Franklin Resources Inc. Has $8.62 Million Position in Quest Diagnostics Incorporated (NYSE:DGX)

Franklin Resources Inc. boosted its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 4.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,107 shares of the medical research company’s stock after purchasing an additional 2,210 shares during the quarter. Franklin Resources Inc.’s holdings in Quest Diagnostics were worth $8,615,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Sierra Ocean LLC bought a new stake in Quest Diagnostics in the 4th quarter valued at about $33,000. Versant Capital Management Inc raised its position in shares of 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 purchasing an additional 194 shares during the period. First Financial Corp IN bought a new position in shares of Quest Diagnostics in the 4th quarter worth $38,000. FPC Investment Advisory Inc. acquired a new stake in Quest Diagnostics in the 4th quarter valued at $45,000. Finally, Global Trust Asset Management LLC bought a new stake in Quest Diagnostics during the 4th quarter valued at $49,000. Institutional investors and hedge funds own 88.06% of the company’s stock.

Wall Street Analysts Forecast Growth

DGX has been the subject of several recent research reports. Piper Sandler reissued a “neutral” rating and set a $180.00 target price (up from $165.00) on shares of Quest Diagnostics in a research report on Monday, February 3rd. Redburn Atlantic initiated coverage on Quest Diagnostics in a report on Wednesday, April 2nd. They issued a “buy” rating and a $195.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Quest Diagnostics from $173.00 to $180.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. UBS Group lifted their price objective on shares of Quest Diagnostics from $166.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Finally, Robert W. Baird raised their price target on shares of Quest Diagnostics from $190.00 to $191.00 and gave the company an “outperform” rating in a research report on Thursday, March 20th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Quest Diagnostics currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.60.

Quest Diagnostics Stock Down 2.6 %

DGX stock opened at $160.03 on Wednesday. Quest Diagnostics Incorporated has a twelve month low of $125.42 and a twelve month high of $178.87. The firm has a market capitalization of $17.76 billion, a PE ratio of 20.81, a PEG ratio of 2.16 and a beta of 0.78. 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 50-day simple moving average of $168.45 and a two-hundred day simple moving average of $159.67.

Quest Diagnostics (NYSE:DGX) last posted its earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, topping 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 EPS for the current fiscal year.

Quest Diagnostics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be paid a dividend of $0.80 per share. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, April 7th. This represents a $3.20 annualized dividend and a yield of 2.00%. Quest Diagnostics’s dividend payout ratio (DPR) is currently 41.61%.

Insider Buying and Selling

In other news, EVP Catherine T. Doherty sold 5,370 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $174.13, for a total value of $935,078.10. Following the transaction, the executive vice president now owns 68,068 shares of the company’s stock, valued at $11,852,680.84. This represents a 7.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Mark E. Delaney sold 403 shares of the company’s 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 completion of the transaction, the senior vice president now 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 disclosure for this sale can be found here. Insiders sold a total of 55,903 shares of company stock worth $9,460,221 over the last ninety days. 0.79% of the stock is owned by corporate insiders.

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.