Insider Selling: Labcorp (NYSE:LH) Director Sells 1,078 Shares of Stock

Key Points

• Labcorp director Richelle Parham sold 1,078 shares at an average price of $361.22, generating approximately $389,395 and reducing her direct holdings by 32.03% to 2,288 shares.
• Labcorp reported quarterly EPS of $4.78, exceeding estimates of $4.64, while revenue rose 6.9% year over year to $3.81 billion. The stock traded at $356.61, near its 12-month high of $371.00.
• The company declared a quarterly dividend of $0.72 per share, equivalent to an annualized $2.88 payout and a 0.8% yield. Analysts maintained a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $365.67.

Labcorp Holdings Inc. (NYSE:LH - Get Free Report) Director Richelle Parham sold 1,078 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $361.22, for a total transaction of $389,395.16. Following the sale, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Labcorp Stock Up 0.3%

LH traded up $1.02 during trading on Tuesday, hitting $356.61. The stock had a trading volume of 145,417 shares, compared to its average volume of 697,914. The company has a market capitalization of $28.92 billion, a PE ratio of 29.27, a PEG ratio of 2.05 and a beta of 0.87. Labcorp Holdings Inc. has a twelve month low of $244.52 and a twelve month high of $371.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.53 and a current ratio of 1.41. The stock has a 50 day simple moving average of $323.63 and a two-hundred day simple moving average of $288.12.

Labcorp (NYSE:LH - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The medical research company reported $4.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $0.14. The business had revenue of $3.81 billion for 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%. The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $4.18 earnings per share. On average, research analysts predict that Labcorp Holdings Inc. will post 18.48 earnings per share for the current year.

Labcorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 24th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, November 24th. Labcorp's dividend payout ratio is currently 23.63%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LH. Weiss Ratings raised Labcorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, October 21st. JPMorgan Chase & Co. upped their price objective on shares of Labcorp from $330.00 to $360.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $355.00 price objective on shares of Labcorp in a research report on Thursday. Robert W. Baird lifted their target price on shares of Labcorp from $361.00 to $396.00 and gave the stock an "outperform" rating in a research note on Thursday, October 29th. Finally, 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 research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $365.67.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Allied Private Wealth LLC purchased a new stake in shares of Labcorp during the second quarter worth $33,000. Cedar Mountain Advisors LLC raised its position in shares of Labcorp by 786.7% in the first quarter. Cedar Mountain Advisors LLC now owns 133 shares of the medical research company's stock valued at $35,000 after buying an additional 118 shares during the last quarter. William Mack & Associates Inc. purchased a new position in shares of Labcorp in the third quarter worth about $42,000. Pathway Financial Advisers LLC purchased a new position in shares of Labcorp in the third quarter worth about $43,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Labcorp in the second quarter worth about $58,000. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

Labcorp Company Profile

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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