23,818 Quest Diagnostics Incorporated $DGX Shares Sold by Conning Inc.

Conning Inc. lessened its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 12.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 162,916 shares of the medical research company’s stock after selling 23,818 shares during the period. Quest Diagnostics makes up 1.2% of Conning Inc.’s holdings, making the stock its 26th biggest holding. Conning Inc.’s holdings in Quest Diagnostics were worth $37,971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of DGX. Bank OZK bought a new position in shares of Quest Diagnostics in the 2nd quarter worth about $3,247,000. Assenagon Asset Management S.A. boosted its position in shares of Quest Diagnostics by 39.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 15,405 shares of the medical research company’s stock valued at $3,265,000 after purchasing an additional 4,334 shares in the last quarter. SGL Investment Advisors Inc. bought a new stake in shares of Quest Diagnostics during the 2nd quarter valued at about $6,485,000. BlackRock Inc. bought a new stake in shares of Quest Diagnostics during the 2nd quarter valued at about $1,965,923,000. Finally, Simplicity Wealth LLC acquired a new stake in Quest Diagnostics during the second quarter worth approximately $4,702,000. Institutional investors and hedge funds own 88.06% of the company’s stock.

Insiders Place Their Bets

In other Quest Diagnostics news, Director Gary Pfeiffer sold 1,203 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $243.00, for a total value of $292,329.00. Following the transaction, the director owned 29,802 shares in the company, valued at approximately $7,241,886. This represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO J. Davis sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $242.72, for a total value of $2,427,200.00. Following the completion of the sale, the chief executive officer directly owned 122,423 shares of the company’s stock, valued at $29,714,510.56. This trade represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 33,880 shares of company stock worth $8,232,534. Corporate insiders own 0.88% of the company’s stock.

Quest Diagnostics Price Performance

Shares of NYSE DGX opened at $245.51 on Thursday. The firm’s 50-day moving average price is $238.11 and its 200-day moving average price is $211.27. Quest Diagnostics Incorporated has a 1-year low of $171.18 and a 1-year high of $249.73. The firm has a market capitalization of $27.10 billion, a P/E ratio of 24.45, a P/E/G ratio of 2.17 and a beta of 0.54. The company has a current ratio of 1.70, a quick ratio of 1.58 and a debt-to-equity ratio of 0.70.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings data on Thursday, October 22nd. The medical research company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.87 by $0.13. The company had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Quest Diagnostics had a net margin of 9.53% and a return on equity of 16.21%. The business’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.60 EPS. Equities research analysts anticipate that Quest Diagnostics Incorporated will post 11.30 earnings per share for the current fiscal year.

Quest Diagnostics Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 21st. Investors of record on Tuesday, October 6th were paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, October 6th. Quest Diagnostics’s dividend payout ratio is 34.26%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on DGX shares. Truist Financial lifted their target price on Quest Diagnostics from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Monday, September 21st. JPMorgan Chase & Co. increased their price target on Quest Diagnostics from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Wall Street Zen upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Tuesday, July 28th. Mizuho raised their price objective on shares of Quest Diagnostics from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Robert W. Baird set a $262.00 price objective on shares of Quest Diagnostics in a research note on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $248.70.

About Quest Diagnostics

Quest Diagnostics Incorporated (NYSE: DGX) is a provider of diagnostic information services. The company performs laboratory testing that helps physicians, hospitals and other healthcare providers diagnose, treat and monitor diseases and health conditions. Its services include routine blood and other specimen testing, pathology, molecular and genetic testing, and specialized diagnostic services.

Quest Diagnostics serves a broad range of customers, including hospitals, physician practices, health plans, employers, government agencies and individual consumers.