ING Groep NV Increases Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• ING Groep NV increased its holdings in Quest Diagnostics by 26.8% in the first quarter, now owning a total of 13,074 shares worth approximately $2.21 million.
• The company reported an EPS of $2.62 for the last quarter, surpassing analysts' expectations and showing a 15.2% increase in revenue year-over-year.
• Recently, Quest Diagnostics announced a $0.80 quarterly dividend with an annualized yield of 1.8%, reflecting a payout ratio of 38.32%.

ING Groep NV raised its position in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 26.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 13,074 shares of the medical research company's stock after purchasing an additional 2,764 shares during the period. ING Groep NV's holdings in Quest Diagnostics were worth $2,212,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DGX. Y Intercept Hong Kong Ltd acquired a new position in shares of Quest Diagnostics during the 1st quarter valued at $1,228,000. First Horizon Advisors Inc. lifted its position in shares of 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 acquiring an additional 82 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Quest Diagnostics by 9.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 18,010 shares of the medical research company's stock valued at $3,047,000 after acquiring an additional 1,566 shares during the period. Brown Advisory Inc. lifted its position in shares of Quest Diagnostics by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 7,081 shares of the medical research company's stock valued at $1,198,000 after acquiring an additional 150 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Quest Diagnostics by 10.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,577 shares of the medical research company's stock valued at $2,439,000 after acquiring an additional 1,348 shares during the period. Institutional investors and hedge funds own 88.06% of the company's stock.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, SVP Patrick Plewman sold 5,535 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $175.00, for a total transaction of $968,625.00. Following the completion of the transaction, the senior vice president owned 19,219 shares in the company, valued at $3,363,325. This trade represents a 22.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Mark E. Delaney sold 874 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $175.72, for a total transaction of $153,579.28. Following the transaction, the senior vice president owned 8,372 shares of the company's stock, valued at $1,471,127.84. This represents a 9.45% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,888 shares of company stock worth $2,882,135. 8.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Robert W. Baird boosted their target price on shares of Quest Diagnostics from $191.00 to $194.00 and gave the company an "outperform" rating in a research report on Wednesday, April 23rd. UBS Group dropped their target price on shares of Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating on the stock in a research report on Friday, July 18th. William Blair restated an "outperform" rating on shares of Quest Diagnostics in a report on Wednesday, July 23rd. Truist Financial upped their price objective on shares of Quest Diagnostics from $190.00 to $192.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Finally, Piper Sandler upped their price objective on shares of Quest Diagnostics from $180.00 to $200.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Quest Diagnostics currently has a consensus rating of "Moderate Buy" and an average price target of $186.00.

Quest Diagnostics Stock Up 1.6%

Shares of NYSE DGX traded up $2.82 during trading on Friday, hitting $177.09. The stock had a trading volume of 616,268 shares, compared to its average volume of 1,420,387. Quest Diagnostics Incorporated has a 12 month low of $146.17 and a 12 month high of $182.38. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.09 and a quick ratio of 0.99. The company has a market capitalization of $19.80 billion, a PE ratio of 21.21, a PEG ratio of 2.31 and a beta of 0.46. The firm has a fifty day moving average of $174.20 and a two-hundred day moving average of $170.92.

Quest Diagnostics (NYSE:DGX - Get Free Report) last posted its quarterly 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. The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.73 billion. Quest Diagnostics had a net margin of 9.01% and a return on equity of 15.24%. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.35 earnings per share. As a group, equities research analysts forecast that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 21st. Investors of record on Monday, July 7th were given a dividend of $0.80 per share. The ex-dividend date was Monday, July 7th. This represents a $3.20 annualized dividend and a yield of 1.8%. Quest Diagnostics's dividend payout ratio is presently 38.32%.

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.