Sandra D. van der Vaart, Executive Vice President and Chief Legal Officer at Labcorp Holdings Inc. (NYSE:LH), reported a sale of 1,000 shares of the company's common stock. The transaction, which took place on November 21, was executed at an average price of $239.4187 per share, amounting to a total of $239,418. Following this sale, van der Vaart retains ownership of approximately 2,669 shares of Labcorp stock. This transaction was disclosed in a recent SEC filing, providing investors with insight into insider trading activities at the company.
In other recent news, Laboratory Corporation of America (NYSE:LH), also known as LabCorp, has been a subject of interest due to several developments. Baird, a financial services firm, revised its price target for LabCorp from $289.00 to $286.00, while maintaining an Outperform rating on the company's stock. The firm's analysts noted LabCorp's Biomarker Testing Solutions (BLS) segment as a key focus, citing its performance even in challenging market scenarios.
In addition to the adjusted price target, LabCorp recently announced a 7% year-over-year revenue increase to $3.3 billion in its third-quarter earnings call for 2024. The company's diagnostics revenue grew by 9%, while its biopharma laboratory services rose by 3%. Adjusted earnings per share (EPS) were up by 4% at $3.50.
Despite some disappointing results in the company's Early Development segment, LabCorp anticipates modest year-over-year growth in the fourth quarter. This growth is expected to be driven by favorable comparisons to previous periods, a shift towards a smaller client mix, and an overall improving trend. These are the latest developments in LabCorp's ongoing trajectory, providing investors with a snapshot of the company's recent performance and potential.
InvestingPro Insights
To provide additional context to Sandra D. van der Vaart's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for Labcorp Holdings Inc. (NYSE:LH).
As of the latest data, Labcorp boasts a market capitalization of $20.05 billion, positioning it as a significant player in the Healthcare Providers & Services industry. This aligns with one of the InvestingPro Tips, which highlights Labcorp as a prominent player in its sector.
The company's stock is currently trading near its 52-week high, with a price that is 96.65% of its peak. This information, coupled with the insider sale, may interest investors considering the stock's valuation. Labcorp's P/E ratio stands at 46.32, which InvestingPro Tips characterize as "trading at a high earnings multiple." This elevated multiple could be a factor in the executive's decision to sell shares.
Despite the high valuation, Labcorp has demonstrated solid financial performance. The company's revenue for the last twelve months as of Q3 2024 reached $12.71 billion, with a revenue growth of 5.43% over the same period. Additionally, an InvestingPro Tip indicates that net income is expected to grow this year, suggesting potential for continued financial strength.
It's worth noting that while van der Vaart sold a portion of her holdings, Labcorp generally trades with low price volatility, according to another InvestingPro Tip. This characteristic may provide some stability for long-term investors.
For those seeking a more comprehensive analysis, InvestingPro offers additional insights, with 7 more tips available for Labcorp. These tips could provide valuable context for understanding the company's financial health and market position beyond this insider transaction.
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