Riverwater Partners LLC Purchases 2,855 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Riverwater Partners LLC lifted its position in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 27.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,213 shares of the medical research company's stock after acquiring an additional 2,855 shares during the quarter. Quest Diagnostics makes up about 1.1% of Riverwater Partners LLC's investment portfolio, making the stock its 20th largest position. Riverwater Partners LLC's holdings in Quest Diagnostics were worth $2,236,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Van ECK Associates Corp lifted its position in Quest Diagnostics by 980.3% during the 4th quarter. Van ECK Associates Corp now owns 24,198 shares of the medical research company's stock valued at $3,650,000 after purchasing an additional 21,958 shares during the period. SBI Securities Co. Ltd. bought a new position in Quest Diagnostics in the fourth quarter valued at approximately $54,000. SVB Wealth LLC acquired a new stake in Quest Diagnostics during the 4th quarter worth $10,345,000. Bank of New York Mellon Corp lifted its stake in shares of Quest Diagnostics by 14.8% in the 4th quarter. Bank of New York Mellon Corp now owns 881,764 shares of the medical research company's stock valued at $133,023,000 after purchasing an additional 113,956 shares during the period. Finally, Brighton Jones LLC acquired a new position in Quest Diagnostics in the fourth quarter valued at about $323,000. Institutional investors and hedge funds own 88.06% of the company's stock.

Quest Diagnostics Price Performance

NYSE:DGX opened at $179.64 on Friday. Quest Diagnostics Incorporated has a 52-week low of $135.47 and a 52-week high of $182.38. The company has a market cap of $20.05 billion, a P/E ratio of 22.71, a P/E/G ratio of 2.51 and a beta of 0.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.31 and a current ratio of 1.44. The stock's 50-day simple moving average is $174.14 and its 200 day simple moving average is $166.13.

Quest Diagnostics (NYSE:DGX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The medical research company reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.06. Quest Diagnostics had a return on equity of 15.11% and a net margin of 8.81%. The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.63 billion. As a group, sell-side analysts forecast that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Monday, July 7th. Quest Diagnostics's dividend payout ratio is currently 40.46%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Piper Sandler upped their price target on Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. JPMorgan Chase & Co. increased their target price 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. Redburn Partners set a $195.00 price target on shares of Quest Diagnostics in a report on Wednesday, April 2nd. Redburn Atlantic started coverage on Quest Diagnostics in a research note on Wednesday, April 2nd. They set a "buy" rating and a $195.00 price objective on the stock. Finally, Barclays boosted their target price on Quest Diagnostics from $175.00 to $185.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 23rd. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $185.73.

Insider Activity

In other news, CEO J. E. Davis sold 39,191 shares of Quest Diagnostics stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $168.46, for a total transaction of $6,602,115.86. Following the completion of the transaction, the chief executive officer now directly owns 127,623 shares in the company, valued at approximately $21,499,370.58. The trade was a 23.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Mark E. Delaney sold 874 shares of the business'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 value of $153,579.28. Following the transaction, the senior vice president now directly owns 8,372 shares in the company, valued at $1,471,127.84. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,620 shares of company stock valued at $7,190,045 in the last quarter. Company insiders own 8.16% of the company's stock.

Quest Diagnostics Company 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.

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