Janney Montgomery Scott LLC Grows Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Janney Montgomery Scott LLC increased its position in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 9.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,010 shares of the medical research company's stock after buying an additional 1,566 shares during the period. Janney Montgomery Scott LLC's holdings in Quest Diagnostics were worth $3,047,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC raised its stake in Quest Diagnostics by 35.1% during the first quarter. Sound Income Strategies LLC now owns 1,028 shares of the medical research company's stock worth $174,000 after buying an additional 267 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Quest Diagnostics by 11.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 30,825 shares of the medical research company's stock worth $5,215,000 after buying an additional 3,210 shares during the last quarter. Azzad Asset Management Inc. ADV raised its stake in Quest Diagnostics by 1.7% during the first quarter. Azzad Asset Management Inc. ADV now owns 3,922 shares of the medical research company's stock worth $664,000 after buying an additional 66 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Quest Diagnostics in the first quarter worth $345,000. Finally, Stanley Laman Group Ltd. acquired a new stake in Quest Diagnostics in the first quarter worth $204,000. Institutional investors own 88.06% of the company's stock.

Quest Diagnostics Stock Down 0.7%

Shares of NYSE DGX traded down $1.19 during mid-day trading on Wednesday, reaching $178.71. 747,546 shares of the company's stock traded hands, compared to its average volume of 993,071. The stock has a market cap of $19.95 billion, a P/E ratio of 22.59, a PEG ratio of 2.51 and a beta of 0.49. The business has a 50-day simple moving average of $175.22 and a 200 day simple moving average of $166.68. Quest Diagnostics Incorporated has a 1-year low of $135.47 and a 1-year high of $182.38. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.44 and a quick ratio of 1.31.

Quest Diagnostics (NYSE:DGX - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The medical research company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.06. Quest Diagnostics had a net margin of 8.81% and a return on equity of 15.11%. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.63 billion. On average, analysts expect that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Monday, July 7th. Quest Diagnostics's dividend payout ratio (DPR) is presently 40.46%.

Wall Street Analysts Forecast Growth

DGX has been the subject of a number of research reports. Truist Financial raised their price target on shares of Quest Diagnostics from $182.00 to $190.00 and gave the stock a "hold" rating in a report on Wednesday, April 23rd. Citigroup cut shares of Quest Diagnostics from a "buy" rating to a "neutral" rating and set a $185.00 price target for the company. in a report on Tuesday, March 4th. Evercore ISI raised their price target on shares of Quest Diagnostics from $175.00 to $180.00 and gave the stock an "in-line" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price target on shares of Quest Diagnostics from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Redburn Atlantic initiated coverage on shares of Quest Diagnostics in a report on Wednesday, April 2nd. They issued a "buy" rating and a $195.00 price target for the company. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Quest Diagnostics currently has an average rating of "Moderate Buy" and a consensus price target of $185.73.

Insider Buying and Selling

In related news, SVP Mark E. Delaney sold 874 shares of the business'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 transaction, the senior vice president now directly owns 8,372 shares in the company, valued at approximately $1,471,127.84. The trade was a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO J. E. Davis sold 39,191 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $168.46, for a total transaction of $6,602,115.86. Following the transaction, the chief executive officer now owns 127,623 shares in the company, valued at approximately $21,499,370.58. This trade represents a 23.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,620 shares of company stock worth $7,190,045. 8.16% of the stock is owned by insiders.

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.