Labcorp (NYSE:LH) Price Target Raised to $319.00

by · The Markets Daily

Labcorp (NYSE:LH – Get Free Report) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $317.00 to $319.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the medical research company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 14.92% from the stock’s previous close.

Several other equities analysts have also commented on LH. Mizuho upped their price target 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. Truist Financial set a $320.00 price objective on Labcorp in a report on Tuesday, October 14th. UBS Group reduced their target price on Labcorp from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Weiss Ratings lowered Labcorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 29th. Finally, Robert W. Baird set a $313.00 price objective on Labcorp in a research note on Wednesday, January 14th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Labcorp currently has an average rating of “Moderate Buy” and a consensus target price of $300.75.

Get Our Latest Stock Analysis on Labcorp

Labcorp Trading Down 0.2%

LH traded down $0.65 during trading on Friday, hitting $277.58. The company’s stock had a trading volume of 430,049 shares, compared to its average volume of 753,680. Labcorp has a twelve month low of $209.38 and a twelve month high of $293.72. The firm’s 50 day moving average price is $261.61 and its 200-day moving average price is $267.54. 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 $23.01 billion, a PE ratio of 27.27, a PEG ratio of 1.74 and a beta of 1.03.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC purchased a new position in shares of Labcorp during the 4th quarter valued at approximately $991,000. Integrated Wealth Concepts LLC grew its stake in Labcorp by 7.9% in the first quarter. Integrated Wealth Concepts LLC now owns 2,427 shares of the medical research company’s stock worth $565,000 after purchasing an additional 177 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Labcorp by 52.2% during the first quarter. Goldman Sachs Group Inc. now owns 353,843 shares of the medical research company’s stock valued at $82,353,000 after buying an additional 121,304 shares in the last quarter. DAVENPORT & Co LLC raised its stake in Labcorp by 4.9% during the second quarter. DAVENPORT & Co LLC now owns 3,901 shares of the medical research company’s stock valued at $1,024,000 after buying an additional 181 shares in the last quarter. Finally, Belpointe Asset Management LLC lifted its holdings in Labcorp by 6.3% during the 2nd quarter. Belpointe Asset Management LLC now owns 1,833 shares of the medical research company’s stock worth $481,000 after buying an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 95.94% of the company’s stock.

Labcorp Company Profile

(Get Free Report)

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.

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