Cinctive Capital Management LP Increases Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Cinctive Capital Management LP lifted its position in Quest Diagnostics Incorporated (NYSE:DGX) by 216.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 87,256 shares of the medical research company’s stock after purchasing an additional 59,676 shares during the period. Quest Diagnostics comprises approximately 0.7% of Cinctive Capital Management LP’s portfolio, making the stock its 29th biggest holding. Cinctive Capital Management LP owned about 0.08% of Quest Diagnostics worth $13,163,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. State Street Corp raised its stake in shares of Quest Diagnostics by 1.4% during the third quarter. State Street Corp now owns 5,263,231 shares of the medical research company’s stock valued at $817,117,000 after acquiring an additional 70,578 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Quest Diagnostics by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,690,021 shares of the medical research company’s stock valued at $404,764,000 after acquiring an additional 73,368 shares in the last quarter. JPMorgan Chase & Co. increased its position in Quest Diagnostics by 60.4% during the 4th quarter. JPMorgan Chase & Co. now owns 2,433,913 shares of the medical research company’s stock valued at $367,180,000 after purchasing an additional 916,898 shares during the period. Norges Bank bought a new position in Quest Diagnostics in the 4th quarter worth $191,823,000. Finally, Alliancebernstein L.P. lifted its position in shares of Quest Diagnostics by 83.7% in the 4th quarter. Alliancebernstein L.P. now owns 1,093,042 shares of the medical research company’s stock worth $164,896,000 after purchasing an additional 497,995 shares during the period. 88.06% of the stock is owned by hedge funds and other institutional investors.

Quest Diagnostics Stock Performance

Shares of DGX opened at $169.45 on Wednesday. Quest Diagnostics Incorporated has a one year low of $125.42 and a one year high of $178.87. The business has a fifty day moving average of $167.34 and a 200 day moving average of $159.30. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.10 and a quick ratio of 1.02. The firm has a market capitalization of $18.80 billion, a P/E ratio of 22.03, a PEG ratio of 2.16 and a beta of 0.92.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results 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 return on equity of 15.07% and a net margin of 8.80%. As a group, sell-side analysts anticipate that Quest Diagnostics Incorporated will post 9.7 EPS for the current 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 issued a dividend of $0.80 per share. The ex-dividend date is Monday, April 7th. This represents a $3.20 dividend on an annualized basis and a yield of 1.89%. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s payout ratio is presently 41.61%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Robert W. Baird boosted 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. JPMorgan Chase & Co. upped their target price on Quest Diagnostics from $173.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Barclays raised their target price on Quest Diagnostics from $168.00 to $175.00 and gave the company an “equal weight” rating in a research note on Friday, January 31st. StockNews.com cut Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Mizuho increased their price objective on Quest Diagnostics from $177.00 to $178.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Quest Diagnostics currently has an average rating of “Moderate Buy” and a consensus price target of $178.38.

Insider Buying and Selling at Quest Diagnostics

In other news, 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 value of $205,712.50. Following the transaction, the director now directly owns 16,867 shares in the company, valued at approximately $2,775,802.19. This represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Mark E. Delaney sold 403 shares of Quest Diagnostics stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total transaction of $66,212.90. Following the sale, the senior vice president now owns 4,624 shares of the company’s stock, valued at $759,723.20. The trade was a 8.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,157 shares of company stock valued at $2,423,755 in the last quarter. 0.79% of the stock is owned by 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.