Mitsubishi UFJ Trust & Banking Corp Reduces Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Mitsubishi UFJ Trust & Banking Corp reduced its stake in Quest Diagnostics Incorporated (NYSE:DGXFree Report) by 13.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 186,283 shares of the medical research company’s stock after selling 29,632 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.17% of Quest Diagnostics worth $22,700,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Quest Diagnostics by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 14,014,030 shares of the medical research company’s stock valued at $1,917,961,000 after buying an additional 636,301 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Quest Diagnostics by 5.6% in the 3rd quarter. Victory Capital Management Inc. now owns 3,414,514 shares of the medical research company’s stock valued at $416,093,000 after buying an additional 180,889 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Quest Diagnostics by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 2,422,912 shares of the medical research company’s stock valued at $339,688,000 after buying an additional 72,447 shares during the period. Northern Trust Corp lifted its holdings in shares of Quest Diagnostics by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,514,577 shares of the medical research company’s stock valued at $207,286,000 after buying an additional 8,406 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Quest Diagnostics by 0.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,462,970 shares of the medical research company’s stock valued at $205,635,000 after buying an additional 4,746 shares during the period. 87.76% of the stock is currently owned by hedge funds and other institutional investors.

Quest Diagnostics Price Performance

Shares of NYSE:DGX opened at $126.74 on Monday. The company has a market cap of $14.25 billion, a P/E ratio of 16.92, a P/E/G ratio of 2.73 and a beta of 0.92. The company has a quick ratio of 1.20, a current ratio of 1.31 and a debt-to-equity ratio of 0.70. Quest Diagnostics Incorporated has a 52 week low of $119.59 and a 52 week high of $148.91. The business has a fifty day simple moving average of $134.31 and a 200-day simple moving average of $131.45.

Quest Diagnostics (NYSE:DGXGet Free Report) last announced its quarterly earnings data on Thursday, February 1st. The medical research company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.04. Quest Diagnostics had a return on equity of 15.79% and a net margin of 9.23%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the business earned $1.98 earnings per share. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. Equities research analysts forecast that Quest Diagnostics Incorporated will post 8.78 EPS for the current year.

Quest Diagnostics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Monday, April 8th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Friday, April 5th. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.71. Quest Diagnostics’s payout ratio is 37.92%.

Analyst Ratings Changes

Several research firms have recently commented on DGX. UBS Group raised their price target on Quest Diagnostics from $135.00 to $137.00 and gave the company a “neutral” rating in a report on Thursday, December 7th. Piper Sandler raised their price target on Quest Diagnostics from $130.00 to $140.00 and gave the company a “neutral” rating in a report on Monday, November 6th. Citigroup lifted their price objective on Quest Diagnostics from $130.00 to $145.00 and gave the stock a “neutral” rating in a report on Monday, December 11th. Bank of America raised Quest Diagnostics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $140.00 to $160.00 in a report on Tuesday, December 12th. Finally, Jefferies Financial Group raised Quest Diagnostics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $140.00 to $155.00 in a report on Wednesday, February 7th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Quest Diagnostics has a consensus rating of “Hold” and a consensus price target of $146.91.

View Our Latest Research Report on DGX

Quest Diagnostics Company Profile

(Free Report)

Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.

Further Reading

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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