Nuveen LLC Invests $55.59 Million in Quest Diagnostics Incorporated $DGX

Key Points

• Nuveen LLC invested approximately $55.59 million in Quest Diagnostics by purchasing 328,530 shares in the first quarter of 2023.
• Quest Diagnostics reported $2.62 earnings per share for the last quarter, exceeding analysts' expectations of $2.57, with revenue reaching $2.76 billion.
• The company announced a quarterly dividend of $0.80 per share, reflecting an annual yield of 1.8% and a dividend payout ratio of 38.32%.

Nuveen LLC bought a new position in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 328,530 shares of the medical research company's stock, valued at approximately $55,587,000. Nuveen LLC owned 0.29% of Quest Diagnostics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DGX. Bruce G. Allen Investments LLC grew its holdings in shares of Quest Diagnostics by 57.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 183 shares of the medical research company's stock worth $31,000 after acquiring an additional 67 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Quest Diagnostics by 76.6% in the 1st quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock worth $32,000 after buying an additional 82 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of Quest Diagnostics by 157.3% in the 1st quarter. Golden State Wealth Management LLC now owns 193 shares of the medical research company's stock worth $33,000 after buying an additional 118 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Quest Diagnostics in the 1st quarter worth approximately $35,000. Finally, Continuum Advisory LLC grew its stake in shares of Quest Diagnostics by 11,100.0% in the 1st quarter. Continuum Advisory LLC now owns 224 shares of the medical research company's stock worth $38,000 after buying an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 88.06% of the company's stock.

Insider Buying and Selling at Quest Diagnostics

In related news, SVP Patrick Plewman sold 5,535 shares of Quest Diagnostics stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $175.00, for a total transaction of $968,625.00. Following the transaction, the senior vice president directly owned 19,219 shares in the company, valued at approximately $3,363,325. The trade was a 22.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karthik Kuppusamy sold 8,269 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $167.40, for a total value of $1,384,230.60. Following the sale, the senior vice president directly owned 10,660 shares in the company, valued at approximately $1,784,484. This represents a 43.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,014 shares of company stock worth $2,728,556 over the last quarter. 8.16% of the stock is owned by company insiders.

Quest Diagnostics Stock Performance

Shares of DGX stock traded up $2.5350 on Tuesday, reaching $181.4850. The stock had a trading volume of 155,169 shares, compared to its average volume of 1,164,469. The stock has a market cap of $20.29 billion, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 2.39 and a beta of 0.46. Quest Diagnostics Incorporated has a 1 year low of $146.17 and a 1 year high of $182.44. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.99 and a current ratio of 1.09. The company has a 50 day simple moving average of $174.74 and a 200 day simple moving average of $172.02.

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, beating the consensus estimate of $2.57 by $0.05. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.73 billion. Quest Diagnostics had a return on equity of 15.24% and a net margin of 9.01%.Quest Diagnostics's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.35 earnings per share. Quest Diagnostics has set its FY 2025 guidance at 9.630-9.830 EPS. Equities research analysts expect that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be given a dividend of $0.80 per share. The ex-dividend date is Friday, October 3rd. This represents a $3.20 annualized dividend and a yield of 1.8%. Quest Diagnostics's payout ratio is 38.32%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DGX shares. William Blair restated an "outperform" rating on shares of Quest Diagnostics in a research note on Wednesday, July 23rd. UBS Group cut their price target on Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Quest Diagnostics from $160.00 to $178.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Evercore ISI set a $185.00 target price on Quest Diagnostics in a research note on Wednesday, July 23rd. Finally, Robert W. Baird increased their target price on Quest Diagnostics from $191.00 to $194.00 and gave the company an "outperform" rating in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.