Sivik Global Healthcare LLC Invests $4.49 Million in Quest Diagnostics Incorporated $DGX

Key Points

• Sivik Global Healthcare LLC has invested $4.49 million in Quest Diagnostics, acquiring 25,000 shares and making it the 23rd largest holding in its portfolio.
• Quest Diagnostics reported earnings of $2.62 per share for the last quarter, exceeding analyst predictions and marking a 15.2% increase in year-over-year revenue.
• The company has announced a quarterly dividend of $0.80 per share, reflecting an annual yield of 1.7%, with a payout ratio of 38.32%.

Sivik Global Healthcare LLC bought a new position in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 25,000 shares of the medical research company's stock, valued at approximately $4,491,000. Quest Diagnostics comprises approximately 1.2% of Sivik Global Healthcare LLC's portfolio, making the stock its 23rd biggest holding.

Other hedge funds have also bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new position in Quest Diagnostics in the first quarter worth about $1,228,000. First Horizon Advisors Inc. raised its holdings in shares of Quest Diagnostics by 76.6% during the first 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 last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Quest Diagnostics by 9.5% during the first quarter. Janney Montgomery Scott LLC now owns 18,010 shares of the medical research company's stock valued at $3,047,000 after buying an additional 1,566 shares during the last quarter. Brown Advisory Inc. raised its holdings in Quest Diagnostics by 2.2% during the first quarter. Brown Advisory Inc. now owns 7,081 shares of the medical research company's stock worth $1,198,000 after purchasing an additional 150 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Quest Diagnostics by 10.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,577 shares of the medical research company's stock worth $2,439,000 after purchasing an additional 1,348 shares in the last quarter. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Quest Diagnostics Stock Up 1.6%

NYSE DGX opened at $184.28 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.99 and a current ratio of 1.09. The firm has a 50-day simple moving average of $181.21 and a 200 day simple moving average of $175.55. Quest Diagnostics Incorporated has a twelve month low of $146.91 and a twelve month high of $191.49. The stock has a market cap of $20.61 billion, a PE ratio of 22.07, a PEG ratio of 2.44 and a beta of 0.56.

Quest Diagnostics (NYSE:DGX - Get Free Report) last released its earnings results on Tuesday, July 22nd. The medical research company reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.05. The business had revenue of $2.76 billion during the quarter, compared to analysts' expectations 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 quarter last year, the company earned $2.35 earnings per share. Quest Diagnostics has set its FY 2025 guidance at 9.630-9.830 EPS. On average, research analysts forecast 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, October 20th. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.80 per share. The ex-dividend date is Friday, October 3rd. This represents a $3.20 dividend on an annualized basis and a yield of 1.7%. Quest Diagnostics's dividend payout ratio (DPR) is currently 38.32%.

Insiders Place Their Bets

In other news, SVP Michael E. Prevoznik sold 28,288 shares of Quest Diagnostics stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $187.12, for a total value of $5,293,250.56. Following the completion of the transaction, the senior vice president owned 38,117 shares in the company, valued at approximately $7,132,453.04. The trade was a 42.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Karthik Kuppusamy sold 8,269 shares of Quest Diagnostics stock in a transaction that occurred on 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 owned 10,660 shares of the company's stock, 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 53,186 shares of company stock worth $9,647,471 over the last quarter. Company insiders own 8.16% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on DGX. William Blair reaffirmed an "outperform" rating on shares of Quest Diagnostics in a report on Wednesday, July 23rd. Barclays increased their price objective on Quest Diagnostics from $185.00 to $190.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 2nd. Robert W. Baird reissued a "neutral" rating and set a $194.00 price objective on shares of Quest Diagnostics in a research report on Monday, August 25th. Wall Street Zen downgraded shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Quest Diagnostics in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $186.63.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.