California Public Employees Retirement System trimmed its position in Quest Diagnostics Incorporated (NYSE:DGX – Free Report) by 32.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,792 shares of the medical research company’s stock after selling 112,457 shares during the quarter. California Public Employees Retirement System’s holdings in Quest Diagnostics were worth $46,602,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its stake in Quest Diagnostics by 346.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 24,949 shares of the medical research company’s stock valued at $4,329,000 after purchasing an additional 19,361 shares during the last quarter. Davis Selected Advisers grew its stake in shares of Quest Diagnostics by 16.8% during the fourth quarter. Davis Selected Advisers now owns 1,589,883 shares of the medical research company’s stock worth $275,895,000 after buying an additional 228,271 shares during the last quarter. Capital Management Associates Inc acquired a new position in shares of Quest Diagnostics during the fourth quarter worth $1,024,000. SG Americas Securities LLC increased its holdings in shares of Quest Diagnostics by 694.2% during the fourth quarter. SG Americas Securities LLC now owns 179,653 shares of the medical research company’s stock worth $31,175,000 after buying an additional 157,031 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its stake in shares of Quest Diagnostics by 178.7% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 171,987 shares of the medical research company’s stock valued at $29,847,000 after acquiring an additional 110,280 shares during the last quarter. Institutional investors own 88.06% of the company’s stock.
Quest Diagnostics Price Performance
Shares of NYSE:DGX opened at $207.44 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.08 and a current ratio of 1.18. Quest Diagnostics Incorporated has a 52 week low of $165.30 and a 52 week high of $219.20. The firm has a market cap of $22.96 billion, a PE ratio of 22.92, a price-to-earnings-growth ratio of 2.51 and a beta of 0.58. The firm’s fifty day moving average is $200.87 and its 200-day moving average is $196.50.
Quest Diagnostics Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th will be given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Wednesday, July 8th. Quest Diagnostics’s payout ratio is 38.01%.
Insider Activity
In related news, SVP Karthik Kuppusamy sold 8,147 shares of Quest Diagnostics stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $200.00, for a total value of $1,629,400.00. Following the transaction, the senior vice president directly owned 13,510 shares of the company’s stock, valued at $2,702,000. The trade was a 37.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO J. E. Davis sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $194.14, for a total value of $1,941,400.00. Following the completion of the sale, the chief executive officer owned 132,423 shares in the company, valued at $25,708,601.22. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.88% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms recently weighed in on DGX. Jefferies Financial Group reissued a “buy” rating and set a $225.00 price objective on shares of Quest Diagnostics in a report on Tuesday, April 21st. Truist Financial upped their target price on Quest Diagnostics from $220.00 to $225.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. UBS Group increased their target price on Quest Diagnostics from $210.00 to $220.00 and gave the company a “neutral” rating in a research report on Wednesday, April 22nd. Wall Street Zen cut Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Monday. Finally, Evercore set a $225.00 price objective on Quest Diagnostics in a research note on Tuesday, April 21st. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Quest Diagnostics presently has a consensus rating of “Moderate Buy” and a consensus price target of $217.17.
Check Out Our Latest Stock Analysis on DGX
About Quest Diagnostics
Quest Diagnostics (NYSE: DGX) is a leading provider of diagnostic information services that supports clinical decision-making for patients, physicians and healthcare organizations. The company operates a network of clinical laboratories and patient service centers that perform a broad range of laboratory tests and diagnostic assays used in routine care, disease diagnosis, monitoring and screening.
Its services span core clinical laboratory testing, anatomic pathology, molecular and genomic diagnostics, infectious disease testing and toxicology.
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