Lowe Brockenbrough & Co. Inc. Has $2.57 Million Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Lowe Brockenbrough & Co. Inc. lessened its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 2.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,039 shares of the medical research company’s stock after selling 514 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Quest Diagnostics were worth $2,571,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. raised its holdings in Quest Diagnostics by 34.5% in the 4th quarter. Whittier Trust Co. now owns 1,558 shares of the medical research company’s stock valued at $235,000 after acquiring an additional 400 shares in the last quarter. Sandy Spring Bank increased its position in shares of Quest Diagnostics by 142.5% in the fourth quarter. Sandy Spring Bank now owns 485 shares of the medical research company’s stock worth $73,000 after purchasing an additional 285 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Quest Diagnostics in the fourth quarter valued at about $409,000. Xponance Inc. lifted its position in Quest Diagnostics by 4.8% during the fourth quarter. Xponance Inc. now owns 17,401 shares of the medical research company’s stock worth $2,625,000 after purchasing an additional 795 shares during the period. Finally, Generali Asset Management SPA SGR acquired a new stake in Quest Diagnostics during the fourth quarter worth about $4,470,000. 88.06% of the stock is owned by institutional investors.

Quest Diagnostics Stock Performance

NYSE:DGX opened at $166.25 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.02 and a current ratio of 1.10. Quest Diagnostics Incorporated has a fifty-two week low of $125.42 and a fifty-two week high of $178.87. The company has a 50 day simple moving average of $164.88 and a two-hundred day simple moving average of $158.53. The company has a market capitalization of $18.45 billion, a PE ratio of 21.62, a P/E/G ratio of 2.16 and a beta of 0.92.

Quest Diagnostics (NYSE:DGX) last announced its earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. Research analysts anticipate that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a $0.80 dividend. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Monday, April 7th. Quest Diagnostics’s payout ratio is presently 41.61%.

Insider Buying and Selling at Quest Diagnostics

In related news, SVP Mark E. Delaney sold 403 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total transaction of $66,212.90. Following the transaction, the senior vice president now directly owns 4,624 shares of the company’s stock, valued at $759,723.20. This represents a 8.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vicky B. Gregg sold 1,250 shares of Quest Diagnostics stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total transaction of $205,712.50. Following the completion of the sale, the director now directly owns 16,867 shares of the company’s stock, valued at approximately $2,775,802.19. This trade represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,157 shares of company stock valued at $2,423,755. 0.79% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Leerink Partners raised shares of Quest Diagnostics from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $169.00 to $174.00 in a report on Monday, January 6th. Morgan Stanley upgraded Quest Diagnostics from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $145.00 to $172.00 in a research note on Tuesday, December 17th. Piper Sandler reiterated a “neutral” rating and issued a $180.00 price target (up previously from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. Mizuho upped their price objective on Quest Diagnostics from $177.00 to $178.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Finally, StockNews.com downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $178.38.

Quest Diagnostics Company 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.