Comerica Bank Boosts Holdings in Quest Diagnostics Incorporated $DGX

Key Points

• Comerica Bank increased its holdings in Quest Diagnostics to 38,857 shares after purchasing an additional 1,799 shares, valued at $6,575,000 as of its latest SEC filing.
• Quest Diagnostics reported a quarterly earnings per share (EPS) of $2.62, beating forecasts, with revenue increasing by 15.2% year-over-year to $2.76 billion.
• The company announced a quarterly dividend of $0.80 per share, to be paid on October 20th, reflecting an annualized dividend yield of 1.8% and a payout ratio of 38.32%.

Comerica Bank increased its stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,857 shares of the medical research company's stock after purchasing an additional 1,799 shares during the quarter. Comerica Bank's holdings in Quest Diagnostics were worth $6,575,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Bruce G. Allen Investments LLC boosted 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 purchasing an additional 67 shares in the last quarter. First Horizon Advisors Inc. raised its position in Quest Diagnostics by 76.6% during the 1st quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock valued at $32,000 after purchasing an additional 82 shares during the last quarter. Golden State Wealth Management LLC raised its position in Quest Diagnostics by 157.3% during the 1st quarter. Golden State Wealth Management LLC now owns 193 shares of the medical research company's stock valued at $33,000 after purchasing an additional 118 shares during the last quarter. NBC Securities Inc. bought a new position in Quest Diagnostics during the 1st quarter valued at approximately $35,000. Finally, Continuum Advisory LLC raised its position 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 valued at $38,000 after purchasing an additional 222 shares during the last quarter. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Trading Down 1.2%

NYSE DGX traded down $2.16 during trading hours on Tuesday, hitting $179.48. 435,524 shares of the company were exchanged, compared to its average volume of 1,148,005. Quest Diagnostics Incorporated has a 52 week low of $146.17 and a 52 week high of $185.62. The stock has a 50-day moving average price of $175.13 and a 200 day moving average price of $173.15. The stock has a market cap of $20.07 billion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.54. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.71.

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

Quest Diagnostics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be paid a $0.80 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $3.20 dividend on an annualized basis and a yield of 1.8%. Quest Diagnostics's payout ratio is 38.32%.

Insider Buying and Selling

In other news, SVP Patrick Plewman sold 5,535 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $175.00, for a total transaction of $968,625.00. Following the transaction, the senior vice president directly owned 19,219 shares of the company's stock, valued at approximately $3,363,325. This represents a 22.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Karthik Kuppusamy sold 8,269 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $167.40, for a total value of $1,384,230.60. Following the transaction, the senior vice president directly owned 10,660 shares in the company, valued at approximately $1,784,484. The trade was a 43.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,496 shares of company stock valued at $4,278,787 in the last three months. 8.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

DGX has been the topic of several recent research reports. UBS Group cut their price target on Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Baird R W lowered Quest Diagnostics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. William Blair restated an "outperform" rating on shares of Quest Diagnostics in a research note on Wednesday, July 23rd. Robert W. Baird reiterated a "neutral" rating and set a $194.00 target price on shares of Quest Diagnostics in a research report on Monday, August 25th. Finally, JPMorgan Chase & Co. lifted their target price on Quest Diagnostics from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $186.00.

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.