Adam Schechter Sells 5,273 Shares of Labcorp (NYSE:LH) Stock

Labcorp Holdings Inc. (NYSE:LH) CEO Adam Schechter sold 5,273 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $284.38, for a total value of $1,499,535.74. Following the completion of the transaction, the chief executive officer directly owned 87,343 shares in the company, valued at approximately $24,838,602.34. This represents a 5.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Labcorp Trading Up 1.6%

Labcorp stock opened at $282.64 on Friday. Labcorp Holdings Inc. has a 1 year low of $209.38 and a 1 year high of $293.72. The firm’s 50 day moving average price is $263.59 and its 200-day moving average price is $268.62. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.55 and a quick ratio of 1.35. The stock has a market cap of $23.43 billion, a P/E ratio of 27.76, a PEG ratio of 1.78 and a beta of 1.03.

Labcorp Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Labcorp

Several hedge funds have recently bought and sold shares of the business. Brighton Jones LLC purchased a new stake in shares of Labcorp during the fourth quarter valued at $991,000. Integrated Wealth Concepts LLC boosted its position in Labcorp by 7.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company’s stock valued at $565,000 after buying an additional 177 shares during the period. Goldman Sachs Group Inc. grew its stake in Labcorp by 52.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock worth $82,353,000 after acquiring an additional 121,304 shares in the last quarter. Callan Family Office LLC purchased a new position in shares of Labcorp during the second quarter worth approximately $373,000. Finally, Blue Trust Inc. raised its stake in shares of Labcorp by 11.6% during the second quarter. Blue Trust Inc. now owns 637 shares of the medical research company’s stock valued at $167,000 after acquiring an additional 66 shares in the last quarter. 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.