Heartland Advisors Inc. Cuts Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Heartland Advisors Inc. reduced its stake in Quest Diagnostics by 34.0%, selling 52,729 shares to hold 102,472 shares, which now represent 1.0% of its total holdings.
• Quest Diagnostics reported a quarterly earnings per share of $2.62, exceeding analyst expectations of $2.57, with a revenue increase of 15.2% year-over-year.
• The company declared a quarterly dividend of $0.80 per share, reflecting a 1.86% yield on an annualized basis.

Heartland Advisors Inc. cut its position in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 34.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,472 shares of the medical research company's stock after selling 52,729 shares during the period. Quest Diagnostics accounts for 1.0% of Heartland Advisors Inc.'s holdings, making the stock its 23rd largest position. Heartland Advisors Inc. owned about 0.09% of Quest Diagnostics worth $17,338,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in DGX. Bruce G. Allen Investments LLC lifted its stake 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 valued at $31,000 after purchasing an additional 67 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Quest Diagnostics by 76.6% in 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 lifted its stake in shares of Quest Diagnostics by 157.3% in 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. acquired a new position in shares of Quest Diagnostics in the 1st quarter valued at $35,000. Finally, Continuum Advisory LLC lifted its stake in shares of Quest Diagnostics by 11,100.0% in 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 owned by institutional investors and hedge funds.

Quest Diagnostics Trading Up 0.8%

Shares of NYSE:DGX opened at $171.82 on Friday. The company has a market cap of $19.18 billion, a P/E ratio of 20.58, a P/E/G ratio of 2.37 and a beta of 0.49. The stock's 50-day moving average is $174.70 and its 200-day moving average is $169.51. Quest Diagnostics Incorporated has a 52-week low of $140.71 and a 52-week high of $182.38. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.31 and a current ratio of 1.09.

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 return on equity of 15.24% and a net margin of 9.01%. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.73 billion. During the same period last year, the business earned $2.35 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts predict that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 21st. Shareholders of record on Monday, July 7th were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date was Monday, July 7th. Quest Diagnostics's dividend payout ratio is 40.46%.

Insider Buying and Selling

In other Quest Diagnostics 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 transaction of $153,579.28. Following the completion of the transaction, 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. 8.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Redburn Atlantic assumed coverage on Quest Diagnostics in a report on Wednesday, April 2nd. They set a "buy" rating and a $195.00 price target on the stock. Evercore ISI upped their price target on Quest Diagnostics from $175.00 to $180.00 and gave the stock an "in-line" rating in a report on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft upped their price target on Quest Diagnostics from $160.00 to $178.00 and gave the stock a "hold" rating in a report on Wednesday. JPMorgan Chase & Co. upped their price target on Quest Diagnostics from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Piper Sandler upped their price target on Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a report on Monday, April 28th. Nine equities research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $185.69.

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.

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.