Quest Diagnostics Incorporated $DGX Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Quest Diagnostics stake by 2.7% in the third quarter, selling 6,862 shares; it retained 251,735 shares valued at about $58.7 million.
• Quest Diagnostics reported quarterly EPS of $3.00, beating the $2.87 analyst consensus, while revenue rose 10% year over year to $3.10 billion.
• Insiders sold 33,880 shares worth about $8.2 million over the past three months. The company’s quarterly dividend was $0.86 per share, equivalent to a 1.4% annualized yield.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 251,735 shares of the medical research company's stock after selling 6,862 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Quest Diagnostics worth $58,672,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Quest Diagnostics during the 2nd quarter worth $1,965,923,000. Bank of America Corp DE acquired a new position in shares of Quest Diagnostics during the 2nd quarter worth $410,151,000. Legal & General Group Plc purchased a new position in shares of Quest Diagnostics in the 2nd quarter valued at about $151,986,000. Bank of New York Mellon Corp purchased a new position in shares of Quest Diagnostics in the 2nd quarter valued at about $133,388,000. Finally, Deutsche Bank AG purchased a new position in shares of Quest Diagnostics in the 2nd quarter valued at about $124,180,000. Hedge funds and other institutional investors own 88.06% of the company's stock.

Insider Buying and Selling at Quest Diagnostics

In other Quest Diagnostics news, Director Gary M. Pfeiffer sold 1,203 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $243.00, for a total value of $292,329.00. Following the sale, the director owned 29,802 shares of the company's stock, valued at $7,241,886. This represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO J. E. Davis sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were 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 owned 122,423 shares in the company, valued at $29,714,510.56. This represents a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 33,880 shares of company stock worth $8,232,534. 0.88% of the stock is owned by corporate insiders.

Quest Diagnostics Stock Down 1.6%

DGX opened at $246.68 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.58 and a current ratio of 1.70. The company has a market cap of $27.14 billion, a price-to-earnings ratio of 24.57, a PEG ratio of 2.25 and a beta of 0.55. Quest Diagnostics Incorporated has a one year low of $171.18 and a one year high of $256.99. The business's fifty day moving average is $238.71 and its two-hundred day moving average is $212.70.

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

Quest Diagnostics Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Argus set a $260.00 price objective on shares of Quest Diagnostics in a research note on Wednesday, July 29th. Jefferies Financial Group restated a "buy" rating and set a $245.00 target price on shares of Quest Diagnostics in a research report on Thursday, July 23rd. Robert W. Baird set a $262.00 target price on shares of Quest Diagnostics in a research report on Friday, October 23rd. Wall Street Zen raised shares of Quest Diagnostics from a "hold" rating to a "buy" rating in a report on Tuesday, July 28th. Finally, Barclays lifted their price target on shares of Quest Diagnostics from $250.00 to $260.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $248.70.

About Quest Diagnostics

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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