Adams Diversified Equity Fund Inc. Acquires New Shares in Quest Diagnostics Incorporated (NYSE:DGX)

Adams Diversified Equity Fund Inc. acquired a new stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 52,100 shares of the medical research company's stock, valued at approximately $8,815,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC boosted its holdings in shares of Quest Diagnostics by 9.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 18,010 shares of the medical research company's stock valued at $3,047,000 after buying an additional 1,566 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Quest Diagnostics in the 4th quarter valued at $54,000. SVB Wealth LLC bought a new stake in Quest Diagnostics in the 4th quarter valued at $10,345,000. Wealth Enhancement Advisory Services LLC raised its stake in Quest Diagnostics by 11.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 30,825 shares of the medical research company's stock valued at $5,215,000 after acquiring an additional 3,210 shares during the period. Finally, State of Alaska Department of Revenue raised its stake in Quest Diagnostics by 2.2% in the 1st quarter. State of Alaska Department of Revenue now owns 13,006 shares of the medical research company's stock valued at $2,200,000 after acquiring an additional 280 shares during the period. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Quest Diagnostics Stock Performance

DGX stock traded up $0.67 during midday trading on Friday, hitting $177.73. The company's stock had a trading volume of 1,205,898 shares, compared to its average volume of 995,467. The stock's 50-day moving average price is $175.77 and its 200 day moving average price is $166.94. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 0.84. Quest Diagnostics Incorporated has a 1 year low of $135.47 and a 1 year high of $182.38. The stock has a market cap of $19.84 billion, a price-to-earnings ratio of 22.47, a PEG ratio of 2.47 and a beta of 0.49.

Quest Diagnostics (NYSE:DGX - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The medical research company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.06. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.63 billion. Quest Diagnostics had a return on equity of 15.11% and a net margin of 8.81%. On average, equities analysts forecast that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $3.20 annualized dividend and a dividend yield of 1.80%. Quest Diagnostics's payout ratio is presently 40.46%.

Insider Buying and Selling at Quest Diagnostics

In other Quest Diagnostics news, CEO J. E. Davis sold 39,191 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $168.46, for a total value of $6,602,115.86. Following the sale, the chief executive officer now directly owns 127,623 shares in the company, valued at $21,499,370.58. The trade was a 23.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Karthik Kuppusamy sold 2,555 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $170.00, for a total value of $434,350.00. Following the sale, the senior vice president now owns 10,575 shares in the company, valued at approximately $1,797,750. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,620 shares of company stock worth $7,190,045 over the last ninety days. 8.16% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DGX. Barclays increased their price target on Quest Diagnostics from $175.00 to $185.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on Quest Diagnostics from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Mizuho raised their price objective on Quest Diagnostics from $178.00 to $189.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Redburn Atlantic started coverage on Quest Diagnostics in a research note on Wednesday, April 2nd. They set a "buy" rating and a $195.00 price target on the stock. Finally, Piper Sandler lifted their price target on Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $185.73.

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.