Exencial Wealth Advisors LLC has reduced its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 4.7%, according to data from Holdings Channel. The institutional investor sold 3,186 shares during the second quarter, leaving them with a total of 63,993 shares valued at approximately $11,495,000 at the end of the reporting period.
Several other institutional investors have also made adjustments to their positions in Quest Diagnostics recently. Brighton Jones LLC acquired a new position in the fourth quarter, investing $323,000. GAMMA Investing LLC increased its holdings by 38.3% during the first quarter, owning 2,630 shares worth $445,000 after purchasing an additional 728 shares. Wealth Enhancement Advisory Services LLC raised its stake by 11.6%, ending the quarter with 30,825 shares valued at $5,215,000.
Janney Montgomery Scott LLC also expanded its holdings by 9.5%, currently owning 18,010 shares worth $3,047,000. Additionally, Cambridge Investment Research Advisors Inc. grew its position by 23.5%, now holding 8,908 shares valued at $1,507,000. Overall, institutional investors hold 88.06% of Quest Diagnostics’ stock.
Analyst Ratings and Insider Activity
Equity research analysts have recently provided updates on Quest Diagnostics’ stock. Leerink Partners set a price target of $210.00, while Weiss Ratings reaffirmed a “buy” rating on October 8. Robert W. Baird maintained a “neutral” rating with a target price of $194.00, and Truist Financial set a price objective of $195.00. Currently, one analyst rates the stock as a Strong Buy, eight assign a Buy rating, and ten have given it a Hold rating. According to MarketBeat, the average rating for Quest Diagnostics is “Moderate Buy” with a consensus target of $193.19.
In related news, several insiders have sold shares of the company recently. Senior Vice President Karthik Kuppusamy sold 8,269 shares on July 30 at an average price of $167.40, totaling $1,384,230.60. After this transaction, he held 10,660 shares valued at $1,784,484. Another Senior Vice President, Patrick Plewman, sold 5,535 shares on August 6 at an average of $175.00, bringing in $968,625.00. Following this sale, Plewman retains 19,219 shares valued at $3,363,325. In total, insiders have sold 53,186 shares valued at $9,647,471 in the last three months, with insiders owning approximately 8.16% of the stock.
Financial Performance and Dividend Announcement
Quest Diagnostics’ stock opened at $184.48 on Wednesday. The company maintains a debt-to-equity ratio of 0.71, a current ratio of 1.09, and a quick ratio of 0.99. Over the past year, the stock has seen a low of $148.70 and a high of $197.55. The company reported a market capitalization of $20.63 billion and a price-to-earnings (P/E) ratio of 22.09.
On October 21, 2023, Quest Diagnostics announced earnings of $2.60 per share for the quarter, exceeding analysts’ expectations of $2.51 by $0.09. The company reported revenue of $2.82 billion, surpassing estimates of $2.73 billion. The net margin stood at 9.01%, with a return on equity of 15.24%. Year-over-year, revenue increased by 13.2%, up from $2.30 earnings per share in the same quarter last year. Looking ahead, Quest Diagnostics has set its fiscal year 2025 guidance at 9.760-9.840 EPS, with analysts predicting earnings of $9.70 for the current fiscal year.
Additionally, the company recently declared a quarterly dividend of $0.80, paid on October 20. Stockholders of record as of October 3 received this dividend, representing an annualized payment of $3.20 and a dividend yield of 1.7%. The ex-dividend date was October 3, and the current dividend payout ratio stands at 38.32%.
Quest Diagnostics Incorporated provides diagnostic testing and services both in the United States and internationally. The company specializes in developing diagnostic information services, including routine and advanced clinical testing, anatomic pathology testing, and other diagnostic services.
