Weatherly Asset Management L. P. Cuts Stock Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Weatherly Asset Management L. P. decreased its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 9.0% during the fourth quarter, HoldingsChannel reports. The firm owned 26,355 shares of the medical research company’s stock after selling 2,600 shares during the period. Weatherly Asset Management L. P.’s holdings in Quest Diagnostics were worth $3,634,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James & Associates increased its position in Quest Diagnostics by 103.3% during the 4th quarter. Raymond James & Associates now owns 148,251 shares of the medical research company’s stock valued at $20,441,000 after purchasing an additional 75,315 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new position in Quest Diagnostics during the 4th quarter valued at about $1,483,000. Wellington Management Group LLP increased its position in Quest Diagnostics by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,613,793 shares of the medical research company’s stock valued at $318,517,000 after purchasing an additional 333,947 shares during the period. Pacer Advisors Inc. increased its position in Quest Diagnostics by 201.5% during the 4th quarter. Pacer Advisors Inc. now owns 31,912 shares of the medical research company’s stock valued at $4,400,000 after purchasing an additional 21,327 shares during the period. Finally, Strs Ohio grew its position in shares of Quest Diagnostics by 7.6% in the 4th quarter. Strs Ohio now owns 16,270 shares of the medical research company’s stock worth $2,243,000 after buying an additional 1,150 shares during the last quarter. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on DGX shares. SVB Leerink started coverage on shares of Quest Diagnostics in a research report on Monday, February 26th. They issued a “market perform” rating and a $135.00 price objective on the stock. Jefferies Financial Group raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $140.00 to $155.00 in a research report on Wednesday, February 7th. Truist Financial reaffirmed a “hold” rating and issued a $145.00 price objective on shares of Quest Diagnostics in a research report on Wednesday, March 20th. Leerink Partnrs reaffirmed a “market perform” rating on shares of Quest Diagnostics in a research report on Monday, February 26th. Finally, TheStreet cut shares of Quest Diagnostics from a “b-” rating to a “c” rating in a research note on Monday, February 5th. Ten investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Quest Diagnostics has an average rating of “Hold” and a consensus target price of $144.18.

Insider Activity

In other news, SVP Michael E. Prevoznik sold 5,611 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $125.88, for a total transaction of $706,312.68. Following the sale, the senior vice president now directly owns 38,478 shares in the company, valued at approximately $4,843,610.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Catherine T. Doherty sold 5,557 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $126.57, for a total value of $703,349.49. Following the transaction, the executive vice president now directly owns 69,599 shares of the company’s stock, valued at approximately $8,809,145.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael E. Prevoznik sold 5,611 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $125.88, for a total transaction of $706,312.68. Following the completion of the transaction, the senior vice president now directly owns 38,478 shares in the company, valued at $4,843,610.64. The disclosure for this sale can be found here. Insiders have sold 15,150 shares of company stock worth $1,913,202 in the last ninety days. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Stock Performance

DGX traded up $6.65 during midday trading on Tuesday, hitting $136.74. 2,088,321 shares of the company were exchanged, compared to its average volume of 1,057,877. The company’s 50 day simple moving average is $128.32 and its 200 day simple moving average is $130.95. The firm has a market capitalization of $15.19 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91. The company has a current ratio of 1.31, a quick ratio of 1.20 and a debt-to-equity ratio of 0.70. Quest Diagnostics Incorporated has a 1-year low of $119.59 and a 1-year high of $148.62.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Thursday, February 1st. The medical research company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.04. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. Quest Diagnostics had a return on equity of 15.79% and a net margin of 9.23%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the firm earned $1.98 EPS. As a group, sell-side analysts predict that Quest Diagnostics Incorporated will post 8.75 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were given a dividend of $0.75 per share. The ex-dividend date was Friday, April 5th. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.71. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.19%. Quest Diagnostics’s dividend payout ratio (DPR) is 37.92%.

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.