Quest Diagnostics Incorporated (NYSE:DGX) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 9.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,133,453 shares of the medical research company’s stock after selling 116,503 shares during the quarter. Bank of New York Mellon Corp’s holdings in Quest Diagnostics were worth $139,062,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Aurora Investment Counsel grew its stake in shares of Quest Diagnostics by 0.6% in the third quarter. Aurora Investment Counsel now owns 14,460 shares of the medical research company’s stock worth $1,774,000 after acquiring an additional 87 shares in the last quarter. Toroso Investments LLC grew its stake in shares of Quest Diagnostics by 10.7% in the third quarter. Toroso Investments LLC now owns 12,742 shares of the medical research company’s stock worth $1,555,000 after acquiring an additional 1,236 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Quest Diagnostics during the third quarter worth $1,333,000. CENTRAL TRUST Co grew its stake in shares of Quest Diagnostics by 39.2% during the third quarter. CENTRAL TRUST Co now owns 3,389 shares of the medical research company’s stock worth $415,000 after purchasing an additional 955 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its stake in shares of Quest Diagnostics by 4.2% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,179 shares of the medical research company’s stock worth $513,000 after purchasing an additional 169 shares in the last quarter. Institutional investors and hedge funds own 88.79% of the company’s stock.

Wall Street Analyst Weigh In

DGX has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of Quest Diagnostics in a research note on Thursday. They set a “hold” rating for the company. Robert W. Baird boosted their target price on shares of Quest Diagnostics from $143.00 to $154.00 and gave the stock a “neutral” rating in a research note on Thursday, January 12th. Morgan Stanley boosted their target price on shares of Quest Diagnostics from $146.00 to $158.00 and gave the stock an “equal weight” rating in a research note on Friday, January 6th. Mizuho reiterated a “buy” rating and set a $165.00 target price on shares of Quest Diagnostics in a research note on Friday. Finally, Truist Financial lowered their target price on shares of Quest Diagnostics from $170.00 to $160.00 and set a “hold” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $150.91.

Insider Activity

In other news, SVP Michael E. Prevoznik sold 1,415 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $141.42, for a total value of $200,109.30. Following the completion of the sale, the senior vice president now directly owns 39,440 shares of the company’s stock, valued at $5,577,604.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.70% of the company’s stock.

Quest Diagnostics Price Performance

Shares of NYSE:DGX opened at $131.53 on Friday. The company has a 50-day simple moving average of $143.40 and a 200-day simple moving average of $141.15. Quest Diagnostics Incorporated has a one year low of $120.40 and a one year high of $158.34. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.10 and a current ratio of 1.22. The stock has a market capitalization of $14.64 billion, a price-to-earnings ratio of 16.61 and a beta of 0.95.

Quest Diagnostics (NYSE:DGX – Get Rating) last announced its earnings results on Thursday, February 2nd. The medical research company reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.08. Quest Diagnostics had a net margin of 9.57% and a return on equity of 18.84%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the company earned $3.33 earnings per share. The business’s revenue was down 15.0% compared to the same quarter last year. On average, analysts predict that Quest Diagnostics Incorporated will post 8.69 EPS for the current year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 24th. Stockholders of record on Monday, April 10th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.16%. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.66. The ex-dividend date is Thursday, April 6th. Quest Diagnostics’s dividend payout ratio is presently 35.86%.

Quest Diagnostics declared that its board has initiated a stock repurchase program on Thursday, February 2nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical research company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Quest Diagnostics Profile

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Quest Diagnostics, Inc engages in the provision of diagnostic testing, information and services. It operates through the Diagnostic Information Services (DIS) and All Other segments. The DIS segment offers diagnostic information services to patients, clinicians, hospitals, health plans, and employers.