Simplicity Solutions LLC cut its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 16.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,548 shares of the medical research company’s stock after selling 295 shares during the period. Simplicity Solutions LLC’s holdings in Quest Diagnostics were worth $242,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. grew its stake in shares of Quest Diagnostics by 10.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 95,620 shares of the medical research company’s stock valued at $11,749,000 after buying an additional 9,225 shares during the period. Mercer Global Advisors Inc. ADV grew its stake in shares of Quest Diagnostics by 2.7% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 57,264 shares of the medical research company’s stock valued at $7,026,000 after buying an additional 1,521 shares during the period. Aviva PLC grew its stake in shares of Quest Diagnostics by 14.9% during the 3rd quarter. Aviva PLC now owns 130,784 shares of the medical research company’s stock valued at $16,046,000 after buying an additional 17,002 shares during the period. New York State Common Retirement Fund grew its stake in shares of Quest Diagnostics by 1.1% during the 4th quarter. New York State Common Retirement Fund now owns 156,627 shares of the medical research company’s stock valued at $24,503,000 after buying an additional 1,766 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Quest Diagnostics by 4.2% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 1,202,164 shares of the medical research company’s stock worth $147,494,000 after purchasing an additional 48,392 shares during the period. 88.79% of the stock is owned by hedge funds and other institutional investors.
Quest Diagnostics Stock Performance
Shares of DGX stock opened at $146.55 on Tuesday. Quest Diagnostics Incorporated has a 12 month low of $120.40 and a 12 month high of $158.34. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.22 and a quick ratio of 1.10. The firm has a market capitalization of $16.40 billion, a P/E ratio of 18.50 and a beta of 0.95. The company’s fifty day moving average price is $140.36 and its two-hundred day moving average price is $144.12.
Quest Diagnostics announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 2nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical research company to buy up to 6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
Quest Diagnostics Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, April 24th. Stockholders of record on Monday, April 10th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Thursday, April 6th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.66. Quest Diagnostics’s dividend payout ratio is 35.86%.
Insider Activity
In other news, SVP Michael E. Prevoznik sold 1,415 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $141.42, for a total value of $200,109.30. Following the sale, the senior vice president now 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 the SEC website. Company insiders own 1.70% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on DGX shares. Evercore ISI started coverage on shares of Quest Diagnostics in a research report on Monday, January 23rd. They set an “inline” rating and a $159.00 price target for the company. Citigroup raised shares of Quest Diagnostics from a “sell” rating to a “neutral” rating and upped their price target for the stock from $125.00 to $142.00 in a research report on Monday, April 3rd. StockNews.com started coverage on shares of Quest Diagnostics in a research report on Thursday, March 16th. They set a “hold” rating for the company. Robert W. Baird upped their price target on shares of Quest Diagnostics from $143.00 to $154.00 and gave the stock a “neutral” rating in a research report on Thursday, January 12th. Finally, Truist Financial decreased their price target 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. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $151.56.
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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