Hudson Edge Investment Partners Inc. Reduces Stock Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Hudson Edge Investment Partners Inc. lowered its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 25.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,343 shares of the medical research company’s stock after selling 10,399 shares during the period. Hudson Edge Investment Partners Inc.’s holdings in Quest Diagnostics were worth $4,153,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its stake in shares of Quest Diagnostics by 50.9% in the 1st quarter. State of Alaska Department of Revenue now owns 41,796 shares of the medical research company’s stock worth $5,562,000 after acquiring an additional 14,090 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Quest Diagnostics by 5.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 135,148 shares of the medical research company’s stock valued at $18,634,000 after buying an additional 7,415 shares during the last quarter. Scarborough Advisors LLC bought a new stake in Quest Diagnostics in the 4th quarter worth about $1,562,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Quest Diagnostics by 16.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 131,329 shares of the medical research company’s stock worth $17,481,000 after buying an additional 18,642 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Quest Diagnostics by 2.5% in 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 buying an additional 345,754 shares during the last quarter. 88.06% of the stock is owned by hedge funds and other institutional investors.

Quest Diagnostics Stock Performance

Shares of NYSE:DGX traded down $1.30 during mid-day trading on Friday, reaching $152.93. 827,465 shares of the company traded hands, compared to its average volume of 956,862. The company’s 50 day moving average price is $147.73 and its 200-day moving average price is $138.97. The firm has a market cap of $16.99 billion, a PE ratio of 20.58, a PEG ratio of 2.86 and a beta of 0.89. Quest Diagnostics Incorporated has a 52 week low of $119.59 and a 52 week high of $159.36. 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 (NYSE:DGX) last posted its quarterly earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. Quest Diagnostics had a net margin of 8.99% and a return on equity of 15.35%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.30 earnings per share. On average, equities analysts expect that Quest Diagnostics Incorporated will post 8.89 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Friday, October 4th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $3.00 dividend on an annualized basis and a yield of 1.96%. Quest Diagnostics’s dividend payout ratio is presently 40.38%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Quest Diagnostics from $152.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Citigroup raised Quest Diagnostics from a “neutral” rating to a “buy” rating and increased their price target for the company from $145.00 to $165.00 in a report on Wednesday, July 10th. Barclays upped their price objective on Quest Diagnostics from $144.00 to $154.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 27th. Evercore ISI assumed coverage on Quest Diagnostics in a report on Wednesday, August 28th. They issued an “in-line” rating and a $165.00 target price on the stock. Finally, Piper Sandler boosted their price target on Quest Diagnostics from $145.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Quest Diagnostics presently has a consensus rating of “Hold” and an average price target of $154.33.

Insider Activity

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

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.