Wellington Management Group LLP Sells 549,280 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Wellington Management Group LLP decreased its position in Quest Diagnostics Incorporated (NYSE:DGX) by 23.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,784,168 shares of the medical research company’s stock after selling 549,280 shares during the quarter. Wellington Management Group LLP’s holdings in Quest Diagnostics were worth $269,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Quest Diagnostics in the fourth quarter worth $191,823,000. JPMorgan Chase & Co. grew its stake in shares of Quest Diagnostics by 60.4% in the 4th quarter. JPMorgan Chase & Co. now owns 2,433,913 shares of the medical research company’s stock worth $367,180,000 after buying an additional 916,898 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Quest Diagnostics in the 4th quarter worth about $67,447,000. Bank of New York Mellon Corp raised its position in shares of Quest Diagnostics by 14.8% during the 4th quarter. Bank of New York Mellon Corp now owns 881,764 shares of the medical research company’s stock valued at $133,023,000 after buying an additional 113,956 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Quest Diagnostics by 535.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 128,440 shares of the medical research company’s stock valued at $19,376,000 after acquiring an additional 108,224 shares during the last quarter. 88.06% of the stock is owned by hedge funds and other institutional investors.

Quest Diagnostics Stock Up 0.1 %

Shares of NYSE:DGX opened at $169.45 on Wednesday. The business’s 50 day moving average is $167.34 and its 200 day moving average is $159.30. The stock has a market cap of $18.80 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 2.16 and a beta of 0.92. Quest Diagnostics Incorporated has a 52-week low of $125.42 and a 52-week high of $178.87. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82.

Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a return on equity of 15.07% and a net margin of 8.80%. Sell-side analysts predict that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Monday, April 7th. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s dividend payout ratio is presently 41.61%.

Insider Activity

In related news, Director Vicky B. Gregg sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $164.57, for a total transaction of $205,712.50. Following the sale, the director now owns 16,867 shares of the company’s stock, valued at $2,775,802.19. This trade represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Mark E. Delaney sold 403 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $164.30, for a total transaction of $66,212.90. Following the completion of the transaction, the senior vice president now owns 4,624 shares of the company’s stock, valued at $759,723.20. This represents a 8.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,157 shares of company stock worth $2,423,755. Corporate insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DGX shares. UBS Group upped their price objective on Quest Diagnostics from $166.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Citigroup downgraded Quest Diagnostics from a “buy” rating to a “neutral” rating and set a $185.00 price target for the company. in a research report on Tuesday, March 4th. Truist Financial boosted their price objective on shares of Quest Diagnostics from $172.00 to $182.00 and gave the company a “hold” rating in a research report on Friday, January 31st. StockNews.com lowered shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $185.00 price target (up from $175.00) on shares of Quest Diagnostics in a report on Tuesday, December 10th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $178.38.

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.