Cookson Peirce & Co. Inc. Buys Shares of 172,652 Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Cookson Peirce & Co. Inc. has acquired a new stake in Quest Diagnostics by purchasing 172,652 shares worth approximately $29.2 million, making it the firm's 22nd largest position.
• A significant portion of Quest Diagnostics' stock, 88.06%, is owned by hedge funds and other institutional investors, with several firms increasing their holdings during the first quarter of the year.
• Quest Diagnostics recently announced a quarterly dividend of $0.80 per share, representing an annualized payout of $3.20 and a dividend yield of 1.8%.

Cookson Peirce & Co. Inc. bought a new stake in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 172,652 shares of the medical research company's stock, valued at approximately $29,213,000. Quest Diagnostics comprises approximately 1.5% of Cookson Peirce & Co. Inc.'s holdings, making the stock its 22nd largest position. Cookson Peirce & Co. Inc. owned about 0.15% of Quest Diagnostics at the end of the most recent quarter.

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

Insider Buying and Selling at Quest Diagnostics

In other news, SVP Patrick Plewman sold 5,535 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $175.00, for a total value of $968,625.00. Following the sale, the senior vice president 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 legal filing with the SEC, which can be accessed through this link. Also, SVP Karthik Kuppusamy sold 2,210 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $170.00, for a total transaction of $375,700.00. Following the completion of the sale, the senior vice president directly owned 8,450 shares in the company, valued at approximately $1,436,500. This represents a 20.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 16,014 shares of company stock worth $2,728,556. Insiders own 8.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DGX shares. Truist Financial upped their price target on shares of Quest Diagnostics from $190.00 to $192.00 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Barclays upped their price target on shares of Quest Diagnostics from $175.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 23rd. Wall Street Zen lowered shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a research report on Sunday. Evercore ISI set a $185.00 price target on shares of Quest Diagnostics in a research report on Wednesday, July 23rd. Finally, UBS Group dropped their price target on shares of Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $186.00.

Quest Diagnostics Price Performance

DGX stock opened at $178.98 on Thursday. Quest Diagnostics Incorporated has a 52 week low of $146.17 and a 52 week high of $182.38. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $174.48 and a two-hundred day simple moving average of $171.45. The firm has a market capitalization of $20.01 billion, a P/E ratio of 21.43, a price-to-earnings-growth ratio of 2.37 and a beta of 0.46.

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

Quest Diagnostics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Friday, October 3rd will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.8%. Quest Diagnostics's dividend payout ratio is currently 38.32%.

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.

Want to see what other hedge funds are holding DGX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quest Diagnostics Incorporated (NYSE:DGX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.