Labcorp (NYSE:LH) Stock: Insider Richelle Parham Sells 1,078 Shares

Labcorp Holdings Inc. (NYSE:LH) Director Richelle Parham sold 1,078 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $361.22, for a total transaction of $389,395.16. Following the completion of the transaction, the director directly owned 2,288 shares in the company, valued at $826,471.36. This trade represents a 32.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Labcorp Price Performance

Shares of Labcorp stock traded up $1.02 on Tuesday, hitting $356.61. 145,417 shares of the company were exchanged, compared to its average volume of 697,914. The company has a quick ratio of 1.53, a current ratio of 1.41 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $323.63 and a 200 day moving average price of $288.12. The stock has a market capitalization of $28.92 billion, a price-to-earnings ratio of 29.27, a price-to-earnings-growth ratio of 2.05 and a beta of 0.87. Labcorp Holdings Inc. has a 1-year low of $244.52 and a 1-year high of $371.00.

Labcorp (NYSE:LH) last released its quarterly earnings data on Wednesday, October 28th. The medical research company reported $4.78 earnings per share for the quarter, topping analysts’ consensus estimates of $4.64 by $0.14. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.76 billion. Labcorp had a return on equity of 17.13% and a net margin of 6.88%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.18 earnings per share. As a group, sell-side analysts predict that Labcorp Holdings Inc. will post 18.48 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.8%. Labcorp’s dividend payout ratio is currently 23.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Bank of America boosted their target price on shares of Labcorp from $300.00 to $320.00 and gave the company a “buy” rating in a report on Monday, July 13th. JPMorgan Chase & Co. lifted their price target on shares of Labcorp from $330.00 to $360.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. UBS Group lifted their price target on shares of Labcorp from $380.00 to $420.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler upped their price objective on Labcorp from $300.00 to $309.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, Barclays increased their price objective on Labcorp from $330.00 to $380.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Labcorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $365.67.

Institutional Trading of Labcorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position in shares of Labcorp by 1.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,226,446 shares of the medical research company’s stock valued at $607,241,000 after acquiring an additional 22,170 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Labcorp by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,332,775 shares of the medical research company’s stock valued at $355,569,000 after acquiring an additional 28,584 shares during the period. Royal Bank of Canada lifted its holdings in shares of Labcorp by 19.4% in the 1st quarter. Royal Bank of Canada now owns 820,442 shares of the medical research company’s stock worth $218,901,000 after acquiring an additional 133,549 shares during the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Labcorp in the 2nd quarter worth approximately $168,222,000. Finally, Bessemer Group Inc. boosted its position in shares of Labcorp by 47.3% during the 1st quarter. Bessemer Group Inc. now owns 579,036 shares of the medical research company’s stock worth $154,493,000 after purchasing an additional 185,847 shares during the period. 95.94% of the stock is currently owned by hedge funds and other institutional investors.

About Labcorp

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.