Key Points
- Labcorp director Richelle Parham sold 1,078 shares for about $389,395, reducing her stake by 32.03% to 2,288 shares.
- Quarterly results topped expectations: adjusted earnings were $4.78 per share versus $4.64 forecast, while revenue reached $3.81 billion, up 6.9% year over year.
- Labcorp announced a quarterly dividend of $0.72 per share, equivalent to $2.88 annually and a 0.8% yield. Analysts’ average rating was “Moderate Buy,” with an average price target of $365.67.
Labcorp Holdings Inc. (NYSE:LH - Get Free Report) Director Richelle Parham sold 1,078 shares of the business's stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $361.22, for a total value of $389,395.16. Following the sale, the director owned 2,288 shares of the company's stock, valued at $826,471.36. The trade was a 32.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Labcorp Stock Down 0.6%
LH opened at $353.39 on Wednesday. Labcorp Holdings Inc. has a 1 year low of $244.52 and a 1 year high of $371.00. The firm has a 50 day moving average price of $323.91 and a 200 day moving average price of $288.58. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.22 and a current ratio of 1.41. The company has a market cap of $28.70 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86.
Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The medical research company reported $4.78 earnings per share for the quarter, beating analysts' consensus estimates of $4.64 by $0.14. Labcorp had a net margin of 6.88% and a return on equity of 17.13%. The firm had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $3.76 billion. During the same period in the previous year, the company posted $4.18 earnings per share. Labcorp's revenue was up 6.9% compared to the same quarter last year. Sell-side analysts expect that Labcorp Holdings Inc. will post 18.51 earnings per share for the current year.
Labcorp Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 24th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, November 24th. Labcorp's dividend payout ratio (DPR) is currently 23.63%.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. Mizuho set a $355.00 target price on shares of Labcorp in a report on Monday, August 10th. JPMorgan Chase & Co. increased their price target on Labcorp from $330.00 to $360.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Morgan Stanley reissued an "overweight" rating and issued a $388.00 price objective on shares of Labcorp in a research report on Thursday, October 29th. Wall Street Zen upgraded Labcorp from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings upgraded Labcorp from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given 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 target price of $365.67.
Read Our Latest Stock Analysis on LH
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in Labcorp by 1.0% during the 1st 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 purchasing an additional 22,170 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Labcorp by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,332,775 shares of the medical research company's stock worth $355,569,000 after buying an additional 28,584 shares during the period. Royal Bank of Canada lifted its holdings in Labcorp by 19.4% in the 1st quarter. Royal Bank of Canada now owns 820,442 shares of the medical research company's stock worth $218,901,000 after buying an additional 133,549 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Labcorp in the 2nd quarter worth $168,222,000. Finally, Bessemer Group Inc. lifted its holdings in Labcorp by 47.3% in the 1st quarter. Bessemer Group Inc. now owns 579,036 shares of the medical research company's stock worth $154,493,000 after buying an additional 185,847 shares in the last quarter. 95.94% of the stock is owned by institutional investors and hedge funds.
About Labcorp
(
Get Free Report)
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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