Texas Permanent School Fund Corp Sells 4,591 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Texas Permanent School Fund Corp cut its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 20.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,356 shares of the medical research company’s stock after selling 4,591 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Quest Diagnostics were worth $2,513,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Gryphon Financial Partners LLC grew its position in shares of Quest Diagnostics by 10.9% during the 4th quarter. Gryphon Financial Partners LLC now owns 2,260 shares of the medical research company’s stock worth $314,000 after buying an additional 223 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Quest Diagnostics in the 4th quarter valued at $124,000. Panagora Asset Management Inc. lifted its holdings in shares of Quest Diagnostics by 38.5% during the fourth quarter. Panagora Asset Management Inc. now owns 9,534 shares of the medical research company’s stock worth $1,315,000 after purchasing an additional 2,649 shares during the period. Norges Bank purchased a new stake in shares of Quest Diagnostics in the 4th quarter valued at $140,472,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Quest Diagnostics by 7.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,711 shares of the medical research company’s stock valued at $6,303,000 after buying an additional 3,049 shares during the last quarter. 88.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on DGX shares. StockNews.com raised Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Citigroup upgraded shares of Quest Diagnostics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $165.00 in a report on Wednesday, July 10th. Barclays increased their target price on shares of Quest Diagnostics from $144.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 27th. Robert W. Baird raised their target price on Quest Diagnostics from $153.00 to $154.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Piper Sandler upped their price objective on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $154.33.

Quest Diagnostics Price Performance

NYSE:DGX opened at $156.36 on Tuesday. The business’s 50-day moving average price is $149.56 and its 200 day moving average price is $140.26. The firm has a market cap of $17.41 billion, a P/E ratio of 21.04, a PEG ratio of 2.80 and a beta of 0.89. The company has a quick ratio of 0.91, a current ratio of 1.00 and a debt-to-equity ratio of 0.57. Quest Diagnostics Incorporated has a 52-week low of $119.59 and a 52-week high of $159.36.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. Quest Diagnostics had a return on equity of 15.35% and a net margin of 8.99%. Quest Diagnostics’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.30 earnings per share. As a group, sell-side analysts predict that Quest Diagnostics Incorporated will post 8.89 earnings per share for the current fiscal year.

Quest Diagnostics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Friday, October 4th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, October 4th. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.38%.

Insider Buying and Selling at Quest Diagnostics

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total value of $304,987.40. Following the sale, the senior vice president now owns 11,459 shares of the company’s stock, valued at $1,756,206.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Quest Diagnostics news, SVP Mark E. Delaney sold 420 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $143.08, for a total transaction of $60,093.60. Following the sale, the senior vice president now directly owns 5,019 shares in the company, valued at approximately $718,118.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Karthik Kuppusamy sold 1,990 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total value of $304,987.40. Following the transaction, the senior vice president now directly owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

About Quest Diagnostics

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.