Palumbo Wealth Management LLC Purchases 4,070 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Palumbo Wealth Management LLC grew its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 18.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,856 shares of the medical research company's stock after buying an additional 4,070 shares during the quarter. Quest Diagnostics comprises 1.5% of Palumbo Wealth Management LLC's holdings, making the stock its 17th biggest position. Palumbo Wealth Management LLC's holdings in Quest Diagnostics were worth $4,375,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bruce G. Allen Investments LLC raised its holdings in shares of Quest Diagnostics by 57.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 183 shares of the medical research company's stock worth $31,000 after purchasing an additional 67 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Quest Diagnostics in the 1st quarter worth approximately $35,000. FPC Investment Advisory Inc. bought a new stake in shares of Quest Diagnostics in the 4th quarter worth approximately $45,000. SBI Securities Co. Ltd. bought a new stake in shares of Quest Diagnostics in the 4th quarter worth approximately $54,000. Finally, Sandy Spring Bank raised its holdings in shares of Quest Diagnostics by 142.5% in the 4th quarter. Sandy Spring Bank now owns 485 shares of the medical research company's stock worth $73,000 after purchasing an additional 285 shares in the last quarter. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Up 0.2%

DGX traded up $0.31 on Monday, reaching $179.74. 1,201,925 shares of the company traded hands, compared to its average volume of 992,562. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.44 and a quick ratio of 1.31. The company has a market cap of $20.07 billion, a price-to-earnings ratio of 22.72, a PEG ratio of 2.50 and a beta of 0.49. Quest Diagnostics Incorporated has a 52-week low of $135.47 and a 52-week high of $182.38. The stock's 50 day moving average price is $174.68 and its 200-day moving average price is $166.50.

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

Quest Diagnostics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Monday, July 7th. Quest Diagnostics's dividend payout ratio is 40.46%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Redburn Atlantic began coverage on shares of Quest Diagnostics in a report on Wednesday, April 2nd. They issued a "buy" rating and a $195.00 target price on the stock. Wall Street Zen downgraded shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Redburn Partners set a $195.00 target price on shares of Quest Diagnostics in a research report on Wednesday, April 2nd. Robert W. Baird lifted their target price on shares of Quest Diagnostics from $191.00 to $194.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 23rd. Finally, Piper Sandler lifted their target price 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 issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $185.73.

Insiders Place Their Bets

In other Quest Diagnostics news, SVP Mark E. Delaney sold 874 shares of the business'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 value of $153,579.28. Following the completion of the sale, the senior vice president now directly owns 8,372 shares of the company's stock, valued at $1,471,127.84. The trade was a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO J. E. Davis sold 39,191 shares of the company's stock in a transaction on 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 sale, the chief executive officer now directly owns 127,623 shares of the company's stock, valued at approximately $21,499,370.58. This represents a 23.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,620 shares of company stock valued at $7,190,045 over the last ninety days. Corporate insiders own 8.16% of the company's stock.

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.