Sumitomo Mitsui DS Asset Management Company Ltd Buys 7,514 Shares of Quest Diagnostics Incorporated $DGX

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 47.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,513 shares of the medical research company’s stock after purchasing an additional 7,514 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Quest Diagnostics were worth $5,480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of DGX. Key Financial Inc boosted its holdings in shares of Quest Diagnostics by 1,728.6% in the 1st quarter. Key Financial Inc now owns 128 shares of the medical research company’s stock valued at $25,000 after buying an additional 121 shares in the last quarter. Ancora Advisors LLC purchased a new position in shares of Quest Diagnostics in the 2nd quarter valued at $29,000. Frazier Financial Advisors LLC grew its position in shares of Quest Diagnostics by 492.9% in the 1st quarter. Frazier Financial Advisors LLC now owns 166 shares of the medical research company’s stock valued at $33,000 after buying an additional 138 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Quest Diagnostics during the 2nd quarter worth $45,000. Finally, Dunhill Financial LLC acquired a new stake in Quest Diagnostics during the 2nd quarter worth $46,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Quest Diagnostics Price Performance

Shares of NYSE:DGX opened at $238.78 on Thursday. The company has a 50-day simple moving average of $237.36 and a 200-day simple moving average of $216.31. Quest Diagnostics Incorporated has a one year low of $171.18 and a one year high of $248.84. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 1.59. The stock has a market capitalization of $26.35 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 2.14 and a beta of 0.54.

Quest Diagnostics (NYSE:DGX) last announced its earnings results on Thursday, July 23rd. The medical research company reported $3.12 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.30. Quest Diagnostics had a net margin of 9.18% and a return on equity of 16.01%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the firm earned $2.62 earnings per share. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts predict that Quest Diagnostics Incorporated will post 11.15 EPS for the current year.

Quest Diagnostics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 21st. Shareholders of record on Tuesday, October 6th were paid a dividend of $0.86 per share. The ex-dividend date of this dividend was Tuesday, October 6th. This represents a $3.44 annualized dividend and a yield of 1.4%. Quest Diagnostics’s dividend payout ratio is currently 36.52%.

Insider Buying and Selling at Quest Diagnostics

In other Quest Diagnostics news, SVP Mark Delaney sold 1,600 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $235.18, for a total transaction of $376,288.00. Following the completion of the sale, the senior vice president directly owned 10,335 shares of the company’s stock, valued at approximately $2,430,585.30. This trade represents a 13.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Michael Prevoznik sold 22,677 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $243.11, for a total value of $5,513,005.47. Following the sale, the senior vice president directly owned 37,557 shares of the company’s stock, valued at $9,130,482.27. The trade was a 37.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 34,277 shares of company stock valued at $8,316,493 in the last ninety days. Insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

DGX has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on shares of Quest Diagnostics from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Truist Financial upped their price objective on shares of Quest Diagnostics from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Monday, September 21st. Weiss Ratings raised Quest Diagnostics from a “buy (a-)” rating to a “buy (a)” rating in a report on Tuesday, October 6th. Robert W. Baird lifted their target price on Quest Diagnostics from $236.00 to $255.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Argus set a $260.00 target price on Quest Diagnostics in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $243.64.

Quest Diagnostics Profile

Quest Diagnostics Incorporated (NYSE: DGX) is a provider of diagnostic information services. The company performs laboratory testing that helps physicians, hospitals and other healthcare providers diagnose, treat and monitor diseases and health conditions. Its services include routine blood and other specimen testing, pathology, molecular and genetic testing, and specialized diagnostic services.

Quest Diagnostics serves a broad range of customers, including hospitals, physician practices, health plans, employers, government agencies and individual consumers.