Envestnet Asset Management Inc. Has $42.74 Million Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Envestnet Asset Management Inc. increased its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 10.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 283,323 shares of the medical research company's stock after buying an additional 27,339 shares during the quarter. Envestnet Asset Management Inc. owned 0.25% of Quest Diagnostics worth $42,742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Quest Diagnostics during the 4th quarter worth approximately $191,823,000. JPMorgan Chase & Co. boosted its stake in 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 purchasing an additional 916,898 shares during the period. Alliancebernstein L.P. increased its holdings in Quest Diagnostics by 83.7% during the 4th quarter. Alliancebernstein L.P. now owns 1,093,042 shares of the medical research company's stock worth $164,896,000 after purchasing an additional 497,995 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Quest Diagnostics in the fourth quarter valued at about $67,447,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Quest Diagnostics by 14.8% during the fourth quarter. Bank of New York Mellon Corp now owns 881,764 shares of the medical research company's stock worth $133,023,000 after buying an additional 113,956 shares during the period. 88.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on DGX shares. UBS Group boosted their target price on Quest Diagnostics from $166.00 to $170.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Piper Sandler reissued a "neutral" rating and issued a $180.00 price objective (up previously from $165.00) on shares of Quest Diagnostics in a research report on Monday, February 3rd. Redburn Atlantic assumed coverage on shares of Quest Diagnostics in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $195.00 target price for the company. Robert W. Baird boosted their price target on shares of Quest Diagnostics from $190.00 to $191.00 and gave the stock an "outperform" rating in a research report on Thursday, March 20th. Finally, Redburn Partners set a $195.00 price objective on shares of Quest Diagnostics in a research note on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $181.33.

Quest Diagnostics Stock Performance

Shares of NYSE DGX traded up $0.87 during mid-day trading on Wednesday, reaching $168.10. 232,652 shares of the company were exchanged, compared to its average volume of 1,206,749. Quest Diagnostics Incorporated has a twelve month low of $125.42 and a twelve month high of $178.87. The stock has a market capitalization of $18.66 billion, a P/E ratio of 21.86, a P/E/G ratio of 2.16 and a beta of 0.78. The company's 50-day simple moving average is $168.67 and its 200-day simple moving average is $160.10. 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 - Get Free Report) last issued its quarterly earnings data 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%. As a group, research analysts predict that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be issued a dividend of $0.80 per share. The ex-dividend date is Monday, April 7th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.90%. 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%.

Insider Activity

In related news, SVP Michael E. Prevoznik sold 604 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $170.99, for a total value of $103,277.96. Following the completion of the transaction, the senior vice president now owns 39,845 shares of the company's stock, valued at $6,813,096.55. The trade was a 1.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vicky B. Gregg sold 1,250 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total transaction of $205,712.50. Following the completion of the transaction, the director now directly owns 16,867 shares in the company, valued at approximately $2,775,802.19. This represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,903 shares of company stock valued at $9,460,221. 0.79% of the stock is owned by company insiders.

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.