Te Ahumairangi Investment Management Ltd Sells 4,140 Shares of Quest Diagnostics Incorporated $DGX

Key Points

• Te Ahumairangi Investment Management Ltd reduced its holdings in Quest Diagnostics by 9.6%, ending the quarter with 39,054 shares valued at approximately $6.61 million.
• Quest Diagnostics reported a 15.2% year-over-year revenue increase to $2.76 billion for its latest quarter, exceeding consensus expectations.
• The company announced a quarterly dividend of $0.80 per share, set to be paid to stockholders on October 20th, reflecting a 1.8% annualized yield.

Te Ahumairangi Investment Management Ltd trimmed its holdings in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 9.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,054 shares of the medical research company's stock after selling 4,140 shares during the period. Quest Diagnostics comprises about 1.4% of Te Ahumairangi Investment Management Ltd's investment portfolio, making the stock its 19th largest holding. Te Ahumairangi Investment Management Ltd's holdings in Quest Diagnostics were worth $6,608,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in DGX. Boston Partners purchased a new position in Quest Diagnostics in the first quarter valued at approximately $388,724,000. Price T Rowe Associates Inc. MD lifted its position in Quest Diagnostics by 9.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,984,238 shares of the medical research company's stock valued at $1,012,534,000 after acquiring an additional 493,960 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 worth $75,293,000 after acquiring an additional 443,094 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Quest Diagnostics during the first quarter valued at about $55,587,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Quest Diagnostics during the 4th quarter worth approximately $33,698,000. Institutional investors own 88.06% of the company's stock.

Quest Diagnostics Trading Down 1.8%

Shares of Quest Diagnostics stock traded down $3.30 on Tuesday, hitting $178.35. 1,105,684 shares of the company traded hands, compared to its average volume of 1,149,299. The company has a market cap of $19.94 billion, a PE ratio of 21.36, a PEG ratio of 2.41 and a beta of 0.54. Quest Diagnostics Incorporated has a 52 week low of $146.17 and a 52 week high of $185.62. 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 stock's 50 day moving average price is $175.13 and its 200-day moving average price is $173.15.

Quest Diagnostics (NYSE:DGX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The medical research company reported $2.62 EPS for the quarter, beating the consensus estimate of $2.57 by $0.05. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates 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 prior year, the company earned $2.35 earnings per share. Quest Diagnostics has set its FY 2025 guidance at 9.630-9.830 EPS. Equities research analysts predict that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $3.20 dividend on an annualized basis and a yield of 1.8%. Quest Diagnostics's payout ratio is currently 38.32%.

Analyst Ratings Changes

A number of analysts have recently weighed in on DGX shares. Wall Street Zen downgraded shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. JPMorgan Chase & Co. upped their target price on Quest Diagnostics from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Robert W. Baird reissued a "neutral" rating and issued a $194.00 price objective on shares of Quest Diagnostics in a research note on Monday, August 25th. Truist Financial lifted their price target on Quest Diagnostics from $190.00 to $192.00 and gave the company a "hold" rating in a research report on Wednesday, July 23rd. Finally, UBS Group lowered their price target on Quest Diagnostics from $176.00 to $175.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $186.00.

Insider Buying and Selling

In other Quest Diagnostics news, SVP Karthik Kuppusamy sold 8,269 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $167.40, for a total value of $1,384,230.60. Following the completion of the transaction, the senior vice president directly owned 10,660 shares in the company, valued at $1,784,484. This trade represents a 43.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Patrick Plewman sold 5,535 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $175.00, for a total transaction of $968,625.00. Following the transaction, the senior vice president directly owned 19,219 shares in the company, valued at $3,363,325. This trade represents a 22.36% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 24,496 shares of company stock valued at $4,278,787. Company insiders own 8.16% of the company's stock.

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.