Labcorp (NYSE:LH) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Labcorp (NYSE:LH) had its target price hoisted by JPMorgan Chase & Co. from $317.00 to $319.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical research company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 14.93% from the stock’s current price.

A number of other research analysts also recently weighed in on LH. Weiss Ratings downgraded Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 29th. Wall Street Zen upgraded Labcorp from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Truist Financial set a $320.00 price target on Labcorp in a research note on Tuesday, October 14th. UBS Group lowered their price objective on Labcorp from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Finally, Robert W. Baird set a $313.00 target price on shares of Labcorp in a report on Wednesday, January 14th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $300.75.

Labcorp Trading Down 0.2%

NYSE:LH opened at $277.55 on Friday. The company has a 50-day moving average price of $261.79 and a 200-day moving average price of $267.89. The stock has a market cap of $23.01 billion, a price-to-earnings ratio of 27.26, a P/E/G ratio of 1.75 and a beta of 1.03. The company has a current ratio of 1.55, a quick ratio of 1.35 and a debt-to-equity ratio of 0.59. Labcorp has a 12 month low of $209.38 and a 12 month high of $293.72.

Insider Activity

In related news, CEO Adam H. Schechter sold 5,745 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $262.75, for a total value of $1,509,498.75. Following the transaction, the chief executive officer owned 87,574 shares in the company, valued at $23,010,068.50. The trade was a 6.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Harbor Asset Planning Inc. purchased a new position in Labcorp in the 2nd quarter worth about $25,000. Caldwell Trust Co bought a new stake in shares of Labcorp in the second quarter worth approximately $25,000. Financial Gravity Companies Inc. bought a new stake in shares of Labcorp in the second quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Labcorp during the fourth quarter valued at approximately $26,000. Finally, JPL Wealth Management LLC bought a new position in Labcorp during the third quarter valued at approximately $28,000. 95.94% of the stock is owned by institutional investors.

Labcorp Company Profile

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.