Kerrii B. Anderson, a director at Labcorp Holdings Inc. (NYSE:LH), recently sold 1,000 shares of common stock, according to a filing with the Securities and Exchange Commission. The transaction, which took place on January 7, was part of a pre-arranged trading plan under Rule 10b5-1 of the Securities Exchange Act. Anderson sold the shares at $235.00 each, resulting in a total transaction value of $235,000. The sale occurred as Labcorp, a prominent healthcare services provider with a market cap of $19.53B, trades near its 52-week high of $247.99. InvestingPro analysis indicates the stock is slightly overvalued at current levels.
Following the sale, Anderson directly owns 12,722 shares of Labcorp. Additionally, Anderson holds 144 shares each in two separate trusts, the Alexa M. Anderson Separate Trust and the Cameron Taff Anderson Separate Trust. The company maintains a GOOD financial health score according to InvestingPro, which offers comprehensive analysis including 8+ additional key insights and a detailed Pro Research Report for deeper understanding of Labcorp's market position.
In other recent news, Laboratory Corporation of America (NYSE:LH) Holdings, also known as LabCorp, reported a 7% year-over-year revenue increase to $3.3 billion in its Q3 2024 earnings call, with diagnostics revenue growing by 9% and biopharma laboratory services rising by 3%. Adjusted earnings per share (EPS) increased by 4% to $3.50. Despite challenges from Hurricanes Helene and Milton, LabCorp maintained a positive outlook, supported by strategic acquisitions and new product launches.
In the realm of strategic advancements, LabCorp released an H5 bird flu test developed in collaboration with the U.S. Centers for Disease Control and Prevention. This test is part of LabCorp's ongoing efforts to support healthcare providers and public health agencies by enhancing testing capabilities.
Analysts have also been attentive to LabCorp's performance. Evercore ISI upgraded LabCorp shares from an "In Line" rating to "Outperform," reflecting a positive outlook on the company's future earnings. Meanwhile, Jefferies initiated coverage on LabCorp with a Buy rating and a price target of $275, and Baird revised its price target for LabCorp, reducing it to $286.00 from the previous target of $289.00, while maintaining an Outperform rating on the company's stock.
These are among the recent developments at LabCorp, a company that continues to navigate a complex market environment.
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