Glenn A. Eisenberg, Executive Vice President at Labcorp Holdings Inc. (NYSE:LH), a $19.86 billion healthcare services provider, recently executed a series of stock transactions involving the company's common stock. On December 2, Eisenberg sold 11,711 shares at an average price of $240.43, resulting in a total transaction value of approximately $2.8 million. According to InvestingPro data, the stock is currently trading near its 52-week high of $247.99, suggesting strong market confidence.
Additionally, Eisenberg acquired shares through the exercise of stock options. He acquired 8,923 shares at a price of $209.25 per share and 2,788 shares at a price of $221.67 per share, totaling approximately $2.5 million. Following these transactions, Eisenberg's direct ownership in Labcorp amounts to 31,289 shares.
These transactions were reported in a recent SEC filing.
In other recent news, Laboratory Corporation of America (NYSE:LH), also known as LabCorp, has seen some significant developments. Baird recently revised LabCorp's price target, reducing it to $286.00 from $289.00, but maintained an Outperform rating on the company's stock. This adjustment comes despite LabCorp's disappointing Early Development results since the second quarter of 2022. However, LabCorp anticipates modest year-over-year growth in the fourth quarter, driven by an improving trend expected to continue into 2025.
In the company's third-quarter earnings call for 2024, LabCorp reported a 7% year-over-year revenue increase to $3.3 billion. The diagnostics revenue grew by 9%, and biopharma laboratory services rose by 3%. Adjusted earnings per share (EPS) were up by 4% at $3.50. The company also highlighted strategic acquisitions and the launch of new products, contributing to its positive outlook.
These recent developments indicate LabCorp's resilience in the face of challenges and its commitment to growth. The company's focus on improving its laboratory capabilities and integration of new acquisitions suggests a positive trajectory for the future.
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