Bank of New York Mellon Corp Lowers Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Bank of New York Mellon Corp lowered its holdings in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 1.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 869,349 shares of the medical research company's stock after selling 12,415 shares during the period. Bank of New York Mellon Corp owned approximately 0.78% of Quest Diagnostics worth $147,094,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in DGX. Bruce G. Allen Investments LLC boosted its position in shares of Quest Diagnostics by 57.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 183 shares of the medical research company's stock worth $31,000 after buying an additional 67 shares in the last quarter. First Horizon Advisors Inc. grew its position in shares of Quest Diagnostics by 76.6% during the first quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock worth $32,000 after buying an additional 82 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Quest Diagnostics by 157.3% in the first quarter. Golden State Wealth Management LLC now owns 193 shares of the medical research company's stock worth $33,000 after purchasing an additional 118 shares during the period. NBC Securities Inc. bought a new stake in shares of Quest Diagnostics during the first quarter valued at about $35,000. Finally, Continuum Advisory LLC raised its holdings in Quest Diagnostics by 11,100.0% during the 1st quarter. Continuum Advisory LLC now owns 224 shares of the medical research company's stock worth $38,000 after buying an additional 222 shares during the period. Hedge funds and other institutional investors own 88.06% of the company's stock.

Insiders Place Their Bets

In other news, SVP Mark E. Delaney sold 874 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $175.72, for a total value of $153,579.28. Following the transaction, the senior vice president directly owned 8,372 shares in the company, valued at $1,471,127.84. This trade represents a 9.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.16% of the stock is currently owned by company insiders.

Quest Diagnostics Stock Down 2.0%

Shares of NYSE:DGX traded down $3.45 during mid-day trading on Friday, hitting $168.00. 1,335,607 shares of the company traded hands, compared to its average volume of 996,508. The stock has a 50-day moving average price of $175.88 and a two-hundred day moving average price of $168.43. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 0.84. Quest Diagnostics Incorporated has a 12-month low of $137.71 and a 12-month high of $182.38. The stock has a market cap of $18.76 billion, a P/E ratio of 21.24, a P/E/G ratio of 2.35 and a beta of 0.49.

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

Quest Diagnostics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Monday, July 7th. Quest Diagnostics's dividend payout ratio is currently 40.46%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Quest Diagnostics from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Piper Sandler increased their price objective on Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a report on Monday, April 28th. Mizuho increased their price objective on Quest Diagnostics from $178.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Redburn Atlantic assumed coverage on Quest Diagnostics in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $195.00 price target for the company. Finally, Barclays lifted 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. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Quest Diagnostics currently has an average rating of "Moderate Buy" and an average target price of $185.73.

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.