Mitsubishi UFJ Asset Management Co. Ltd. Has $33.47 Million Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Quest Diagnostics by 11.5% during the first quarter, owning approximately $33.5 million worth of shares.
• Institutional investors hold 88.06% of Quest Diagnostics' stock, with several firms significantly increasing their holdings, including Price T Rowe Associates, which raised its stake by 42.5% in the last quarter.
• Quest Diagnostics announced a quarterly dividend of $0.80 per share, representing a 1.8% yield, and reported strong financial results with a net margin of 9.01% and revenue growth of 15.2% year-over-year.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 197,835 shares of the medical research company's stock after buying an additional 20,446 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Quest Diagnostics worth $33,474,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC increased its stake in 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 valued at $31,000 after buying an additional 67 shares during the period. First Horizon Advisors Inc. increased its stake in Quest Diagnostics by 76.6% in the 1st quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock valued at $32,000 after buying an additional 82 shares during the period. Golden State Wealth Management LLC increased its stake in 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 valued at $33,000 after buying an additional 118 shares during the period. NBC Securities Inc. bought a new stake in shares of Quest Diagnostics during the 1st quarter worth $35,000. Finally, Continuum Advisory LLC boosted its holdings in shares of Quest Diagnostics by 11,100.0% during 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 period. Institutional investors and hedge funds own 88.06% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Quest Diagnostics from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Quest Diagnostics from $160.00 to $178.00 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. Wall Street Zen cut shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a research note on Sunday. Piper Sandler increased their price objective on shares of Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Finally, William Blair restated an "outperform" rating on shares of Quest Diagnostics in a research note on Wednesday, July 23rd. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Quest Diagnostics has a consensus rating of "Moderate Buy" and a consensus price target of $186.00.

Quest Diagnostics Price Performance

NYSE:DGX traded up $1.33 during mid-day trading on Monday, reaching $178.29. 653,178 shares of the company were exchanged, compared to its average volume of 1,384,421. Quest Diagnostics Incorporated has a 12 month low of $146.17 and a 12 month high of $182.38. The company has a fifty day moving average of $174.27 and a 200 day moving average of $171.35. The company has a quick ratio of 0.99, a current ratio of 1.09 and a debt-to-equity ratio of 0.71. The stock has a market cap of $19.94 billion, a PE ratio of 21.35, a PEG ratio of 2.35 and a beta of 0.46.

Quest Diagnostics (NYSE:DGX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The medical research company reported $2.62 EPS for the quarter, topping analysts' consensus estimates of $2.57 by $0.05. Quest Diagnostics had a net margin of 9.01% and a return on equity of 15.24%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same quarter in the prior year, the firm earned $2.35 EPS. The company's revenue was up 15.2% on a year-over-year basis. On average, research analysts anticipate that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, July 7th. Quest Diagnostics's dividend payout ratio (DPR) is 38.32%.

Insider Activity

In other news, SVP Patrick Plewman sold 5,535 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $175.00, for a total value of $968,625.00. Following the transaction, the senior vice president owned 19,219 shares of the company's stock, valued at approximately $3,363,325. This trade represents a 22.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $1,384,230.60. Following the completion of the transaction, the senior vice president directly owned 10,660 shares in the company, valued at $1,784,484. This trade represents a 43.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,014 shares of company stock worth $2,728,556 in the last ninety days. 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.