Lazard Asset Management LLC Cuts Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Lazard Asset Management LLC reduced its position in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 52.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,085 shares of the medical research company's stock after selling 4,572 shares during the period. Lazard Asset Management LLC's holdings in Quest Diagnostics were worth $615,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. BankPlus Wealth Management LLC bought a new position in shares of Quest Diagnostics during the fourth quarter valued at about $355,000. Van ECK Associates Corp lifted its position in shares of Quest Diagnostics by 980.3% during the fourth quarter. Van ECK Associates Corp now owns 24,198 shares of the medical research company's stock valued at $3,650,000 after purchasing an additional 21,958 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Quest Diagnostics during the fourth quarter valued at about $54,000. SVB Wealth LLC bought a new position in shares of Quest Diagnostics during the fourth quarter valued at about $10,345,000. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of Quest Diagnostics by 12.0% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 144,773 shares of the medical research company's stock valued at $21,852,000 after purchasing an additional 15,475 shares in the last quarter. 88.06% of the stock is owned by institutional investors.

Quest Diagnostics Stock Performance

Shares of NYSE DGX traded up $2.48 during mid-day trading on Tuesday, hitting $173.71. The company had a trading volume of 1,048,425 shares, compared to its average volume of 992,313. The stock's 50-day moving average price is $170.58 and its 200-day moving average price is $164.45. The company has a market capitalization of $19.39 billion, a price-to-earnings ratio of 22.59, a P/E/G ratio of 2.16 and a beta of 0.52. The company has a current ratio of 1.10, a quick ratio of 1.02 and a debt-to-equity ratio of 0.82. Quest Diagnostics Incorporated has a 1 year low of $135.47 and a 1 year high of $179.99.

Quest Diagnostics (NYSE:DGX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The medical research company reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.06. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.63 billion. Quest Diagnostics had a return on equity of 15.07% and a net margin of 8.80%. On average, sell-side analysts forecast that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Monday, July 7th. Quest Diagnostics's dividend payout ratio (DPR) is presently 40.46%.

Insider Buying and Selling

In related news, SVP Mark E. Delaney sold 874 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $175.72, for a total transaction of $153,579.28. Following the sale, the senior vice president now owns 8,372 shares of the company's stock, valued at approximately $1,471,127.84. This represents a 9.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael E. Prevoznik sold 528 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $172.61, for a total transaction of $91,138.08. Following the sale, the senior vice president now directly owns 39,031 shares in the company, valued at $6,737,140.91. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,985 shares of company stock valued at $9,147,802. Company insiders own 8.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on DGX shares. Evercore ISI raised their price target on shares of Quest Diagnostics from $175.00 to $180.00 and gave the company an "in-line" rating in a research report on Wednesday, April 23rd. Redburn Atlantic assumed coverage on shares of Quest Diagnostics in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $195.00 price objective on the stock. UBS Group lifted their price objective on shares of Quest Diagnostics from $166.00 to $170.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. Mizuho lifted their price objective on shares of Quest Diagnostics from $178.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Finally, Piper Sandler lifted their price objective on shares of Quest Diagnostics from $180.00 to $200.00 and gave the stock a "neutral" rating in a research report on Monday, April 28th. Eight investment 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $185.73.

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.