Dwight Gary Gilliland, a director at Labcorp Holdings Inc. (NYSE:LH), sold 1,000 shares of the company's common stock on December 2, 2024. The shares were sold at a price of $241.00 each, totaling $241,000. Following this transaction, Gilliland holds 7,712 shares of Labcorp common stock. The sale comes as the $19.86 billion healthcare services provider trades near its 52-week high, with a P/E ratio of 46.55. According to InvestingPro analysis, the stock currently trades above its Fair Value, with analysts setting price targets between $231 and $293.
This transaction follows Labcorp's recent reorganization, completed on May 17, 2024, which established Labcorp Holdings Inc. as the parent holding company of Laboratory Corporation of America (NYSE:LH) Holdings. The reorganization did not change the proportionate interests of the security holders in the company. InvestingPro data shows the company maintains a GOOD financial health score, reflecting its stable position in the healthcare sector. Discover more insights and 8 additional ProTips about Labcorp in the comprehensive Pro Research Report.
In other recent news, Laboratory Corporation of America, also known as LabCorp, has seen a series of developments. Baird, an independent global investment firm, revised its price target for LabCorp to $286.00 from $289.00, maintaining an Outperform rating on the stock. The firm's analysts expressed bullish sentiments on the laboratory sector and LabCorp's relative valuation, particularly highlighting the performance of LabCorp's Biomarker Testing Solutions (BTS) segment.
LabCorp's third-quarter earnings call for 2024 reported a 7% year-over-year revenue increase to $3.3 billion. The diagnostics revenue grew by 9%, with biopharma laboratory services increasing by 3%. Adjusted earnings per share (EPS) were up by 4% at $3.50. The company also completed acquisitions and launched new products, contributing to its growth.
Despite some challenges, including disappointing Early Development results and the impact of Hurricanes Helene and Milton, LabCorp remains positive. The company anticipates modest year-over-year growth in the fourth quarter and expects to drive growth into 2025. This optimism is also supported by strategic advances, including acquisitions and the launch of new products.
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