Sumitomo Mitsui Trust Group Inc. Lowers Position in Quest Diagnostics Incorporated (NYSE:DGX)

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,973 shares of the medical research company’s stock after selling 8,149 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Quest Diagnostics worth $41,784,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc grew its position in Quest Diagnostics by 340.4% in the fourth quarter. Versant Capital Management Inc now owns 251 shares of the medical research company’s stock worth $38,000 after acquiring an additional 194 shares in the last quarter. First Financial Corp IN bought a new stake in Quest Diagnostics during the fourth quarter worth about $38,000. Global Trust Asset Management LLC purchased a new position in shares of Quest Diagnostics in the 4th quarter worth about $49,000. Sentry Investment Management LLC bought a new position in shares of Quest Diagnostics during the 3rd quarter valued at about $82,000. Finally, Board of the Pension Protection Fund purchased a new position in shares of Quest Diagnostics during the 4th quarter valued at about $91,000. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Performance

Shares of DGX stock opened at $165.16 on Tuesday. 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 fifty day moving average of $155.44 and a 200 day moving average of $154.34. The firm has a market capitalization of $18.43 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 2.04 and a beta of 0.91. Quest Diagnostics Incorporated has a 52 week low of $123.30 and a 52 week high of $167.08.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a return on equity of 15.07% and a net margin of 8.80%. As a group, research analysts expect that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a $0.80 dividend. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, April 7th. Quest Diagnostics’s dividend payout ratio is presently 39.01%.

Insider Buying and Selling

In related news, SVP Mark E. Delaney sold 403 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total value of $66,212.90. Following the completion of the transaction, the senior vice president now directly owns 4,624 shares of the company’s stock, valued at approximately $759,723.20. This trade represents a 8.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vicky B. Gregg sold 1,250 shares of the company’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 sale, the director now owns 16,867 shares in the company, valued at $2,775,802.19. This represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on DGX. Citigroup increased their price target on shares of Quest Diagnostics from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $185.00 target price (up previously from $175.00) on shares of Quest Diagnostics in a report on Tuesday, December 10th. Robert W. Baird raised shares of Quest Diagnostics from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $157.00 to $182.00 in a research note on Wednesday, October 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $180.00 price objective (up from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. Finally, Baird R W raised Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $177.69.

Quest Diagnostics Profile

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.