Quest Diagnostics Incorporated (NYSE:DGX) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 2.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 503,209 shares of the medical research company’s stock after selling 10,086 shares during the quarter. California Public Employees Retirement System’s holdings in Quest Diagnostics were worth $75,914,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Schroder Investment Management Group grew its holdings in Quest Diagnostics by 8.4% during the fourth quarter. Schroder Investment Management Group now owns 77,316 shares of the medical research company’s stock worth $11,672,000 after acquiring an additional 5,974 shares during the period. Allstate Corp acquired a new stake in shares of Quest Diagnostics during the 4th quarter worth approximately $512,000. Maridea Wealth Management LLC purchased a new position in shares of Quest Diagnostics during the 4th quarter valued at approximately $468,000. DnB Asset Management AS lifted its stake in shares of Quest Diagnostics by 2.4% in the 4th quarter. DnB Asset Management AS now owns 19,366 shares of the medical research company’s stock valued at $2,922,000 after purchasing an additional 451 shares during the period. Finally, Level Four Advisory Services LLC boosted its holdings in Quest Diagnostics by 1.9% during the fourth quarter. Level Four Advisory Services LLC now owns 36,111 shares of the medical research company’s stock worth $5,448,000 after buying an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Insiders Place Their Bets

In related news, Director Vicky B. Gregg sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total transaction of $205,712.50. Following the completion of the sale, the director now directly owns 16,867 shares in the company, valued at approximately $2,775,802.19. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael E. Prevoznik sold 604 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $170.99, for a total transaction of $103,277.96. Following the completion of the transaction, the senior vice president now owns 39,845 shares in the company, valued at $6,813,096.55. The trade was a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,157 shares of company stock valued at $2,423,755 in the last three months. 0.79% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $180.00 price objective (up previously from $165.00) on shares of Quest Diagnostics in a report on Monday, February 3rd. Morgan Stanley upgraded Quest Diagnostics from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $145.00 to $172.00 in a research note on Tuesday, December 17th. Citigroup downgraded 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. Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. increased their target price on Quest Diagnostics from $173.00 to $180.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $178.38.

Quest Diagnostics Price Performance

Shares of NYSE DGX opened at $169.39 on Tuesday. The firm has a 50-day simple moving average of $167.00 and a 200-day simple moving average of $159.20. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $18.80 billion, a price-to-earnings ratio of 22.03, a price-to-earnings-growth ratio of 2.16 and a beta of 0.92. Quest Diagnostics Incorporated has a 52 week low of $125.42 and a 52 week high of $178.87.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings data on Thursday, January 30th. The medical research company reported $2.23 EPS for the quarter, beating analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. On average, equities analysts predict that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a $0.80 dividend. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 1.89%. The ex-dividend date is Monday, April 7th. Quest Diagnostics’s dividend payout ratio is presently 41.61%.

About Quest Diagnostics

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.