Tredje AP fonden Acquires 13,593 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Key Points

• Tredje AP fonden increased its stake in Quest Diagnostics by 155.4% during the first quarter, acquiring an additional 13,593 shares, bringing its total holdings to 22,340 shares valued at $3,780,000.
• Recent hedge fund activity indicates significant institutional interest, with approximately 88.06% of Quest Diagnostics' stock owned by institutional investors.
• Quest Diagnostics recently declared a quarterly dividend of $0.80 per share, leading to an annualized dividend yield of 1.90%.

Tredje AP fonden grew its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 155.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 22,340 shares of the medical research company's stock after acquiring an additional 13,593 shares during the quarter. Tredje AP fonden's holdings in Quest Diagnostics were worth $3,780,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC lifted its holdings in shares of Quest Diagnostics by 57.8% during the first quarter. Bruce G. Allen Investments LLC now owns 183 shares of the medical research company's stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. First Horizon Advisors Inc. increased its position in Quest Diagnostics by 76.6% in the 1st quarter. First Horizon Advisors Inc. now owns 189 shares of the medical research company's stock worth $32,000 after purchasing an additional 82 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Quest Diagnostics by 157.3% during the 1st quarter. Golden State Wealth Management LLC now owns 193 shares of the medical research company's stock valued at $33,000 after acquiring an additional 118 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Quest Diagnostics during the 1st quarter valued at about $35,000. Finally, Continuum Advisory LLC boosted its stake in Quest Diagnostics by 11,100.0% during the 1st quarter. Continuum Advisory LLC now owns 224 shares of the medical research company's stock valued at $38,000 after purchasing an additional 222 shares during the period. Institutional investors and hedge funds own 88.06% of the company's stock.

Quest Diagnostics Stock Up 2.0%

Shares of Quest Diagnostics stock traded up $3.40 during trading on Friday, reaching $170.81. The stock had a trading volume of 1,421,070 shares, compared to its average volume of 1,363,318. The company has a market capitalization of $19.10 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 2.22 and a beta of 0.46. The stock has a fifty day moving average price of $174.01 and a two-hundred day moving average price of $170.14. Quest Diagnostics Incorporated has a 52 week low of $144.87 and a 52 week high of $182.38. The company has a current ratio of 1.09, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.05. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.73 billion. Quest Diagnostics had a return on equity of 15.24% and a net margin of 9.01%. Quest Diagnostics's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.35 earnings per share. Sell-side analysts predict that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Monday, July 7th. Quest Diagnostics's payout ratio is currently 38.32%.

Analysts Set New Price Targets

Several analysts recently weighed in on DGX shares. Piper Sandler increased their target price on Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Evercore ISI set a $185.00 target price on Quest Diagnostics in a report on Wednesday, July 23rd. Wall Street Zen raised Quest Diagnostics from a "hold" rating to a "buy" rating in a report on Saturday. Barclays lifted 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. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Quest Diagnostics from $160.00 to $178.00 and gave the company a "hold" rating in a research note on Wednesday, July 23rd. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $186.00.

Insider Buying and Selling

In other news, SVP Karthik Kuppusamy sold 2,210 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $170.00, for a total transaction of $375,700.00. Following the completion of the sale, the senior vice president owned 8,450 shares in the company, valued at $1,436,500. The trade was a 20.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 sale, the senior vice president owned 8,372 shares of the company's stock, valued at approximately $1,471,127.84. This represents a 9.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,353 shares of company stock valued at $1,913,510. Corporate 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.