Coho Partners Ltd. Invests $30.84 Million in Quest Diagnostics Incorporated (NYSE:DGX)

Coho Partners Ltd. purchased a new position in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 182,263 shares of the medical research company's stock, valued at approximately $30,839,000. Coho Partners Ltd. owned about 0.16% of Quest Diagnostics as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Bruce G. Allen Investments LLC increased its holdings 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 acquiring an additional 67 shares during the period. NBC Securities Inc. acquired a new stake in shares of Quest Diagnostics in the 1st quarter worth about $35,000. FPC Investment Advisory Inc. acquired a new stake in shares of Quest Diagnostics in the 4th quarter worth about $45,000. SBI Securities Co. Ltd. acquired a new stake in shares of Quest Diagnostics in the 4th quarter worth about $54,000. Finally, Sandy Spring Bank increased its holdings in shares of Quest Diagnostics by 142.5% in the 4th quarter. Sandy Spring Bank now owns 485 shares of the medical research company's stock worth $73,000 after acquiring an additional 285 shares during the period. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Performance

Shares of DGX opened at $179.31 on Friday. The firm's 50 day moving average is $174.45 and its 200-day moving average is $166.29. The stock has a market capitalization of $20.02 billion, a P/E ratio of 22.67, a P/E/G ratio of 2.50 and a beta of 0.49. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.44 and a quick ratio of 1.31. Quest Diagnostics Incorporated has a 12-month low of $135.47 and a 12-month high of $182.38.

Quest Diagnostics (NYSE:DGX - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The medical research company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.15 by $0.06. Quest Diagnostics had a net margin of 8.81% and a return on equity of 15.11%. The company had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.63 billion. Equities research analysts anticipate that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal 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 issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Monday, July 7th. Quest Diagnostics's payout ratio is 40.46%.

Wall Street Analyst Weigh In

DGX has been the topic of a number of analyst reports. Piper Sandler increased their price objective on shares of Quest Diagnostics from $180.00 to $200.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Truist Financial increased their price objective on shares of Quest Diagnostics from $182.00 to $190.00 and gave the stock a "hold" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price objective on shares of Quest Diagnostics from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Citigroup cut shares of Quest Diagnostics from a "buy" rating to a "neutral" rating and set a $185.00 target price on the stock. in a research note on Tuesday, March 4th. Finally, Barclays raised their target price on shares of 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 issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $185.73.

Insiders Place Their Bets

In other Quest Diagnostics news, CEO J. E. Davis sold 39,191 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $168.46, for a total value of $6,602,115.86. Following the completion of the transaction, the chief executive officer now directly owns 127,623 shares in the company, valued at $21,499,370.58. This trade represents a 23.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Karthik Kuppusamy sold 2,555 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $170.00, for a total transaction of $434,350.00. Following the sale, the senior vice president now owns 10,575 shares of the company's stock, valued at approximately $1,797,750. This represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders 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.

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.

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