Nuveen Asset Management LLC Trims Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Nuveen Asset Management LLC trimmed its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 4.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 326,401 shares of the medical research company’s stock after selling 15,772 shares during the period. Nuveen Asset Management LLC owned 0.29% of Quest Diagnostics worth $49,241,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sierra Ocean LLC purchased a new position in Quest Diagnostics during the fourth quarter worth about $33,000. FPC Investment Advisory Inc. purchased a new position in Quest Diagnostics during the fourth quarter worth approximately $45,000. Global Trust Asset Management LLC purchased a new position in shares of Quest Diagnostics in the 4th quarter valued at $49,000. SBI Securities Co. Ltd. purchased a new position in shares of Quest Diagnostics in the 4th quarter valued at $54,000. Finally, Sandy Spring Bank grew its holdings in Quest Diagnostics by 142.5% during the 4th quarter. Sandy Spring Bank now owns 485 shares of the medical research company’s stock valued at $73,000 after purchasing an additional 285 shares in the last quarter. 88.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DGX shares. JPMorgan Chase & Co. raised their price objective on shares of Quest Diagnostics from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Robert W. Baird lifted their price objective on shares of Quest Diagnostics from $191.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, April 23rd. Barclays boosted their price target on shares of Quest Diagnostics from $175.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 23rd. Citigroup downgraded shares of Quest Diagnostics from a “buy” rating to a “neutral” rating and set a $185.00 price target on the stock. in a research report on Tuesday, March 4th. Finally, Redburn Atlantic began coverage on shares of Quest Diagnostics in a research report on Wednesday, April 2nd. They set a “buy” rating and a $195.00 price target on the stock. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Quest Diagnostics currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.73.

Insider Buying and Selling at Quest Diagnostics

In related news, CEO J. E. Davis sold 39,191 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $168.46, for a total transaction of $6,602,115.86. Following the completion of the transaction, the chief executive officer now directly owns 127,623 shares in the company, valued at $21,499,370.58. This represents a 23.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Mark E. Delaney sold 874 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $175.72, for a total transaction of $153,579.28. Following the transaction, the senior vice president now owns 8,372 shares of the company’s stock, valued at approximately $1,471,127.84. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,124 shares of company stock worth $9,341,875 over the last ninety days. 8.16% of the stock is currently owned by insiders.

Quest Diagnostics Stock Performance

Quest Diagnostics stock opened at $178.06 on Tuesday. The firm’s 50 day simple moving average is $170.27 and its 200-day simple moving average is $163.82. Quest Diagnostics Incorporated has a fifty-two week low of $135.47 and a fifty-two week high of $179.32. The company has a market cap of $19.88 billion, a P/E ratio of 23.15, a price-to-earnings-growth ratio of 2.16 and a beta of 0.52. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.10 and a quick ratio of 1.02.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Tuesday, April 22nd. The medical research company reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.06. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.63 billion. As a group, equities research analysts predict that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Monday, July 7th. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.46%.

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.