Top-ranked Labcorp, a leader in Covid-19 testing including for the emerging South Africa and U.K. variants, got a key rating upgrade Wednesday. Laboratory Corporation Of America‘s (LH) IBD SmartSelect Composite Rating climbed to a rarefied level at 96, up from 94.
The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks to buy and watch often have a 95 or higher grade in the early stages of a new price run.
Labcorp Network Of Primary Laboratories
In addition to Covid-19 tests, Labcorp offers clinical testing services for a wide variety of conditions via a national network of laboratories.
The Burlington, N.C.-based company’s stock also has a 95 EPS Rating. That means its recent quarterly and annual earnings growth tops 95% of all stocks.
Labcorp’s Accumulation/Distribution Rating of A shows heavy buying by institutional investors, such as mutual funds and pension funds, over the past 13 weeks.
And in terms of fundamentals health, the company reported 269% earnings growth in Q4, to $10.56 per share. That followed a 190% pop in Q3. It’s now generated two straight quarters of rising EPS growth.
Meanwhile, sales in Q4 grew 52% to $4.49 billion, up from 33% in the prior report. The company has now posted rising growth in each of the past two reports.
Laboratory Corporation Of America has now climbed above a proper buy zone after breaking out from a 218.87 entry in a flat base. See if it offers a follow-on buy opportunity like a three-weeks-tight pattern or a bounce off of its 50-day or 10-week line.
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