CX Institutional Reduces Holdings in Quest Diagnostics Incorporated $DGX

Key Points

• CX Institutional reduced its stake in Quest Diagnostics by 17.2% during Q2, owning 7,863 shares valued at $1.4 million after selling 1,636 shares.
• Several institutional investors have increased their stakes in Quest Diagnostics, with Pinnacle Bancorp increasing its holdings by 126.9%, now owning 152 shares valued at $27,000.
• Quest Diagnostics announced a quarterly dividend of $0.80 per share, translating to an annualized dividend of $3.20 and a yield of 1.7%, with the ex-dividend date set for October 3rd.

CX Institutional reduced its stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 17.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,863 shares of the medical research company's stock after selling 1,636 shares during the period. CX Institutional's holdings in Quest Diagnostics were worth $1,412,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. increased its stake in shares of Quest Diagnostics by 126.9% in the second quarter. Pinnacle Bancorp Inc. now owns 152 shares of the medical research company's stock worth $27,000 after buying an additional 85 shares during the period. Bruce G. Allen Investments LLC grew its holdings in 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 last quarter. First Horizon Advisors Inc. increased its position in shares of Quest Diagnostics by 76.6% in the first quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock valued at $32,000 after acquiring an additional 82 shares during the period. Golden State Wealth Management LLC raised its stake in shares of 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 acquiring an additional 118 shares during the last quarter. Finally, NBC Securities Inc. bought a new position in shares of Quest Diagnostics during the first quarter valued at about $35,000. Hedge funds and other institutional investors own 88.06% of the company's stock.

Insider Activity

In other news, SVP Patrick Plewman sold 5,535 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $175.00, for a total value of $968,625.00. Following the sale, the senior vice president directly owned 19,219 shares of the company's stock, valued at $3,363,325. The trade was a 22.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael E. Prevoznik sold 28,288 shares of the company's stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $187.12, for a total value of $5,293,250.56. Following the completion of the sale, the senior vice president owned 38,117 shares in the company, valued at $7,132,453.04. The trade was a 42.60% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,959 shares of company stock worth $9,604,766. Insiders own 8.16% of the company's stock.

Quest Diagnostics Stock Performance

Shares of Quest Diagnostics stock opened at $185.41 on Friday. Quest Diagnostics Incorporated has a 12 month low of $146.17 and a 12 month high of $187.96. The firm has a market capitalization of $20.73 billion, a P/E ratio of 22.21, a P/E/G ratio of 2.48 and a beta of 0.54. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71. The business has a fifty day simple moving average of $178.16 and a two-hundred day simple moving average of $174.35.

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

Quest Diagnostics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.7%. Quest Diagnostics's dividend payout ratio (DPR) is currently 38.32%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Truist Financial raised their target price on Quest Diagnostics from $190.00 to $192.00 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Baird R W lowered Quest Diagnostics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. UBS Group decreased their target price on Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating for the company in a report on Friday, July 18th. Deutsche Bank Aktiengesellschaft raised their price target on Quest Diagnostics from $160.00 to $178.00 and gave the stock a "hold" rating in a research note on Wednesday, July 23rd. Finally, Evercore ISI set a $185.00 price objective on shares of Quest Diagnostics in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $186.00.

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.

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