Quest Diagnostics Incorporated (NYSE:DGX) Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Quest Diagnostics by 43.1%, selling 6,766 shares and holding a total of 8,936 shares worth $1,512,000.
• Several institutional investors increased their positions in Quest Diagnostics during the first quarter, with notable increases from Bruce G. Allen Investments LLC (57.8%) and Continuum Advisory LLC (11,100.0%).
• Quest Diagnostics recently reported earnings of $2.62 per share, exceeding expectations, and announced a quarterly dividend of $0.80 per share, indicating a yield of 1.9%.

J. Safra Sarasin Holding AG lowered its holdings in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 43.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,936 shares of the medical research company's stock after selling 6,766 shares during the period. J. Safra Sarasin Holding AG's holdings in Quest Diagnostics were worth $1,512,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DGX. Price T Rowe Associates Inc. MD grew its position in Quest Diagnostics by 42.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,490,278 shares of the medical research company's stock valued at $828,265,000 after acquiring an additional 1,637,525 shares during the last quarter. GAMMA Investing LLC increased its position in Quest Diagnostics by 23,296.2% during the 1st quarter. GAMMA Investing LLC now owns 444,996 shares of the medical research company's stock worth $75,293,000 after purchasing an additional 443,094 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Quest Diagnostics in the 4th quarter worth approximately $33,698,000. Northern Trust Corp grew its position in Quest Diagnostics by 18.7% in the 4th quarter. Northern Trust Corp now owns 1,196,429 shares of the medical research company's stock valued at $180,493,000 after buying an additional 188,402 shares in the last quarter. Finally, Coho Partners Ltd. acquired a new stake in shares of Quest Diagnostics during the 1st quarter valued at $30,839,000. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Performance

Shares of DGX stock traded up $1.28 on Thursday, hitting $174.28. 897,091 shares of the stock were exchanged, compared to its average volume of 1,188,848. Quest Diagnostics Incorporated has a one year low of $145.43 and a one year high of $182.38. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $19.49 billion, a PE ratio of 20.87, a P/E/G ratio of 2.30 and a beta of 0.46. The firm's 50 day moving average is $174.07 and its two-hundred day moving average is $170.59.

Quest Diagnostics (NYSE:DGX - Get Free Report) last announced its earnings results 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. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.73 billion. Quest Diagnostics had a net margin of 9.01% and a return on equity of 15.24%. The firm's revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.35 earnings per share. Sell-side analysts expect that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Announces Dividend

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

Insider Transactions at Quest Diagnostics

In other Quest Diagnostics news, SVP Mark E. Delaney sold 874 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $175.72, for a total transaction of $153,579.28. Following the completion of the transaction, the senior vice president owned 8,372 shares of the company's stock, valued at $1,471,127.84. This represents a 9.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Karthik Kuppusamy sold 2,210 shares of the company's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $170.00, for a total transaction of $375,700.00. Following the transaction, the senior vice president owned 8,450 shares of the company's stock, valued at approximately $1,436,500. This represents a 20.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,353 shares of company stock worth $1,913,510. 8.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DGX. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Quest Diagnostics from $160.00 to $178.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Barclays boosted their price target on shares of Quest Diagnostics from $175.00 to $185.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 23rd. Piper Sandler raised their price target on Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. upped their price target on Quest Diagnostics from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Truist Financial lifted their target price on Quest Diagnostics from $190.00 to $192.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $186.00.

Quest Diagnostics Profile

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.