ExodusPoint Capital Management LP Sells 17,704 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Posted by Defense World Staff on Jun 9th, 2023

ExodusPoint Capital Management LP lowered its position in shares of Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 58.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,492 shares of the medical research company’s stock after selling 17,704 shares during the period. ExodusPoint Capital Management LP’s holdings in Quest Diagnostics were worth $1,954,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DGX. James Investment Research Inc. bought a new stake in shares of Quest Diagnostics in the 4th quarter valued at about $29,000. Hallmark Capital Management Inc. bought a new stake in shares of Quest Diagnostics in the 3rd quarter valued at about $31,000. Sandy Spring Bank grew its position in shares of Quest Diagnostics by 100.0% in the 4th quarter. Sandy Spring Bank now owns 200 shares of the medical research company’s stock valued at $31,000 after buying an additional 100 shares during the last quarter. Accurate Wealth Management LLC bought a new stake in shares of Quest Diagnostics in the 4th quarter valued at about $36,000. Finally, Guardian Wealth Advisors LLC bought a new stake in shares of Quest Diagnostics in the 3rd quarter valued at about $37,000. Institutional investors own 88.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup upgraded Quest Diagnostics from a “sell” rating to a “neutral” rating and upped their price target for the company from $125.00 to $142.00 in a research report on Monday, April 3rd. StockNews.com began coverage on Quest Diagnostics in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Bank of America downgraded Quest Diagnostics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $166.00 to $148.00 in a research note on Tuesday, May 2nd. Truist Financial dropped their price objective on Quest Diagnostics from $170.00 to $160.00 and set a “hold” rating on the stock in a research note on Friday, March 17th. Finally, Mizuho reissued a “buy” rating and issued a $165.00 price objective on shares of Quest Diagnostics in a research note on Friday, March 17th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $151.20.

Quest Diagnostics Stock Performance

Shares of DGX opened at $135.67 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.20 and a current ratio of 1.34. The stock has a 50 day moving average price of $137.64 and a two-hundred day moving average price of $143.07. The firm has a market capitalization of $15.20 billion, a P/E ratio of 20.01 and a beta of 0.95. Quest Diagnostics Incorporated has a 52 week low of $120.40 and a 52 week high of $158.34.

Quest Diagnostics (NYSE:DGX – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The medical research company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.07. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.20 billion. Quest Diagnostics had a return on equity of 16.51% and a net margin of 8.26%. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.22 EPS. Equities analysts forecast that Quest Diagnostics Incorporated will post 8.73 earnings per share for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Tuesday, July 11th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Monday, July 10th. Quest Diagnostics’s dividend payout ratio is presently 41.89%.

Quest Diagnostics Company Profile

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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.