Cinctive Capital Management LP Sells 82,768 Shares of Quest Diagnostics Incorporated $DGX

Key Points

• Cinctive Capital Management LP has significantly reduced its stake in Quest Diagnostics by 94.9%, leaving it with 4,488 shares valued at $759,000.
• Several institutional investors have increased their holdings in Quest Diagnostics, indicating ongoing interest and confidence in the company's stock despite Cinctive's reduction.
• Quest Diagnostics reported a quarterly EPS of $2.62, surpassing expectations and marking a 15.2% year-over-year revenue increase.

Cinctive Capital Management LP reduced its position in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 94.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,488 shares of the medical research company's stock after selling 82,768 shares during the quarter. Cinctive Capital Management LP's holdings in Quest Diagnostics were worth $759,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Y Intercept Hong Kong Ltd purchased a new stake in Quest Diagnostics during the 1st quarter worth about $1,228,000. First Horizon Advisors Inc. grew its stake in shares of Quest Diagnostics by 76.6% during the 1st quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock worth $32,000 after purchasing an additional 82 shares during the period. Janney Montgomery Scott LLC increased its stake in 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 purchasing an additional 1,566 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Quest Diagnostics by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 7,081 shares of the medical research company's stock worth $1,198,000 after buying an additional 150 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Quest Diagnostics by 10.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,577 shares of the medical research company's stock worth $2,439,000 after acquiring an additional 1,348 shares during the last quarter. Institutional investors and hedge funds own 88.06% of the company's stock.

Insiders Place Their Bets

In other news, SVP Karthik Kuppusamy sold 2,210 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $170.00, for a total value of $375,700.00. Following the completion of the transaction, the senior vice president owned 8,450 shares in the company, valued at $1,436,500. This trade represents a 20.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Patrick Plewman sold 1,975 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $185.00, for a total transaction of $365,375.00. Following the completion of the transaction, the senior vice president directly owned 15,269 shares in the company, valued at $2,824,765. The trade was a 11.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,496 shares of company stock worth $4,278,787. 8.16% of the stock is currently owned by insiders.

Quest Diagnostics Stock Performance

Shares of NYSE:DGX traded up $3.52 on Thursday, hitting $183.66. 598,547 shares of the company were exchanged, compared to its average volume of 710,819. The company's 50 day moving average price is $175.59 and its two-hundred day moving average price is $173.67. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.99 and a current ratio of 1.09. The firm has a market capitalization of $20.54 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 2.39 and a beta of 0.54. Quest Diagnostics Incorporated has a one year low of $146.17 and a one year high of $185.62.

Quest Diagnostics (NYSE:DGX - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The medical research company reported $2.62 earnings per share for the quarter, beating analysts' consensus estimates of $2.57 by $0.05. The business had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.73 billion. Quest Diagnostics had a net margin of 9.01% and a return on equity of 15.24%. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.35 earnings per share. Quest Diagnostics has set its FY 2025 guidance at 9.630-9.830 EPS. Research analysts expect that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 3rd. Quest Diagnostics's payout ratio is currently 38.32%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. UBS Group cut their price target on Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating for the company in a report on Friday, July 18th. Evercore ISI set a $185.00 price objective on shares of Quest Diagnostics in a research note on Wednesday, July 23rd. Wall Street Zen downgraded Quest Diagnostics from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Truist Financial increased their target price on Quest Diagnostics from $190.00 to $192.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Finally, William Blair restated an "outperform" rating on shares of Quest Diagnostics in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $186.00.

About Quest Diagnostics

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.