1832 Asset Management L.P. Reduces Position in Quest Diagnostics Incorporated (NYSE:DGX)

1832 Asset Management L.P. lessened its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,420 shares of the medical research company’s stock after selling 114 shares during the quarter. 1832 Asset Management L.P.’s holdings in Quest Diagnostics were worth $1,919,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James & Associates lifted its holdings in Quest Diagnostics by 103.3% in the fourth quarter. Raymond James & Associates now owns 148,251 shares of the medical research company’s stock worth $20,441,000 after purchasing an additional 75,315 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Quest Diagnostics by 50.9% in the first quarter. State of Alaska Department of Revenue now owns 41,796 shares of the medical research company’s stock valued at $5,562,000 after acquiring an additional 14,090 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Quest Diagnostics by 5.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 135,148 shares of the medical research company’s stock worth $18,634,000 after purchasing an additional 7,415 shares in the last quarter. Scarborough Advisors LLC acquired a new position in shares of Quest Diagnostics during the 4th quarter valued at $1,562,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Quest Diagnostics by 16.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 131,329 shares of the medical research company’s stock worth $17,481,000 after buying an additional 18,642 shares in the last quarter. 88.06% of the stock is currently owned by hedge funds and other institutional investors.

Quest Diagnostics Stock Up 0.9 %

Shares of Quest Diagnostics stock traded up $1.34 during trading on Friday, reaching $145.59. The stock had a trading volume of 1,282,555 shares, compared to its average volume of 946,174. The company has a current ratio of 1.00, a quick ratio of 0.89 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $16.21 billion, a price-to-earnings ratio of 19.59, a P/E/G ratio of 2.65 and a beta of 0.89. Quest Diagnostics Incorporated has a 52 week low of $119.59 and a 52 week high of $150.59. The stock has a fifty day moving average price of $141.12 and a two-hundred day moving average price of $134.43.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Quest Diagnostics had a return on equity of 15.35% and a net margin of 8.99%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm posted $2.30 EPS. The business’s revenue was up 2.5% on a year-over-year basis. Sell-side analysts predict that Quest Diagnostics Incorporated will post 8.89 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Investors of record on Monday, July 8th were paid a $0.75 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $3.00 annualized dividend and a yield of 2.06%. Quest Diagnostics’s dividend payout ratio (DPR) is currently 40.38%.

Analysts Set New Price Targets

A number of research firms recently commented on DGX. UBS Group raised their price objective on shares of Quest Diagnostics from $139.00 to $146.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. lifted their target price on Quest Diagnostics from $152.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. StockNews.com raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Truist Financial raised their price target on shares of Quest Diagnostics from $150.00 to $158.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Finally, Mizuho upped their price objective on shares of Quest Diagnostics from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $149.38.

Insiders Place Their Bets

In other news, SVP Karthik Kuppusamy sold 1,760 shares of Quest Diagnostics stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $140.00, for a total transaction of $246,400.00. Following the completion of the transaction, the senior vice president now directly owns 13,435 shares in the company, valued at approximately $1,880,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Karthik Kuppusamy sold 1,760 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $140.00, for a total transaction of $246,400.00. Following the transaction, the senior vice president now directly owns 13,435 shares of the company’s stock, valued at $1,880,900. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Mark E. Delaney sold 420 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $143.08, for a total transaction of $60,093.60. Following the completion of the sale, the senior vice president now directly owns 5,019 shares of the company’s stock, valued at approximately $718,118.52. The disclosure for this sale can be found here. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Profile

Quest Diagnostics Incorporated provides diagnostic testing and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.