Labcorp Holdings Inc. (NYSE:LH) CEO Sells $1,505,439.54 in Stock

Key Points

• Labcorp CEO Adam H. Schechter sold 5,643 shares of stock for over $1.5 million, reducing his ownership by 5.70% to 93,319 shares.
• The company recently announced a quarterly dividend of $0.72, which will yield 1.1%, with a payout ratio of 31.79%.
• Analyst ratings for Labcorp range from a sell to a buy, with an average price target of $289.58 and most analysts rating the stock as a "Moderate Buy".

Labcorp Holdings Inc. (NYSE:LH - Get Free Report) CEO Adam H. Schechter sold 5,643 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $266.78, for a total value of $1,505,439.54. Following the transaction, the chief executive officer owned 93,319 shares in the company, valued at $24,895,642.82. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Labcorp Trading Up 0.8%

Shares of LH traded up $2.16 during trading hours on Wednesday, hitting $271.47. The stock had a trading volume of 271,479 shares, compared to its average volume of 726,926. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.50. The firm has a market cap of $22.56 billion, a P/E ratio of 29.96, a P/E/G ratio of 1.71 and a beta of 0.78. The company's fifty day simple moving average is $258.46 and its 200 day simple moving average is $246.64. Labcorp Holdings Inc. has a 12-month low of $209.38 and a 12-month high of $283.47.

Labcorp (NYSE:LH - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $0.21. Labcorp had a return on equity of 15.45% and a net margin of 5.66%. The firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same period in the prior year, the firm earned $3.94 EPS. The firm's quarterly revenue was up 9.6% compared to the same quarter last year. Equities research analysts forecast that Labcorp Holdings Inc. will post 16.01 EPS for the current fiscal year.

Labcorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Investors of record on Thursday, August 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.1%. Labcorp's dividend payout ratio is currently 31.79%.

Analyst Ratings Changes

LH has been the topic of several research analyst reports. Morgan Stanley boosted their price target on Labcorp from $283.00 to $306.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Piper Sandler reissued a "neutral" rating and set a $280.00 price target (up previously from $260.00) on shares of Labcorp in a research note on Tuesday, May 6th. Robert W. Baird boosted their price target on Labcorp from $290.00 to $302.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Truist Financial boosted their price target on Labcorp from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Hsbc Global Res lowered Labcorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $289.58.

Institutional Trading of Labcorp

Several large investors have recently added to or reduced their stakes in LH. Boston Family Office LLC acquired a new stake in shares of Labcorp during the second quarter worth approximately $223,000. Virtus Advisers LLC acquired a new position in Labcorp in the second quarter worth about $247,000. Martin & Co. Inc. TN grew its stake in Labcorp by 0.8% in the second quarter. Martin & Co. Inc. TN now owns 20,103 shares of the medical research company's stock worth $5,277,000 after purchasing an additional 156 shares in the last quarter. Norges Bank acquired a new position in Labcorp in the second quarter worth about $263,070,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Labcorp in the second quarter worth about $54,000. 95.94% of the stock is currently owned by institutional investors and hedge funds.

Labcorp Company Profile

Labcorp Holdings, Inc engages in providing medical testing services. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.

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