FineMark National Bank & Trust Increases Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

FineMark National Bank & Trust boosted its position in Quest Diagnostics Incorporated (NYSE:DGX) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,580 shares of the medical research company’s stock after purchasing an additional 1,448 shares during the period. FineMark National Bank & Trust’s holdings in Quest Diagnostics were worth $5,828,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Quest Diagnostics in the 4th quarter valued at about $140,472,000. Nuance Investments LLC purchased a new stake in shares of Quest Diagnostics in the fourth quarter valued at about $83,070,000. Van Lanschot Kempen Investment Management N.V. purchased a new position in shares of Quest Diagnostics during the 2nd quarter worth approximately $48,783,000. M&G Plc purchased a new position in shares of Quest Diagnostics during the 1st quarter worth approximately $46,432,000. Finally, Vanguard Group Inc. raised its position in shares of Quest Diagnostics by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 13,921,955 shares of the medical research company’s stock worth $1,853,151,000 after purchasing an additional 345,754 shares during the last quarter. 88.06% of the stock is owned by institutional investors and hedge funds.

Quest Diagnostics Stock Performance

NYSE DGX opened at $155.39 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.00 and a quick ratio of 0.91. Quest Diagnostics Incorporated has a 1-year low of $119.59 and a 1-year high of $159.36. The firm has a market capitalization of $17.26 billion, a P/E ratio of 20.91, a P/E/G ratio of 2.86 and a beta of 0.89. The business’s 50-day simple moving average is $146.73 and its 200-day simple moving average is $138.44.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Quest Diagnostics had a net margin of 8.99% and a return on equity of 15.35%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the previous year, the company posted $2.30 earnings per share. Quest Diagnostics’s revenue was up 2.5% compared to the same quarter last year. Equities analysts predict that Quest Diagnostics Incorporated will post 8.89 EPS for the current year.

Quest Diagnostics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Friday, October 4th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Friday, October 4th. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.38%.

Insiders Place Their Bets

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total transaction of $304,987.40. Following the transaction, the senior vice president now directly owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Karthik Kuppusamy sold 1,990 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total transaction of $304,987.40. Following the completion of the sale, the senior vice president now directly owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Mark E. Delaney sold 420 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $143.08, for a total transaction of $60,093.60. Following the completion of the transaction, the senior vice president now owns 5,019 shares in the company, valued at approximately $718,118.52. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Evercore ISI began coverage on Quest Diagnostics in a research report on Wednesday, August 28th. They set an “in-line” rating and a $165.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on Quest Diagnostics from $152.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Robert W. Baird raised their price target on shares of Quest Diagnostics from $153.00 to $154.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Piper Sandler boosted their price objective on shares of Quest Diagnostics from $145.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Truist Financial raised their target price on shares of Quest Diagnostics from $150.00 to $158.00 and gave the stock a “hold” rating in a research report on Monday, July 15th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $154.33.

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.