Labcorp (NYSE:LH) Price Target Raised to $310.00 at Truist Financial

Key Points

• Labcorp's price target was raised by Truist Financial from $290 to $310, indicating a potential upside of 17.17% from its current price.
• Multiple analysts, including Morgan Stanley, raised their price targets on Labcorp, with consensus estimates averaging around $285.
• The company's recent earnings report showed a net margin of 5.55% and revenue growth of 9.6% year-over-year, exceeding analysts' expectations.
• Insider trading activity included significant share sales by executives, contributing to a decrease in their ownership percentages in the company.

Labcorp (NYSE:LH - Free Report) had its price target lifted by Truist Financial from $290.00 to $310.00 in a research report sent to investors on Friday,Benzinga reports. Truist Financial currently has a buy rating on the medical research company's stock.

A number of other equities research analysts have also weighed in on the company. HSBC lowered Labcorp from a "buy" rating to a "hold" rating and set a $260.00 price objective on the stock. in a research report on Thursday, July 10th. Redburn Atlantic started coverage on Labcorp in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $276.00 price objective on the stock. Barclays restated a "cautious" rating on shares of Labcorp in a research report on Wednesday, June 25th. Wall Street Zen lowered Labcorp from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Piper Sandler restated a "neutral" rating and set a $280.00 price target (up from $260.00) on shares of Labcorp in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Labcorp Trading Down 1.2%

NYSE:LH traded down $3.23 during trading hours on Friday, reaching $264.46. The company's stock had a trading volume of 1,152,351 shares, compared to its average volume of 840,803. The firm has a 50-day simple moving average of $254.43 and a 200-day simple moving average of $244.60. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.60 and a current ratio of 1.50. Labcorp has a 1 year low of $209.38 and a 1 year high of $283.47. The firm has a market capitalization of $22.14 billion, a price-to-earnings ratio of 29.19, a PEG ratio of 1.68 and a beta of 0.82.

Labcorp (NYSE:LH - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The medical research company reported $4.35 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.49 billion. During the same period last year, the company earned $3.94 EPS. Labcorp's revenue for the quarter was up 9.6% compared to the same quarter last year. Research analysts expect that Labcorp will post 16.01 EPS for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.09%. Labcorp's payout ratio is presently 33.29%.

Insider Activity

In other news, EVP Der Vaart Sandra D. Van sold 1,900 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $238.36, for a total transaction of $452,884.00. Following the sale, the executive vice president owned 2,244 shares of the company's stock, valued at $534,879.84. This trade represents a 45.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Peter J. Wilkinson sold 829 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $242.26, for a total transaction of $200,833.54. Following the sale, the chief accounting officer directly owned 2,054 shares in the company, valued at approximately $497,602.04. The trade was a 28.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,834 shares of company stock worth $2,928,714. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Labcorp

A number of hedge funds have recently bought and sold shares of LH. Norges Bank purchased a new stake in Labcorp during the fourth quarter valued at $239,811,000. Select Equity Group L.P. increased its position in Labcorp by 150.9% during the fourth quarter. Select Equity Group L.P. now owns 1,595,957 shares of the medical research company's stock valued at $365,985,000 after acquiring an additional 959,981 shares during the last quarter. GAMMA Investing LLC lifted its position in Labcorp by 37,334.2% during the first quarter. GAMMA Investing LLC now owns 809,702 shares of the medical research company's stock valued at $188,450,000 after purchasing an additional 807,539 shares in the last quarter. Alliancebernstein L.P. lifted its position in Labcorp by 59.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,021,104 shares of the medical research company's stock valued at $234,160,000 after purchasing an additional 380,624 shares in the last quarter. Finally, Invesco Ltd. increased its position in Labcorp by 28.9% in the first quarter. Invesco Ltd. now owns 1,421,112 shares of the medical research company's stock worth $330,750,000 after buying an additional 318,865 shares in the last quarter. Hedge funds and other institutional investors own 95.94% of the company's stock.

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.