Mackenzie Financial Corp Acquires 1,530 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Mackenzie Financial Corp increased its stake in Quest Diagnostics by 13.9%, owning 12,532 shares valued at $2.12 million as of the latest SEC filing.
• Several hedge funds have adjusted their positions in Quest Diagnostics, with 88.06% of the stock held by institutional investors and hedge funds.
• Quest Diagnostics announced a quarterly dividend of $0.80 per share, representing an annualized dividend of $3.20 and a yield of 1.9%.

Mackenzie Financial Corp increased its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 13.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 12,532 shares of the medical research company's stock after buying an additional 1,530 shares during the period. Mackenzie Financial Corp's holdings in Quest Diagnostics were worth $2,120,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bruce G. Allen Investments LLC grew its stake in shares of Quest Diagnostics by 57.8% in the first quarter. Bruce G. Allen Investments LLC now owns 183 shares of the medical research company's stock valued at $31,000 after acquiring an additional 67 shares in the last quarter. First Horizon Advisors Inc. grew 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 worth $32,000 after purchasing an additional 82 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Quest Diagnostics by 157.3% in the first quarter. Golden State Wealth Management LLC now owns 193 shares of the medical research company's stock valued at $33,000 after buying an additional 118 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Quest Diagnostics in the first quarter valued at approximately $35,000. Finally, Continuum Advisory LLC increased its stake in Quest Diagnostics by 11,100.0% during the 1st quarter. Continuum Advisory LLC now owns 224 shares of the medical research company's stock worth $38,000 after acquiring an additional 222 shares during the period. Institutional investors and hedge funds own 88.06% of the company's stock.

Insider Buying and Selling at Quest Diagnostics

In other Quest Diagnostics news, SVP Karthik Kuppusamy sold 2,210 shares of the firm's stock in a transaction on 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 transaction, the senior vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark E. Delaney sold 874 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $175.72, for a total value of $153,579.28. Following the transaction, the senior vice president owned 8,372 shares of the company's stock, valued at approximately $1,471,127.84. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,353 shares of company stock worth $1,913,510 over the last 90 days. Company insiders own 8.16% of the company's stock.

Quest Diagnostics Trading Up 0.3%

NYSE:DGX traded up $0.47 during trading hours on Thursday, hitting $173.47. The company had a trading volume of 525,276 shares, compared to its average volume of 1,187,881. The company has a market cap of $19.40 billion, a P/E ratio of 20.78, a P/E/G ratio of 2.30 and a beta of 0.46. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average of $174.07 and a 200 day moving average of $170.59. Quest Diagnostics Incorporated has a 1 year low of $145.43 and a 1 year high of $182.38.

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 (EPS) for the quarter, beating 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 company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same quarter last year, the company earned $2.35 EPS. Quest Diagnostics's revenue for the quarter was up 15.2% compared to the same quarter last year. Sell-side analysts expect that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have commented on DGX. JPMorgan Chase & Co. boosted their price objective on shares of Quest Diagnostics from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Piper Sandler raised their price target on shares of Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. 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 research report on Wednesday, July 23rd. UBS Group decreased 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 note on Friday, July 18th. Finally, Barclays lifted their price target on Quest Diagnostics from $175.00 to $185.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 23rd. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $186.00.

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.