Tokio Marine Asset Management Co. Ltd. purchased a new position in Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,798 shares of the medical research company’s stock, valued at approximately $281,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of DGX. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Quest Diagnostics by 8.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,921 shares of the medical research company’s stock valued at $947,000 after buying an additional 556 shares during the period. Panagora Asset Management Inc. raised its position in Quest Diagnostics by 97.5% during the first quarter. Panagora Asset Management Inc. now owns 7,878 shares of the medical research company’s stock valued at $1,078,000 after purchasing an additional 3,889 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Quest Diagnostics by 3.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,923 shares of the medical research company’s stock worth $2,179,000 after purchasing an additional 525 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Quest Diagnostics by 21.9% in the 1st quarter. Sei Investments Co. now owns 191,048 shares of the medical research company’s stock valued at $26,165,000 after purchasing an additional 34,364 shares in the last quarter. Finally, Aviva PLC increased its stake in shares of Quest Diagnostics by 22.1% in the 1st quarter. Aviva PLC now owns 68,068 shares of the medical research company’s stock valued at $9,316,000 after purchasing an additional 12,298 shares during the last quarter. Institutional investors and hedge funds own 88.79% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on DGX shares. Robert W. Baird raised their price objective on Quest Diagnostics from $143.00 to $154.00 and gave the company a “neutral” rating in a research note on Thursday, January 12th. Morgan Stanley lifted their price target on shares of Quest Diagnostics from $146.00 to $158.00 and gave the company an “equal weight” rating in a report on Friday, January 6th. Truist Financial lowered their price objective on shares of Quest Diagnostics from $170.00 to $160.00 and set a “hold” rating for the company in a research report on Friday, March 17th. Wells Fargo & Company raised their target price on shares of Quest Diagnostics from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, February 3rd. Finally, StockNews.com initiated coverage on shares of Quest Diagnostics in a report on Thursday, March 16th. They set a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $152.45.
Quest Diagnostics Trading Up 0.2 %
Quest Diagnostics (NYSE:DGX – Get Rating) last announced its earnings results on Thursday, February 2nd. The medical research company reported $1.98 EPS for the quarter, beating the consensus estimate of $1.90 by $0.08. Quest Diagnostics had a return on equity of 18.84% and a net margin of 9.57%. The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the business posted $3.33 earnings per share. The firm’s revenue was down 15.0% on a year-over-year basis. On average, analysts expect that Quest Diagnostics Incorporated will post 8.68 EPS for the current year.
Quest Diagnostics Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, April 24th. Investors of record on Monday, April 10th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, April 6th. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.66. Quest Diagnostics’s dividend payout ratio (DPR) is currently 35.86%.
Quest Diagnostics announced that its Board of Directors has approved a stock repurchase program on Thursday, February 2nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical research company to buy up to 6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Insider Activity at Quest Diagnostics
In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 1,415 shares of the stock in a transaction dated Friday, February 24th. The stock was sold at an average price of $141.42, for a total transaction of $200,109.30. Following the completion of the sale, the senior vice president now directly owns 39,440 shares in the company, valued at approximately $5,577,604.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.70% of the stock is owned by company insiders.
Quest Diagnostics Company Profile
Quest Diagnostics, Inc engages in the provision of diagnostic testing, information and services. It operates through the Diagnostic Information Services (DIS) and All Other segments. The DIS segment offers diagnostic information services to patients, clinicians, hospitals, health plans, and employers.
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