Key Points
- Labcorp EVP Brian Caveney sold 2,000 shares for $744,080 at an average price of $372.04, reducing his direct stake by 5.47% to 34,562 shares.
- Labcorp beat quarterly estimates, reporting EPS of $4.78 versus $4.64 expected and revenue of $3.81 billion, up 6.9% year over year.
- The company announced a quarterly dividend of $0.72 per share, equal to an annualized $2.88 and a 0.8% yield; analysts’ consensus rating is “Moderate Buy.”
Labcorp Holdings Inc. (NYSE:LH - Get Free Report) EVP Brian Caveney sold 2,000 shares of the firm's stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $372.04, for a total value of $744,080.00. Following the sale, the executive vice president directly owned 34,562 shares in the company, valued at approximately $12,858,446.48. This trade represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Labcorp Stock Down 0.1%
Shares of LH stock opened at $371.89 on Friday. The stock has a 50 day moving average of $328.81 and a 200 day moving average of $292.08. The company has a current ratio of 1.41, a quick ratio of 1.22 and a debt-to-equity ratio of 0.60. The stock has a market cap of $30.20 billion, a P/E ratio of 20.58, a P/E/G ratio of 2.10 and a beta of 0.86. Labcorp Holdings Inc. has a twelve month low of $245.00 and a twelve month high of $375.10.
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 (EPS) for the quarter, beating analysts' consensus estimates of $4.64 by $0.14. Labcorp had a return on equity of 17.13% and a net margin of 6.88%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the previous year, the company posted $4.18 earnings per share. Labcorp's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts expect that Labcorp Holdings Inc. will post 18.51 EPS for the current year.
Labcorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 24th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, November 24th. Labcorp's payout ratio is 23.63%.
Institutional Trading of Labcorp
Several institutional investors have recently modified their holdings of LH. Gamco Investors INC. ET AL purchased a new position in Labcorp in the 3rd quarter worth approximately $218,000. Meeder Advisory Services Inc. lifted its stake in shares of Labcorp by 23.1% in the 3rd quarter. Meeder Advisory Services Inc. now owns 1,174 shares of the medical research company's stock valued at $362,000 after purchasing an additional 220 shares during the last quarter. Benjamin Edwards Inc. lifted its position in Labcorp by 5.0% in the third quarter. Benjamin Edwards Inc. now owns 2,583 shares of the medical research company's stock valued at $796,000 after buying an additional 124 shares during the last quarter. Allianz SE acquired a new position in shares of Labcorp in the 3rd quarter worth approximately $172,000. Finally, Advisors Asset Management Inc. acquired a new position in Labcorp during the third quarter worth $2,806,000. Institutional investors and hedge funds own 95.94% of the company's stock.
Analyst Ratings Changes
A number of analysts recently issued reports on LH shares. Barclays increased their price target on shares of Labcorp from $330.00 to $380.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 28th. Truist Financial lifted their price objective on shares of Labcorp from $365.00 to $395.00 and gave the company a "buy" rating in a report on Thursday, October 29th. Mizuho set a $355.00 target price on shares of Labcorp in a research note on Monday, August 10th. Robert W. Baird lifted their price target on Labcorp from $361.00 to $396.00 and gave the company an "outperform" rating in a research note on Thursday, October 29th. Finally, Leerink Partners set a $410.00 price target on Labcorp in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $369.08.
Read Our Latest Stock Report on LH
About Labcorp
(
Get Free Report)
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.
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