Alliancebernstein L.P. Has $164.90 Million Position in Quest Diagnostics Incorporated (NYSE:DGX)

Alliancebernstein L.P. grew its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 83.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,093,042 shares of the medical research company’s stock after buying an additional 497,995 shares during the period. Alliancebernstein L.P. owned 0.98% of Quest Diagnostics worth $164,896,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the company. Sierra Ocean LLC acquired a new position in shares of Quest Diagnostics during the 4th quarter valued at $33,000. Versant Capital Management Inc grew its holdings in Quest Diagnostics by 340.4% during the fourth quarter. Versant Capital Management Inc now owns 251 shares of the medical research company’s stock worth $38,000 after buying an additional 194 shares in the last quarter. First Financial Corp IN purchased a new stake in shares of Quest Diagnostics in the fourth quarter valued at about $38,000. FPC Investment Advisory Inc. purchased a new stake in Quest Diagnostics in the 4th quarter valued at about $45,000. Finally, Global Trust Asset Management LLC purchased a new stake in shares of Quest Diagnostics during the fourth quarter valued at approximately $49,000. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Quest Diagnostics Price Performance

DGX stock opened at $169.45 on Wednesday. Quest Diagnostics Incorporated has a 12-month low of $125.42 and a 12-month high of $178.87. The stock has a market capitalization of $18.80 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 2.16 and a beta of 0.92. The company has a current ratio of 1.10, a quick ratio of 1.02 and a debt-to-equity ratio of 0.82. The firm’s 50-day moving average price is $167.34 and its two-hundred day moving average price is $159.30.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings data on Thursday, January 30th. The medical research company reported $2.23 earnings per share (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%. As a group, equities analysts predict 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. Investors of record on Monday, April 7th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.89%. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, April 7th. Quest Diagnostics’s dividend payout ratio is presently 41.61%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley raised shares of Quest Diagnostics from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $145.00 to $172.00 in a research report on Tuesday, December 17th. Truist Financial increased their price objective on Quest Diagnostics from $172.00 to $182.00 and gave the stock a “hold” rating in a report on Friday, January 31st. Citigroup downgraded shares of Quest Diagnostics from a “buy” rating to a “neutral” rating and set a $185.00 price target for the company. in a 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, Jefferies Financial Group reiterated a “buy” rating and issued a $185.00 target price (up from $175.00) on shares of Quest Diagnostics in a research report on Tuesday, December 10th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $178.38.

Insider Buying and Selling

In related news, SVP Mark E. Delaney sold 403 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $164.30, for a total transaction of $66,212.90. Following the sale, the senior vice president now directly owns 4,624 shares of the company’s stock, valued at $759,723.20. This trade represents a 8.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Catherine T. Doherty sold 535 shares of Quest Diagnostics stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $169.71, for a total transaction of $90,794.85. Following the completion of the sale, the executive vice president now directly owns 71,356 shares of the company’s stock, valued at approximately $12,109,826.76. This trade represents a 0.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,157 shares of company stock worth $2,423,755 in the last three months. 0.79% of the stock is owned by corporate insiders.

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.