Labcorp (NYSE:LH) EVP Sells $108,232.20 in Stock

Labcorp Holdings Inc. (NYSE:LH) EVP Bryan Vaughn sold 306 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $353.70, for a total value of $108,232.20. Following the completion of the transaction, the executive vice president directly owned 6,845 shares in the company, valued at $2,421,076.50. This trade represents a 4.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Labcorp Trading Up 1.0%

Shares of NYSE:LH opened at $366.90 on Friday. The stock has a 50 day moving average of $325.66 and a 200 day moving average of $290.01. The company has a market cap of $29.79 billion, a PE ratio of 30.10, a price-to-earnings-growth ratio of 2.07 and a beta of 0.86. Labcorp Holdings Inc. has a 12-month low of $244.52 and a 12-month high of $373.34. The company has a current ratio of 1.41, a quick ratio of 1.22 and a debt-to-equity ratio of 0.60.

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

Labcorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on LH shares. Mizuho set a $355.00 target price on shares of Labcorp in a report on Monday, August 10th. Morgan Stanley reiterated an “overweight” rating and set a $388.00 price objective on shares of Labcorp in a research report on Thursday, October 29th. Bank of America lifted their price target on Labcorp from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Labcorp from $330.00 to $360.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $369.08.

Institutional Investors Weigh In On Labcorp

Several large investors have recently added to or reduced their stakes in LH. William Blair Investment Management LLC boosted its holdings in shares of Labcorp by 4.9% in the third quarter. William Blair Investment Management LLC now owns 1,381 shares of the medical research company’s stock valued at $426,000 after purchasing an additional 64 shares during the period. Allworth Financial LP grew its stake in Labcorp by 14.1% in the third quarter. Allworth Financial LP now owns 6,801 shares of the medical research company’s stock worth $2,095,000 after purchasing an additional 838 shares in the last quarter. R Squared Ltd purchased a new position in Labcorp during the 3rd quarter worth $305,000. Banyan Capital Management Inc. purchased a new position in Labcorp during the 3rd quarter worth $11,755,000. Finally, Maryland State Retirement & Pension System raised its position in Labcorp by 13.3% during the 3rd quarter. Maryland State Retirement & Pension System now owns 5,092 shares of the medical research company’s stock valued at $1,569,000 after purchasing an additional 596 shares in the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

About Labcorp

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.

Labcorp was formed in 1995 through the combination of National Health Laboratories and Roche Biomedical Laboratories.