Holderness Investments Co. Decreases Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Holderness Investments Co. lowered its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 4.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,000 shares of the medical research company’s stock after selling 100 shares during the quarter. Holderness Investments Co.’s holdings in Quest Diagnostics were worth $274,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Gryphon Financial Partners LLC lifted its position in Quest Diagnostics by 10.9% in the fourth quarter. Gryphon Financial Partners LLC now owns 2,260 shares of the medical research company’s stock valued at $314,000 after acquiring an additional 223 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of Quest Diagnostics by 14.7% in the 4th quarter. Corient Private Wealth LLC now owns 41,413 shares of the medical research company’s stock valued at $5,710,000 after purchasing an additional 5,308 shares during the period. Trexquant Investment LP purchased a new position in Quest Diagnostics during the 4th quarter worth approximately $1,473,000. Assetmark Inc. increased its position in Quest Diagnostics by 13.7% during the fourth quarter. Assetmark Inc. now owns 5,788 shares of the medical research company’s stock worth $798,000 after buying an additional 699 shares during the period. Finally, US Bancorp DE lifted its stake in Quest Diagnostics by 0.8% in the fourth quarter. US Bancorp DE now owns 23,716 shares of the medical research company’s stock valued at $3,270,000 after buying an additional 186 shares during the last quarter. Institutional investors and hedge funds own 88.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on DGX shares. Robert W. Baird raised their target price on shares of Quest Diagnostics from $153.00 to $154.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Barclays increased their price target 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. Piper Sandler increased their target price on shares of Quest Diagnostics from $145.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Truist Financial raised their price target on Quest Diagnostics from $150.00 to $158.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Finally, Evercore ISI began coverage on Quest Diagnostics in a research note on Wednesday, August 28th. They set an “in-line” rating and a $165.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $154.33.

Insider Transactions at Quest Diagnostics

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the firm’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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Mark E. Delaney sold 420 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $143.08, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Karthik Kuppusamy sold 1,990 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total transaction of $304,987.40. Following the transaction, the senior vice president now owns 11,459 shares of the company’s stock, valued at $1,756,206.34. The disclosure for this sale can be found here. Corporate insiders own 0.79% of the company’s stock.

Quest Diagnostics Stock Down 1.4 %

Quest Diagnostics stock opened at $152.99 on Monday. The stock’s 50 day moving average price is $150.61 and its 200 day moving average price is $141.09. Quest Diagnostics Incorporated has a 1-year low of $119.59 and a 1-year high of $159.36. The company has a market cap of $17.00 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 2.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.00 and a quick ratio of 0.91.

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

Quest Diagnostics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Friday, October 4th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.96%. Quest Diagnostics’s payout ratio is 40.38%.

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.