Nkcfo LLC Acquires New Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Nkcfo LLC has acquired a new stake in Quest Diagnostics, purchasing 16,720 shares valued at approximately $2.83 million, representing 1.3% of its investment portfolio.
• Several institutional investors, including Bruce G. Allen Investments LLC and Continuum Advisory LLC, have significantly increased their stakes in Quest Diagnostics during the first quarter.
• Analyst price targets for Quest Diagnostics have been raised by multiple firms, with a consensus price target of $185.69, reflecting a generally positive outlook for the stock.

Nkcfo LLC purchased a new stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 16,720 shares of the medical research company's stock, valued at approximately $2,829,000. Quest Diagnostics makes up approximately 1.3% of Nkcfo LLC's investment portfolio, making the stock its 21st largest holding.

Other institutional investors also recently modified their holdings of the company. Bruce G. Allen Investments LLC lifted its holdings 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 purchasing an additional 67 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Quest Diagnostics by 76.6% in the first 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 last quarter. Golden State Wealth Management LLC increased 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 acquiring an additional 118 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Quest Diagnostics in the first quarter valued at about $35,000. Finally, Continuum Advisory LLC increased its position in shares of Quest Diagnostics by 11,100.0% in the first quarter. Continuum Advisory LLC now owns 224 shares of the medical research company's stock valued at $38,000 after acquiring an additional 222 shares during the last quarter. 88.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Mark E. Delaney sold 874 shares of the 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 completion of the transaction, the senior vice president directly owned 8,372 shares in the company, valued at approximately $1,471,127.84. This represents a 9.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.16% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on DGX shares. Barclays lifted their target price on Quest Diagnostics from $175.00 to $185.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 23rd. William Blair reissued an "outperform" rating on shares of Quest Diagnostics in a research report on Wednesday, July 23rd. Mizuho boosted their price target on Quest Diagnostics from $178.00 to $189.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Truist Financial boosted their price target on Quest Diagnostics from $190.00 to $192.00 and gave the stock a "hold" rating in a research report on Wednesday, July 23rd. Finally, Redburn Atlantic assumed coverage on Quest Diagnostics in a research report on Wednesday, April 2nd. They set a "buy" rating and a $195.00 price target on the stock. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Quest Diagnostics presently has an average rating of "Moderate Buy" and a consensus target price of $186.00.

Quest Diagnostics Price Performance

Shares of DGX stock traded down $0.71 during trading on Monday, hitting $167.84. The company had a trading volume of 1,086,616 shares, compared to its average volume of 1,316,778. The stock's 50-day moving average price is $174.31 and its 200 day moving average price is $169.94. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.99 and a current ratio of 1.09. Quest Diagnostics Incorporated has a one year low of $140.71 and a one year high of $182.38. The firm has a market capitalization of $18.77 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 2.24 and a beta of 0.49.

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 the consensus estimate of $2.57 by $0.05. Quest Diagnostics had a return on equity of 15.24% and a net margin of 9.01%. The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.73 billion. During the same period in the prior year, the company earned $2.35 earnings per share. The company's quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts expect that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.91%. The ex-dividend date was Monday, July 7th. Quest Diagnostics's payout ratio is presently 38.32%.

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.