Key Points
- EVP Catherine Doherty sold 22,105 Quest Diagnostics shares for about $5.48 million at an average price of $248.02, reducing her holdings by 23.5% to 71,949 shares. The sale was made under a pre-arranged Rule 10b5-1 plan.
- Quest Diagnostics reported quarterly EPS of $3.00, beating estimates of $2.87, and revenue of $3.10 billion, above expectations of $3.05 billion and up 10% year over year.
- Analysts’ consensus rating was “Moderate Buy”, with an average price target of $248.70; the company’s quarterly dividend equates to $3.44 annually, or a 1.4% yield.
Quest Diagnostics Incorporated (NYSE:DGX - Get Free Report) EVP Catherine Doherty sold 22,105 shares of the company's stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $248.02, for a total transaction of $5,482,482.10. Following the transaction, the executive vice president owned 71,949 shares in the company, valued at $17,844,790.98. The trade was a 23.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Quest Diagnostics Stock Down 0.5%
Shares of DGX opened at $254.53 on Friday. The firm has a market capitalization of $28.00 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 2.29 and a beta of 0.55. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.58 and a current ratio of 1.70. The business's fifty day moving average price is $239.12 and its two-hundred day moving average price is $213.35. Quest Diagnostics Incorporated has a 52 week low of $171.18 and a 52 week high of $259.00.
Quest Diagnostics (NYSE:DGX - Get Free Report) last released its earnings results on Thursday, October 22nd. The medical research company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.87 by $0.13. The company had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.05 billion. Quest Diagnostics had a return on equity of 16.21% and a net margin of 9.53%. The business's revenue for the quarter was up 10.0% on a year-over-year basis. During the same period last year, the firm earned $2.60 EPS. On average, analysts predict that Quest Diagnostics Incorporated will post 11.29 earnings per share for the current year.
Quest Diagnostics Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 21st. Investors of record on Tuesday, October 6th were issued a $0.86 dividend. The ex-dividend date was Tuesday, October 6th. This represents a $3.44 annualized dividend and a yield of 1.4%. Quest Diagnostics's dividend payout ratio (DPR) is currently 34.26%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the company. CENTRAL TRUST Co raised its holdings in Quest Diagnostics by 136.6% in the third quarter. CENTRAL TRUST Co now owns 3,823 shares of the medical research company's stock worth $891,000 after purchasing an additional 2,207 shares during the period. Fifth Third Bancorp boosted its position in shares of Quest Diagnostics by 2.0% during the third quarter. Fifth Third Bancorp now owns 33,181 shares of the medical research company's stock worth $7,734,000 after purchasing an additional 641 shares in the last quarter. Maryland State Retirement & Pension System boosted its position in shares of Quest Diagnostics by 19.0% during the third quarter. Maryland State Retirement & Pension System now owns 6,870 shares of the medical research company's stock worth $1,601,000 after purchasing an additional 1,096 shares in the last quarter. Jacobi Capital Management LLC acquired a new position in shares of Quest Diagnostics in the 3rd quarter valued at $211,000. Finally, First Command Advisory Services Inc. grew its holdings in shares of Quest Diagnostics by 352.4% in the 3rd quarter. First Command Advisory Services Inc. now owns 1,054 shares of the medical research company's stock valued at $246,000 after buying an additional 821 shares during the period. Institutional investors own 88.06% of the company's stock.
Analyst Ratings Changes
Several analysts have weighed in on the company. Mizuho boosted their price objective on Quest Diagnostics from $235.00 to $260.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Quest Diagnostics from a "buy (a)" rating to a "buy (a+)" rating in a research report on Wednesday, October 21st. Truist Financial raised their target price 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. Jefferies Financial Group reiterated a "buy" rating and set a $245.00 price target on shares of Quest Diagnostics in a research report on Thursday, July 23rd. Finally, Barclays boosted their price target on shares of Quest Diagnostics from $250.00 to $260.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $248.70.
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About Quest Diagnostics
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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.
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