Quest Diagnostics Incorporated $DGX Stake Trimmed by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON Asset Management UK cut its Quest Diagnostics stake by 17.3% in the third quarter, selling 18,649 shares and ending the period with 89,239 shares valued at about $20.8 million. Institutional investors collectively held 88.06% of the company’s stock.
• Quest Diagnostics beat quarterly estimates, reporting EPS of $3.00 versus $2.87 expected and revenue of $3.10 billion versus $3.05 billion; revenue rose 10% year over year.
• Shares opened at $259.28, near the reported 52-week high. Analysts’ consensus was “Moderate Buy,” with an average price target of $248.70, and the company’s annualized dividend was $3.44 per share (1.3% yield).

AEGON ASSET MANAGEMENT UK Plc reduced its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 17.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 89,239 shares of the medical research company's stock after selling 18,649 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned about 0.08% of Quest Diagnostics worth $20,799,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AlphaCore Capital LLC increased its position in Quest Diagnostics by 17.0% in the third quarter. AlphaCore Capital LLC now owns 10,967 shares of the medical research company's stock worth $2,556,000 after buying an additional 1,596 shares during the last quarter. Fulcrum Asset Management LLP purchased a new stake in Quest Diagnostics in the 3rd quarter worth about $387,000. Allspring Global Investments Holdings LLC increased its holdings in Quest Diagnostics by 5.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,248 shares of the medical research company's stock worth $4,217,000 after acquiring an additional 1,004 shares during the last quarter. Brighton Jones LLC increased its holdings in Quest Diagnostics by 101.5% in the 3rd quarter. Brighton Jones LLC now owns 4,353 shares of the medical research company's stock worth $1,015,000 after acquiring an additional 2,193 shares during the last quarter. Finally, Candriam S.C.A. raised its stake in Quest Diagnostics by 21.8% in the 3rd quarter. Candriam S.C.A. now owns 146,410 shares of the medical research company's stock valued at $34,248,000 after acquiring an additional 26,172 shares during the period. Hedge funds and other institutional investors own 88.06% of the company's stock.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, CEO J. Davis sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $242.72, for a total value of $2,427,200.00. Following the completion of the transaction, the chief executive officer owned 122,423 shares of the company's stock, valued at $29,714,510.56. The trade was a 7.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Prevoznik sold 22,677 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $243.11, for a total transaction of $5,513,005.47. Following the completion of the transaction, the senior vice president directly owned 37,557 shares of the company's stock, valued at approximately $9,130,482.27. This represents a 37.65% decrease in their position. 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. Over the last three months, insiders sold 55,985 shares of company stock valued at $13,715,017. Company insiders own 0.88% of the company's stock.

Quest Diagnostics Stock Up 1.4%

DGX opened at $259.28 on Tuesday. The company has a fifty day moving average price of $239.66 and a 200-day moving average price of $214.06. The firm has a market capitalization of $28.53 billion, a P/E ratio of 23.16, a price-to-earnings-growth ratio of 2.29 and a beta of 0.55. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.70 and a quick ratio of 1.58. Quest Diagnostics Incorporated has a one year low of $171.18 and a one year high of $259.84.

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

Quest Diagnostics Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 21st. Investors of record on Tuesday, October 6th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, October 6th. Quest Diagnostics's dividend payout ratio (DPR) is currently 34.26%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DGX. Barclays lifted their target price on shares of Quest Diagnostics from $250.00 to $260.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 7th. Argus set a $260.00 price target on shares of Quest Diagnostics in a research note on Wednesday, July 29th. Mizuho raised their price objective on shares of Quest Diagnostics from $235.00 to $260.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Truist Financial lifted their price objective on shares of Quest Diagnostics from $250.00 to $260.00 and gave the company a "hold" rating in a research note on Monday, September 21st. Finally, Weiss Ratings upgraded shares of Quest Diagnostics from a "buy (a)" rating to a "buy (a+)" rating in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Quest Diagnostics currently has a consensus rating of "Moderate Buy" and an average price target of $248.70.

Quest Diagnostics Company Profile

Quest Diagnostics NYSE: DGX is a provider of diagnostic information services, conducting laboratory tests that help physicians and other health care professionals diagnose, monitor and manage medical conditions. Its services include routine blood and other clinical laboratory testing, anatomic pathology, and specialized molecular and genetic testing.

The company serves patients, physicians, hospitals, health plans, employers and government organizations. In addition to testing performed through its laboratories and patient service centers, Quest offers services such as workplace drug testing and diagnostic support for clinical research.

Quest Diagnostics traces its roots to a clinical laboratory established in 1967 and became an independent company in 1996 after being spun off from Corning.

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