Brokerages Set Labcorp Holdings Inc. (NYSE:LH) PT at $299.77

Labcorp Holdings Inc. (NYSE:LH) has been given a consensus rating of “Moderate Buy” by the fifteen ratings firms that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $299.7692.

Several equities research analysts have recently issued reports on LH shares. JPMorgan Chase & Co. lifted their price target on Labcorp from $291.00 to $317.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Weiss Ratings cut shares of Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Mizuho boosted their target price on shares of Labcorp from $285.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Evercore ISI increased their price target on shares of Labcorp from $300.00 to $305.00 and gave the stock an “outperform” rating in a research note on Friday, October 3rd. Finally, Wall Street Zen upgraded shares of Labcorp from a “hold” rating to a “buy” rating in a report on Friday, January 23rd.

Insider Activity

In other news, CEO Adam H. Schechter sold 5,745 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $262.75, for a total transaction of $1,509,498.75. Following the transaction, the chief executive officer owned 87,574 shares of the company’s stock, valued at approximately $23,010,068.50. This represents a 6.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Labcorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SP Asset Management LLC boosted its holdings in shares of Labcorp by 0.3% during the 2nd quarter. SP Asset Management LLC now owns 14,177 shares of the medical research company’s stock worth $3,722,000 after buying an additional 38 shares during the period. HBK Sorce Advisory LLC lifted its position in Labcorp by 4.3% during the 3rd quarter. HBK Sorce Advisory LLC now owns 916 shares of the medical research company’s stock worth $254,000 after acquiring an additional 38 shares during the last quarter. Pure Financial Advisors LLC lifted its position in Labcorp by 3.9% during the 3rd quarter. Pure Financial Advisors LLC now owns 1,017 shares of the medical research company’s stock worth $292,000 after acquiring an additional 38 shares during the last quarter. Highland Capital Management LLC boosted its holdings in Labcorp by 0.3% during the second quarter. Highland Capital Management LLC now owns 15,322 shares of the medical research company’s stock valued at $4,022,000 after acquiring an additional 40 shares during the period. Finally, Zions Bancorporation National Association UT grew its position in shares of Labcorp by 21.9% in the second quarter. Zions Bancorporation National Association UT now owns 223 shares of the medical research company’s stock valued at $59,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 95.94% of the company’s stock.

Labcorp Trading Up 0.6%

NYSE LH opened at $271.48 on Friday. 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 1-year low of $209.38 and a 1-year high of $293.72. The firm’s fifty day simple moving average is $261.12 and its 200-day simple moving average is $266.75. The company has a market capitalization of $22.51 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00.

Labcorp (NYSE:LH) last released its quarterly earnings data on Tuesday, October 28th. The medical research company reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.13 by $0.05. Labcorp had a return on equity of 15.85% and a net margin of 6.21%.The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter last year, the firm earned $3.50 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Labcorp will post 16.01 earnings per share for the current fiscal year.

Labcorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.1%. Labcorp’s payout ratio is currently 28.29%.

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.