Quest Diagnostics Incorporated $DGX Shares Sold by AIA Group Ltd

Key Points

• AIA Group cut its Quest Diagnostics stake by 12.5% in the third quarter, selling 6,437 shares and retaining 44,917 shares valued at about $10.5 million. Institutional investors collectively own 88.06% of the company.
• Quest Diagnostics reported quarterly EPS of $3.00, beating the $2.87 consensus, while revenue rose 10% year over year to $3.10 billion, also topping estimates.
• The company’s quarterly dividend is $0.86 per share, equivalent to an annualized yield of about 1.4%; analysts’ consensus rating is “Moderate Buy,” with an average price target of $248.70.

AIA Group Ltd lowered its stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 12.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,917 shares of the medical research company's stock after selling 6,437 shares during the quarter. AIA Group Ltd's holdings in Quest Diagnostics were worth $10,469,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Quest Diagnostics during the 2nd quarter worth $1,965,923,000. EdgePoint Investment Group Inc. raised its holdings in Quest Diagnostics by 35.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 2,243,869 shares of the medical research company's stock worth $439,753,000 after purchasing an additional 582,797 shares during the period. Bank of America Corp DE purchased a new position in Quest Diagnostics during the second quarter valued at $410,151,000. Dimensional Fund Advisors LP grew its holdings in Quest Diagnostics by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,949,535 shares of the medical research company's stock valued at $382,085,000 after purchasing an additional 17,987 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Quest Diagnostics by 11.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 942,407 shares of the medical research company's stock worth $199,743,000 after buying an additional 95,804 shares in the last quarter. Institutional investors own 88.06% of the company's stock.

Quest Diagnostics Stock Down 1.6%

Shares of NYSE DGX opened at $246.68 on Wednesday. The firm's 50-day moving average price is $238.71 and its 200-day moving average price is $212.70. The company has a current ratio of 1.70, a quick ratio of 1.58 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $27.14 billion, a price-to-earnings ratio of 24.57, a P/E/G ratio of 2.25 and a beta of 0.55. Quest Diagnostics Incorporated has a 12-month low of $171.18 and a 12-month high of $256.99.

Quest Diagnostics (NYSE:DGX - Get Free Report) last released its earnings results on Thursday, October 22nd. The medical research company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.13. Quest Diagnostics had a return on equity of 16.21% and a net margin of 9.53%. The firm had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the company posted $2.60 EPS. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities research analysts anticipate that Quest Diagnostics Incorporated will post 11.29 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 21st. Shareholders of record on Tuesday, October 6th were given a dividend of $0.86 per share. The ex-dividend date of this dividend was Tuesday, October 6th. This represents a $3.44 dividend on an annualized basis and a yield of 1.4%. Quest Diagnostics's dividend payout ratio (DPR) is 34.26%.

Insider Buying and Selling at Quest Diagnostics

In related news, CEO J. Davis sold 10,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $242.72, for a total transaction of $2,427,200.00. Following the completion of the sale, the chief executive officer directly owned 122,423 shares in the company, valued at $29,714,510.56. This represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gary Pfeiffer sold 1,203 shares of Quest Diagnostics stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $243.00, for a total transaction of $292,329.00. Following the completion of the transaction, the director directly owned 29,802 shares in the company, valued at approximately $7,241,886. The trade was a 3.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 33,880 shares of company stock valued at $8,232,534. Company insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on DGX shares. Barclays lifted their price objective on Quest Diagnostics from $250.00 to $260.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Truist Financial increased their target price on shares of Quest Diagnostics from $250.00 to $260.00 and gave the stock a "hold" rating in a report on Monday, September 21st. Jefferies Financial Group restated a "buy" rating and set a $245.00 target price on shares of Quest Diagnostics in a research note on Thursday, July 23rd. Mizuho lifted their price target on shares of Quest Diagnostics from $235.00 to $260.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Finally, Wall Street Zen raised shares of Quest Diagnostics from a "hold" rating to a "buy" rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $248.70.

Quest Diagnostics Company Profile

Quest Diagnostics Incorporated NYSE: DGX is a provider of diagnostic information services. The company performs laboratory testing that helps physicians, hospitals and other healthcare providers diagnose, treat and monitor diseases and health conditions. Its services include routine blood and other specimen testing, pathology, molecular and genetic testing, and specialized diagnostic services.

Quest Diagnostics serves a broad range of customers, including hospitals, physician practices, health plans, employers, government agencies and individual consumers.

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