Quest Diagnostics Incorporated (NYSE:DGX) Shares Sold by Foster & Motley Inc.

Key Points

• Foster & Motley Inc. sold 1,735 shares of Quest Diagnostics, reducing its stake by 5.4%, leaving them with a total of 30,629 shares valued at approximately $5.18 million.
• Quest Diagnostics reported a quarterly EPS of $2.62, exceeding analysts' expectations, with a revenue of $2.76 billion for the quarter, reflecting a 15.2% year-over-year increase.
• The company announced a quarterly dividend of $0.80, which translates to an annualized dividend yield of 1.91%, and its dividend payout ratio is currently 38.32%.

Foster & Motley Inc. lowered its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 5.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 30,629 shares of the medical research company's stock after selling 1,735 shares during the period. Foster & Motley Inc.'s holdings in Quest Diagnostics were worth $5,182,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. BankPlus Wealth Management LLC lifted its holdings in Quest Diagnostics by 2.5% during the 1st quarter. BankPlus Wealth Management LLC now owns 2,410 shares of the medical research company's stock worth $408,000 after buying an additional 59 shares in the last quarter. Cullen Frost Bankers Inc. lifted its holdings in Quest Diagnostics by 5.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 1,059 shares of the medical research company's stock worth $179,000 after buying an additional 59 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in Quest Diagnostics by 0.6% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 11,513 shares of the medical research company's stock worth $1,948,000 after buying an additional 63 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Quest Diagnostics by 0.3% during the 4th quarter. Bessemer Group Inc. now owns 20,811 shares of the medical research company's stock worth $3,140,000 after buying an additional 65 shares in the last quarter. Finally, Clarius Group LLC lifted its holdings in Quest Diagnostics by 4.8% during the 1st quarter. Clarius Group LLC now owns 1,421 shares of the medical research company's stock worth $240,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 88.06% of the company's stock.

Quest Diagnostics Stock Performance

Shares of NYSE:DGX traded up $3.40 during midday trading on Friday, hitting $170.81. The stock had a trading volume of 1,421,070 shares, compared to its average volume of 1,363,318. The company has a market capitalization of $19.10 billion, a PE ratio of 20.46, a P/E/G ratio of 2.22 and a beta of 0.46. The stock has a 50 day moving average price of $174.02 and a two-hundred day moving average price of $170.01. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71. Quest Diagnostics Incorporated has a 1 year low of $144.87 and a 1 year high of $182.38.

Quest Diagnostics (NYSE:DGX - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The medical research company reported $2.62 earnings per share 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 for the quarter, compared to the consensus estimate of $2.73 billion. During the same quarter in the previous year, the firm earned $2.35 earnings per share. The business's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts predict that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were paid a $0.80 dividend. The ex-dividend date was Monday, July 7th. This represents a $3.20 annualized dividend and a dividend yield of 1.9%. Quest Diagnostics's dividend payout ratio (DPR) is 38.32%.

Analysts Set New Price Targets

DGX has been the topic of a number of analyst reports. William Blair restated an "outperform" rating on shares of Quest Diagnostics in a report on Wednesday, July 23rd. UBS Group reduced their price objective on shares of Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating on the stock in a report on Friday, July 18th. Mizuho raised their price objective on shares of Quest Diagnostics from $178.00 to $189.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Evercore ISI set a $185.00 price objective on shares of Quest Diagnostics in a report on Wednesday, July 23rd. Finally, Robert W. Baird raised their price objective on shares of Quest Diagnostics from $191.00 to $194.00 and gave the company an "outperform" rating in a report on Wednesday, April 23rd. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $186.00.

Insider Activity

In related news, SVP Mark E. Delaney sold 874 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $175.72, for a total value of $153,579.28. Following the completion of the sale, the senior vice president owned 8,372 shares in the company, valued at $1,471,127.84. This trade represents a 9.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Karthik Kuppusamy sold 2,210 shares of the firm's stock in a transaction dated 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 owned 8,450 shares of the company's stock, valued at $1,436,500. This trade represents a 20.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,353 shares of company stock valued at $1,913,510 in the last quarter. Company insiders own 8.16% of the company's stock.

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.