Jonathan Meltzer Sells 87 Shares of Labcorp (NYSE:LH) Stock

Labcorp Holdings Inc. (NYSE:LH) EVP Jonathan Meltzer sold 87 shares of Labcorp stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $290.42, for a total value of $25,266.54. Following the completion of the sale, the executive vice president directly owned 2,782 shares in the company, valued at approximately $807,948.44. This represents a 3.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Labcorp Stock Performance

Shares of NYSE LH opened at $282.64 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.55. The stock has a 50 day moving average price of $263.59 and a 200 day moving average price of $268.62. The stock has a market capitalization of $23.43 billion, a PE ratio of 27.76, a price-to-earnings-growth ratio of 1.78 and a beta of 1.03. Labcorp Holdings Inc. has a 52 week low of $209.38 and a 52 week high of $293.72.

Labcorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be paid a $0.72 dividend. The ex-dividend date is Friday, February 27th. This represents a $2.88 dividend on an annualized basis and a yield of 1.0%. Labcorp’s dividend payout ratio (DPR) is currently 28.29%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on LH shares. JPMorgan Chase & Co. upped their target price on shares of Labcorp from $317.00 to $319.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Weiss Ratings upgraded Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. UBS Group reduced their target price on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Robert W. Baird set a $313.00 price objective on shares of Labcorp in a research report on Wednesday, January 14th. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $300.75.

Institutional Investors Weigh In On Labcorp

Institutional investors have recently modified their holdings of the business. Prosight Management LP acquired a new stake in Labcorp in the 4th quarter worth about $8,663,000. Kestra Advisory Services LLC increased its holdings in shares of Labcorp by 9.8% during the fourth quarter. Kestra Advisory Services LLC now owns 14,048 shares of the medical research company’s stock worth $3,524,000 after purchasing an additional 1,258 shares during the period. Maverick Capital Ltd. increased its holdings in shares of Labcorp by 73.1% during the fourth quarter. Maverick Capital Ltd. now owns 17,564 shares of the medical research company’s stock worth $4,406,000 after purchasing an additional 7,415 shares during the period. Inspire Advisors LLC raised its position in shares of Labcorp by 2.5% in the fourth quarter. Inspire Advisors LLC now owns 3,927 shares of the medical research company’s stock valued at $985,000 after buying an additional 94 shares in the last quarter. Finally, Bridgewater Associates LP boosted its stake in shares of Labcorp by 67.1% in the fourth quarter. Bridgewater Associates LP now owns 17,366 shares of the medical research company’s stock valued at $4,357,000 after buying an additional 6,973 shares during the period. Institutional investors own 95.94% of the company’s stock.

About Labcorp

Laboratory Corporation of America Holdings, commonly known as Labcorp (NYSE: LH), is a global life sciences company that provides comprehensive clinical laboratory and drug development services. The company operates a broad network of laboratories, patient service centers and specialty testing sites to deliver diagnostic information and testing solutions that support patient care, clinical decision-making and population health initiatives.

Labcorp’s core businesses encompass clinical laboratory testing and pharmaceutical development services.