Insider Selling: Labcorp (NYSE:LH) CEO Sells $1,499,535.74 in Stock

Labcorp Holdings Inc. (NYSE:LH) CEO Adam Schechter sold 5,273 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $284.38, for a total transaction of $1,499,535.74. Following the completion of the transaction, the chief executive officer owned 87,343 shares in the company, valued at approximately $24,838,602.34. This trade represents a 5.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Labcorp Stock Up 1.6%

LH stock opened at $282.64 on Monday. The company has a market capitalization of $23.43 billion, a P/E ratio of 27.76, a price-to-earnings-growth ratio of 1.78 and a beta of 1.03. Labcorp Holdings Inc. has a 12 month low of $209.38 and a 12 month high of $293.72. The firm’s fifty day simple moving average is $263.59 and its 200-day simple moving average is $268.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35.

Labcorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, February 27th. Labcorp’s payout ratio is 28.29%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on LH shares. UBS Group reduced their price target on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Wall Street Zen raised shares of Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Weiss Ratings raised shares of Labcorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 10th. JPMorgan Chase & Co. raised their price target on shares of Labcorp from $317.00 to $319.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Finally, Robert W. Baird set a $313.00 price objective on shares of Labcorp in a research report on Wednesday, January 14th. Ten investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Labcorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $300.75.

Institutional Investors Weigh In On Labcorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Labcorp by 7.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 158,231 shares of the medical research company’s stock worth $41,537,000 after acquiring an additional 11,262 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Labcorp by 224.1% in the 2nd quarter. Lazard Asset Management LLC now owns 989,433 shares of the medical research company’s stock valued at $259,734,000 after purchasing an additional 684,153 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Labcorp by 3.1% during the 2nd quarter. Franklin Resources Inc. now owns 34,331 shares of the medical research company’s stock worth $9,012,000 after purchasing an additional 1,043 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Labcorp by 12.0% during the third quarter. New York State Common Retirement Fund now owns 44,795 shares of the medical research company’s stock worth $12,859,000 after purchasing an additional 4,800 shares in the last quarter. Finally, Independent Advisor Alliance increased its holdings in Labcorp by 166.6% in the third quarter. Independent Advisor Alliance now owns 12,111 shares of the medical research company’s stock valued at $3,477,000 after buying an additional 7,568 shares during the last quarter. Hedge funds and other 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.