Victory Capital Management Inc. Reduces Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Victory Capital Management Inc. reduced its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 3.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,359,986 shares of the medical research company’s stock after selling 104,370 shares during the period. Quest Diagnostics accounts for about 0.5% of Victory Capital Management Inc.’s investment portfolio, making the stock its 21st largest holding. Victory Capital Management Inc. owned about 3.01% of Quest Diagnostics worth $506,887,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of DGX. Wealth Enhancement Advisory Services LLC lifted its position in Quest Diagnostics by 14.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,657 shares of the medical research company’s stock valued at $1,655,000 after acquiring an additional 1,346 shares during the period. Janney Montgomery Scott LLC lifted its position in Quest Diagnostics by 20.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 16,348 shares of the medical research company’s stock valued at $2,538,000 after acquiring an additional 2,805 shares during the period. Harbor Capital Advisors Inc. lifted its position in Quest Diagnostics by 114.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 10,169 shares of the medical research company’s stock valued at $1,579,000 after acquiring an additional 5,436 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Quest Diagnostics by 10.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 124,484 shares of the medical research company’s stock valued at $19,326,000 after acquiring an additional 12,083 shares during the period. Finally, Forum Financial Management LP lifted its position in Quest Diagnostics by 5.4% during the 3rd quarter. Forum Financial Management LP now owns 1,940 shares of the medical research company’s stock valued at $301,000 after acquiring an additional 100 shares during the period. 88.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Quest Diagnostics

In related news, Director Vicky B. Gregg sold 1,250 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total value of $205,712.50. Following the sale, the director now owns 16,867 shares in the company, valued at approximately $2,775,802.19. The trade was a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael E. Prevoznik sold 528 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $172.61, for a total transaction of $91,138.08. Following the completion of the sale, the senior vice president now owns 39,031 shares in the company, valued at $6,737,140.91. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,144 shares of company stock valued at $699,367. 0.79% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DGX. Jefferies Financial Group restated a “buy” rating and set a $185.00 price objective (up from $175.00) on shares of Quest Diagnostics in a research note on Tuesday, December 10th. UBS Group lifted their price target on shares of Quest Diagnostics from $166.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Bank of America lifted their price target on shares of Quest Diagnostics from $179.00 to $182.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Truist Financial lifted their price target on shares of Quest Diagnostics from $172.00 to $182.00 and gave the stock a “hold” rating in a research note on Friday, January 31st. Finally, Piper Sandler reiterated a “neutral” rating and issued a $180.00 price target (up from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Quest Diagnostics currently has an average rating of “Moderate Buy” and an average price target of $178.23.

Quest Diagnostics Price Performance

Shares of NYSE:DGX opened at $176.81 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.10 and a quick ratio of 1.02. Quest Diagnostics Incorporated has a 1-year low of $123.88 and a 1-year high of $178.09. The company has a market capitalization of $19.62 billion, a P/E ratio of 22.99, a P/E/G ratio of 2.16 and a beta of 0.91. The firm’s 50 day simple moving average is $160.11 and its two-hundred day simple moving average is $157.02.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. Research analysts expect that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Monday, April 7th. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s payout ratio is 41.61%.

About Quest Diagnostics

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.