Royal Bank of Canada Increases Position in Quest Diagnostics Incorporated (NYSE:DGX)

Royal Bank of Canada raised its position in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 23.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 323,136 shares of the medical research company's stock after purchasing an additional 60,617 shares during the quarter. Royal Bank of Canada owned about 0.29% of Quest Diagnostics worth $48,748,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Rafferty Asset Management LLC boosted its holdings in Quest Diagnostics by 12.1% in the 4th quarter. Rafferty Asset Management LLC now owns 12,659 shares of the medical research company's stock valued at $1,910,000 after purchasing an additional 1,368 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Quest Diagnostics in the 4th quarter worth approximately $546,000. Private Capital Management LLC lifted its holdings in shares of Quest Diagnostics by 19.5% in the 4th quarter. Private Capital Management LLC now owns 10,400 shares of the medical research company's stock worth $1,569,000 after acquiring an additional 1,700 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Quest Diagnostics by 13.0% in the 4th quarter. ProShare Advisors LLC now owns 17,158 shares of the medical research company's stock worth $2,588,000 after acquiring an additional 1,970 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of Quest Diagnostics by 129.3% in the 4th quarter. Quantinno Capital Management LP now owns 18,953 shares of the medical research company's stock worth $2,859,000 after acquiring an additional 10,688 shares during the last quarter. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Michael E. Prevoznik sold 4,643 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $170.00, for a total value of $789,310.00. Following the completion of the sale, the senior vice president now owns 38,117 shares in the company, valued at approximately $6,479,890. This trade represents a 10.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Catherine T. Doherty sold 824 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $172.61, for a total transaction of $142,230.64. Following the completion of the sale, the executive vice president now owns 69,178 shares of the company's stock, valued at $11,940,814.58. This trade represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 53,985 shares of company stock worth $9,147,802 in the last 90 days. Company insiders own 8.16% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on DGX. Wall Street Zen lowered shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Robert W. Baird upped their price objective on shares of Quest Diagnostics from $191.00 to $194.00 and gave the stock an "outperform" rating in a report on Wednesday, April 23rd. 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. Piper Sandler upped their price objective on shares of Quest Diagnostics from $180.00 to $200.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Finally, UBS Group upped their price objective on shares of Quest Diagnostics from $166.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $185.73.

Quest Diagnostics Stock Performance

NYSE:DGX traded up $2.18 during trading hours on Tuesday, reaching $173.41. 140,243 shares of the company's stock were exchanged, compared to its average volume of 988,808. The firm has a market capitalization of $19.36 billion, a price-to-earnings ratio of 22.53, a P/E/G ratio of 2.16 and a beta of 0.52. The company has a 50-day moving average of $170.43 and a 200 day moving average of $164.39. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82. Quest Diagnostics Incorporated has a 1-year low of $135.47 and a 1-year high of $179.99.

Quest Diagnostics (NYSE:DGX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The medical research company reported $2.21 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.06. The firm had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.63 billion. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. Research analysts anticipate that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Monday, July 7th. Quest Diagnostics's dividend payout ratio is currently 40.46%.

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.