BURLINGTON — The chief executive officer of Laboratory Corporation of America Holdings profited more than $4.5 million last week by exercising stock options and selling the stock, according to a filing with the Securities and Exchange Commission.
David King exercised his option on May 23 to purchase nearly 50,000 shares at a price of $84.86.
King then sold those shares on May 23 at prices ranging from $175 to $176.54 per share, profiting $4.52 million from the transactions.
King currently owns more than 221,500 shares of LabCorp stock currently worth more than $40.3 million.
The executive has led Burlington, North Carolina-based LabCorp since January 2007 after joining the company as its general counsel in 2001. King spent 17 years as a practicing attorney both in private practice and with the U.S. Department of Justice.
The company operates a national network of clinical laboratories that provide tests and services for a broad amount of treatments.
LabCorp reported revenue of $10.2 billion in fiscal year 2017, an increase of 8.2 percent compared to the previous fiscal year. Its earnings per share increased 8.7 percent to $9.60 in the 2017 fiscal year.
The company’s stock closed Friday at $182.14, up $5.74, or 3.8 percent.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media
