Pinebridge Investments L.P. Acquires 2,686 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Pinebridge Investments L.P. grew its stake in shares of Quest Diagnostics Incorporated (NYSE:DGXFree Report) by 73.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,355 shares of the medical research company’s stock after purchasing an additional 2,686 shares during the quarter. Pinebridge Investments L.P.’s holdings in Quest Diagnostics were worth $876,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Quest Diagnostics in the 4th quarter valued at about $140,472,000. Nuance Investments LLC bought a new stake in Quest Diagnostics during the 4th quarter valued at $83,070,000. JPMorgan Chase & Co. lifted its holdings in shares of Quest Diagnostics by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,001,347 shares of the medical research company’s stock worth $243,884,000 after buying an additional 538,377 shares during the period. American Century Companies Inc. lifted its holdings in shares of Quest Diagnostics by 12.3% in the 3rd quarter. American Century Companies Inc. now owns 3,554,517 shares of the medical research company’s stock worth $433,153,000 after buying an additional 388,162 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of 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 worth $318,517,000 after buying an additional 333,947 shares in the last quarter. 88.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on DGX shares. Truist Financial upped their price objective on shares of Quest Diagnostics from $145.00 to $150.00 and gave the stock a “hold” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. increased their price objective on shares of Quest Diagnostics from $152.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Citigroup boosted their price objective on shares of Quest Diagnostics from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Mizuho increased their target price on Quest Diagnostics from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Finally, UBS Group lifted their price target on Quest Diagnostics from $139.00 to $146.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $146.67.

Check Out Our Latest Stock Analysis on DGX

Quest Diagnostics Stock Performance

DGX opened at $142.34 on Friday. The firm’s 50-day moving average price is $136.57 and its 200-day moving average price is $133.53. The company has a market cap of $15.81 billion, a P/E ratio of 19.16, a price-to-earnings-growth ratio of 3.09 and a beta of 0.90. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.59. Quest Diagnostics Incorporated has a 52-week low of $119.59 and a 52-week high of $145.62.

Quest Diagnostics (NYSE:DGXGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.86 by $0.18. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Quest Diagnostics had a net margin of 9.11% and a return on equity of 15.52%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company posted $2.04 earnings per share. As a group, equities analysts anticipate that Quest Diagnostics Incorporated will post 8.79 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Monday, July 8th. Quest Diagnostics’s dividend payout ratio is presently 38.22%.

Insider Transactions at Quest Diagnostics

In related news, SVP Karthik Kuppusamy sold 1,760 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $140.00, for a total value of $246,400.00. Following the sale, the senior vice president now owns 13,435 shares in the company, valued at $1,880,900. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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