Quest Diagnostics Incorporated (NYSE:DGX) Shares Acquired by Virtu Financial LLC

Key Points

• Virtu Financial LLC increased its stake in Quest Diagnostics by 79.2%, now holding 4,503 shares valued at approximately $762,000.
• Over the first quarter, institutional investors significantly boosted their holdings in Quest Diagnostics, with a combined ownership of 88.06% among these investors.
• Quest Diagnostics reported $2.62 EPS for the recent quarter, exceeding analyst expectations and marking a 15.2% increase in quarterly revenue year-over-year.

Virtu Financial LLC grew its stake in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 79.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,503 shares of the medical research company's stock after acquiring an additional 1,990 shares during the period. Virtu Financial LLC's holdings in Quest Diagnostics were worth $762,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in DGX. Price T Rowe Associates Inc. MD boosted its stake in shares of Quest Diagnostics by 42.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,490,278 shares of the medical research company's stock valued at $828,265,000 after purchasing an additional 1,637,525 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Quest Diagnostics by 23,296.2% during the first quarter. GAMMA Investing LLC now owns 444,996 shares of the medical research company's stock valued at $75,293,000 after purchasing an additional 443,094 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Quest Diagnostics during the fourth quarter valued at approximately $33,698,000. Northern Trust Corp boosted its stake in shares of Quest Diagnostics by 18.7% during the fourth quarter. Northern Trust Corp now owns 1,196,429 shares of the medical research company's stock valued at $180,493,000 after purchasing an additional 188,402 shares in the last quarter. Finally, Coho Partners Ltd. bought a new position in shares of Quest Diagnostics during the first quarter valued at approximately $30,839,000. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Up 0.7%

DGX traded up $1.23 during trading hours on Friday, hitting $179.67. 810,247 shares of the company's stock were exchanged, compared to its average volume of 1,287,668. Quest Diagnostics Incorporated has a 12-month low of $146.17 and a 12-month high of $182.38. The firm has a 50 day moving average of $174.68 and a 200 day moving average of $171.73. The firm has a market cap of $20.09 billion, a P/E ratio of 21.52, a price-to-earnings-growth ratio of 2.37 and a beta of 0.46. 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 posted its quarterly earnings results on Tuesday, July 22nd. The medical research company reported $2.62 EPS for the quarter, topping the consensus estimate of $2.57 by $0.05. Quest Diagnostics had a net margin of 9.01% and a return on equity of 15.24%. The company had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.73 billion. During the same quarter in the previous year, the business posted $2.35 EPS. The firm's revenue was up 15.2% on a year-over-year basis. Analysts predict that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

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

Insider Activity at Quest Diagnostics

In other news, SVP Karthik Kuppusamy sold 8,269 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $167.40, for a total transaction of $1,384,230.60. Following the sale, the senior vice president owned 10,660 shares of the company's stock, valued at approximately $1,784,484. This trade represents a 43.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Patrick Plewman sold 5,535 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $175.00, for a total value of $968,625.00. Following the sale, 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. Insiders have sold a total of 16,014 shares of company stock valued at $2,728,556 in the last quarter. 8.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DGX. Wall Street Zen downgraded shares of Quest Diagnostics from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Piper Sandler raised their target price on shares of Quest Diagnostics from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Monday, April 28th. Robert W. Baird raised their target price on shares of Quest Diagnostics from $191.00 to $194.00 and gave the company an "outperform" rating in a research note on Wednesday, April 23rd. William Blair restated an "outperform" rating on shares of Quest Diagnostics in a research note on Wednesday, July 23rd. Finally, Barclays raised their target price on shares of Quest Diagnostics from $175.00 to $185.00 and gave the company an "equal weight" 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, Quest Diagnostics has an average rating of "Moderate Buy" and a consensus price target of $186.00.

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.