns 1,073 shares of the medical research company’s stock valued at $331,000 after purchasing an additional 107 shares during the period. Alpha Financial Partners LLC bought a new position in shares of Labcorp in the third quarter worth about $219,000. Finally, Independent Advisor Alliance grew its holdings in shares of Labcorp by 24.9% in the third quarter. Independent Advisor Alliance now owns 14,721 shares of the medical research company’s stock worth $4,590,000 after purchasing an additional 2,936 shares during the last quarter. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

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.