Labcorp (NYSE:LH) EVP Brian Caveney Sells 2,000 Shares of Company Stock

Key Points

• EVP Brian Caveney sold 2,000 Labcorp shares for $744,080 at an average price of $372.04, reducing his holdings 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; revenue grew 6.9% year over year.
• The company declared a quarterly dividend of $0.72 per share, equivalent to an annualized yield of about 0.8%. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $369.08.

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 shares were sold at an average price of $372.04, for a total transaction 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. The trade was a 5.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Labcorp Stock Up 0.2%

Labcorp stock opened at $371.79 on Thursday. The stock has a market cap of $30.19 billion, a PE ratio of 30.50, a price-to-earnings-growth ratio of 2.09 and a beta of 0.86. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.22 and a current ratio of 1.41. Labcorp Holdings Inc. has a one year low of $245.00 and a one year high of $373.76. The stock has a fifty day moving average of $328.02 and a 200 day moving average of $291.56.

Labcorp (NYSE:LH - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 earnings per share for the quarter, topping the consensus estimate of $4.64 by $0.14. The firm had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $3.76 billion. Labcorp had a net margin of 6.88% and a return on equity of 17.13%. The business's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.18 EPS. As a group, sell-side analysts predict that Labcorp Holdings Inc. will post 18.51 EPS for the current year.

Labcorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 24th will be paid 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 is Tuesday, November 24th. Labcorp's dividend payout ratio (DPR) is currently 23.63%.

Analyst Ratings Changes

A number of brokerages recently commented on LH. Piper Sandler raised their target price on Labcorp from $300.00 to $309.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Deutsche Bank reaffirmed a "hold" rating and issued a $355.00 price objective on shares of Labcorp in a research note on Thursday, October 29th. Morgan Stanley reaffirmed an "overweight" rating and set a $388.00 price objective on shares of Labcorp in a research report on Thursday, October 29th. HSBC upgraded Labcorp from a "hold" rating to a "buy" rating and set a $410.00 price objective for the company in a research note on Thursday, November 5th. Finally, Barclays increased their target price 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. One 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 stock currently has an average rating of "Moderate Buy" and an average target price of $369.08.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Advisors Asset Management Inc. purchased a new stake in Labcorp in the 3rd quarter worth $2,806,000. Ieq Capital LLC raised its holdings in 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 acquiring an additional 1,016 shares during the period. Checchi Capital Advisers LLC lifted its position in shares of Labcorp by 11.1% in the third quarter. Checchi Capital Advisers LLC now owns 1,073 shares of the medical research company's stock valued at $331,000 after acquiring an additional 107 shares in the last quarter. Alpha Financial Partners LLC purchased a new position in shares of Labcorp in the third quarter valued at about $219,000. Finally, Independent Advisor Alliance lifted its position 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 valued at $4,590,000 after acquiring an additional 2,936 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

Labcorp Company Profile

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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