Kerrii B. Anderson, a director at LabCorp Holdings Inc. (NYSE:LH), recently sold 1,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $230.00 each, amounting to a total transaction value of $230,000. Following this sale, Anderson holds 13,722 shares directly.
The transaction was conducted under a pre-arranged trading plan in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934. Anderson also maintains indirect ownership of 144 shares through separate trusts for Alexa M. Anderson and Cameron Taff Anderson.
In other recent news, Labcorp Holdings reported a 7% year-over-year revenue increase to $3.3 billion in their third-quarter earnings call for 2024. Diagnostics revenue, a significant contributor to this growth, rose by 9%, and biopharma laboratory services increased by 3%. The company's adjusted earnings per share (EPS) also saw a 4% rise, hitting $3.50. Despite facing challenges from Hurricanes Helene and Milton, Labcorp remained optimistic, attributing its positive outlook to strategic acquisitions and the introduction of new products.
The company also highlighted a strong business development pipeline and anticipated savings from the LaunchPad initiative. Labcorp's adjusted operating income stood at $441 million, with a slight margin decline primarily due to the Invitae (OTC:NVTAQ) acquisition. However, the firm expects improvements in the second half of the following year following the integration of Invitae.
Labcorp projects enterprise revenue growth of 6.6% to 7.3% for 2024 and adjusted EPS guidance is set between $14.30 and $14.70. The company also expects free cash flow estimates to range from $850 million to $980 million. These recent developments suggest Labcorp is navigating challenges successfully while leveraging strategic initiatives to drive growth.
InvestingPro Insights
While Kerrii B. Anderson's recent sale of LabCorp Holdings Inc. (NYSE:LH) shares might raise eyebrows, it's essential to consider the broader financial context of the company. According to InvestingPro data, LabCorp boasts a market capitalization of $19.32 billion, underlining its significant presence in the Healthcare Providers & Services industry. The company's revenue for the last twelve months stands at an impressive $12.71 billion, with a healthy revenue growth of 5.43% over the same period.
InvestingPro Tips highlight that LabCorp is expected to remain profitable this year, which aligns with its strong financial performance. The company's stock is currently trading near its 52-week high, suggesting investor confidence in its prospects. However, it's worth noting that LabCorp is trading at a relatively high earnings multiple, with a P/E ratio of 42.82.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for LabCorp, providing deeper insights into the company's financial health and market position. These additional tips can be particularly valuable in contextualizing insider transactions like Anderson's recent sale.
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