Capital Wealth Planning LLC Raises Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Capital Wealth Planning LLC raised its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 70.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,738 shares of the medical research company’s stock after buying an additional 15,946 shares during the period. Capital Wealth Planning LLC’s holdings in Quest Diagnostics were worth $5,844,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. US Bancorp DE increased its holdings in Quest Diagnostics by 2.1% in the fourth quarter. US Bancorp DE now owns 24,400 shares of the medical research company’s stock valued at $3,681,000 after buying an additional 497 shares in the last quarter. SVB Wealth LLC purchased a new position in Quest Diagnostics in the fourth quarter valued at about $10,345,000. Flputnam Investment Management Co. increased its holdings in Quest Diagnostics by 8.4% in the fourth quarter. Flputnam Investment Management Co. now owns 1,815 shares of the medical research company’s stock valued at $274,000 after buying an additional 141 shares in the last quarter. Waterway Wealth Management LLC grew its position in shares of Quest Diagnostics by 16.7% in the fourth quarter. Waterway Wealth Management LLC now owns 4,617 shares of the medical research company’s stock valued at $697,000 after purchasing an additional 662 shares during the last quarter. Finally, Private Trust Co. NA grew its position in shares of Quest Diagnostics by 7.7% in the fourth quarter. Private Trust Co. NA now owns 1,053 shares of the medical research company’s stock valued at $159,000 after purchasing an additional 75 shares during the last quarter. 88.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Catherine T. Doherty sold 824 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $172.61, for a total value of $142,230.64. Following the transaction, the executive vice president now owns 69,178 shares of the company’s stock, valued at approximately $11,940,814.58. This trade represents a 1.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Mark E. Delaney sold 403 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were 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 directly owns 4,624 shares in the company, valued at approximately $759,723.20. This represents a 8.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,144 shares of company stock valued at $699,367. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Stock Up 0.8 %

Shares of DGX opened at $172.86 on Friday. The firm has a market cap of $19.18 billion, a PE ratio of 22.48, a price-to-earnings-growth ratio of 2.16 and a beta of 0.91. The company’s fifty day moving average is $159.63 and its two-hundred day moving average is $156.78. Quest Diagnostics Incorporated has a fifty-two week low of $123.66 and a fifty-two week high of $176.44. 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 announced its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. Analysts forecast that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.85%. 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 dividend payout ratio (DPR) is currently 41.61%.

Wall Street Analysts Forecast Growth

DGX has been the topic of several research reports. StockNews.com lowered shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Bank of America increased their price target on shares of Quest Diagnostics from $179.00 to $182.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Robert W. Baird set a $189.00 price target on shares of Quest Diagnostics in a research report on Friday, January 31st. 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 report on Monday, February 3rd. Finally, UBS Group increased their price target on shares of Quest Diagnostics from $166.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Quest Diagnostics currently has a consensus rating of “Moderate Buy” and an average price target of $178.23.

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.