Private Advisor Group LLC Decreases Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Private Advisor Group LLC cut its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,349 shares of the medical research company’s stock after selling 1,188 shares during the quarter. Private Advisor Group LLC’s holdings in Quest Diagnostics were worth $958,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Quest Diagnostics by 38.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,345 shares of the medical research company’s stock valued at $1,601,000 after purchasing an additional 2,852 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Quest Diagnostics by 14.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,657 shares of the medical research company’s stock worth $1,655,000 after buying an additional 1,346 shares during the period. First Trust Direct Indexing L.P. raised its position in Quest Diagnostics by 24.7% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 10,466 shares of the medical research company’s stock worth $1,625,000 after buying an additional 2,073 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Quest Diagnostics by 20.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 16,348 shares of the medical research company’s stock valued at $2,538,000 after acquiring an additional 2,805 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of Quest Diagnostics by 114.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 10,169 shares of the medical research company’s stock valued at $1,579,000 after acquiring an additional 5,436 shares during the last quarter. 88.06% of the stock is owned by institutional investors and hedge funds.

Quest Diagnostics Stock Up 0.8 %

DGX stock opened at $172.86 on Friday. Quest Diagnostics Incorporated has a 52 week low of $123.66 and a 52 week high of $176.44. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82. The firm has a 50-day simple moving average of $159.63 and a 200-day simple moving average of $156.73. The stock has a market capitalization of $19.18 billion, a P/E ratio of 22.48, a P/E/G ratio of 2.16 and a beta of 0.91.

Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings data on Thursday, January 30th. The medical research company reported $2.23 EPS for the quarter, topping the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a return on equity of 15.07% and a net margin of 8.80%. Equities analysts forecast that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a $0.80 dividend. The ex-dividend date is Monday, April 7th. This represents a $3.20 dividend on an annualized basis and a yield of 1.85%. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s dividend payout ratio (DPR) is presently 41.61%.

Wall Street Analyst Weigh In

DGX has been the subject of several recent research reports. Barclays raised their target price on shares of Quest Diagnostics from $168.00 to $175.00 and gave the stock an “equal weight” rating in a report on Friday, January 31st. Robert W. Baird set a $189.00 price objective on Quest Diagnostics in a report on Friday, January 31st. Leerink Partners upgraded Quest Diagnostics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $169.00 to $174.00 in a research note on Monday, January 6th. UBS Group boosted their price target on Quest Diagnostics from $166.00 to $170.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $180.00 price objective (up previously from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Quest Diagnostics currently has an average rating of “Moderate Buy” and an average target price of $178.23.

Insiders Place Their Bets

In other Quest Diagnostics news, Director Vicky B. Gregg sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total value of $205,712.50. Following the transaction, the director now directly owns 16,867 shares of the company’s stock, valued at $2,775,802.19. This trade represents a 6.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Mark E. Delaney sold 403 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total value of $66,212.90. Following the completion of the sale, the senior vice president now owns 4,624 shares of the company’s stock, valued at $759,723.20. This trade represents a 8.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,144 shares of company stock valued at $699,367 in the last 90 days. 0.79% of the stock is owned by insiders.

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.