Skandinaviska Enskilda Banken AB publ Has $22.52 Million Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Quest Diagnostics by 411.0%, owning 133,077 shares valued at approximately $22.5 million at the end of the first quarter.
• Several institutional investors, including Price T Rowe Associates and JPMorgan Chase & Co., have significantly increased their holdings in Quest Diagnostics, indicating strong institutional interest.
• Quest Diagnostics reported earnings of $2.62 per share for the last quarter, surpassing estimates, with a revenue of $2.76 billion and a year-over-year revenue increase of 15.2%.

Skandinaviska Enskilda Banken AB publ lifted its position in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 411.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 133,077 shares of the medical research company's stock after purchasing an additional 107,033 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.12% of Quest Diagnostics worth $22,517,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of DGX. Price T Rowe Associates Inc. MD grew its holdings in shares of Quest Diagnostics by 42.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,490,278 shares of the medical research company's stock worth $828,265,000 after purchasing an additional 1,637,525 shares during the period. Norges Bank purchased a new position in Quest Diagnostics in the 4th quarter worth approximately $191,823,000. JPMorgan Chase & Co. raised its position in shares of Quest Diagnostics by 60.4% during the 4th quarter. JPMorgan Chase & Co. now owns 2,433,913 shares of the medical research company's stock valued at $367,180,000 after acquiring an additional 916,898 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Quest Diagnostics by 83.7% during the 4th quarter. Alliancebernstein L.P. now owns 1,093,042 shares of the medical research company's stock valued at $164,896,000 after acquiring an additional 497,995 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of 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 valued at $75,293,000 after acquiring an additional 443,094 shares in the last quarter. Hedge funds and other institutional investors own 88.06% of the company's stock.

Insider Buying and Selling at Quest Diagnostics

In other news, SVP Mark E. Delaney sold 874 shares of the firm's stock in a transaction dated 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 sale, the senior vice president directly owned 8,372 shares of the company's stock, valued at $1,471,127.84. This trade represents a 9.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.16% of the stock is owned by company insiders.

Quest Diagnostics Stock Up 0.9%

Quest Diagnostics stock traded up $1.56 during mid-day trading on Wednesday, hitting $169.49. The company's stock had a trading volume of 253,528 shares, compared to its average volume of 1,194,348. The firm's 50 day moving average is $174.10 and its 200 day moving average is $169.93. The company has a market cap of $18.95 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 2.23 and a beta of 0.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.09 and a quick ratio of 0.99. Quest Diagnostics Incorporated has a 52-week low of $140.71 and a 52-week high of $182.38.

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

Quest Diagnostics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Monday, July 7th. Quest Diagnostics's dividend payout ratio (DPR) is presently 38.32%.

Wall Street Analyst Weigh In

DGX has been the topic of several research reports. Deutsche Bank Aktiengesellschaft upped their price target on Quest Diagnostics from $160.00 to $178.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. UBS Group dropped their price target on Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating on the stock in a research report on Friday, July 18th. 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 report on Monday, April 28th. Wall Street Zen lowered Quest Diagnostics from a "buy" rating to a "hold" rating in a research report on Saturday, June 7th. Finally, Robert W. Baird upped their price objective on Quest Diagnostics from $191.00 to $194.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 23rd. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $186.00.

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.