First Trust Advisors LP Sells 56,708 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

First Trust Advisors LP trimmed its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 10.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 492,920 shares of the medical research company's stock after selling 56,708 shares during the quarter. First Trust Advisors LP owned about 0.44% of Quest Diagnostics worth $74,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Forum Financial Management LP grew its stake in Quest Diagnostics by 72.9% during the 4th quarter. Forum Financial Management LP now owns 3,355 shares of the medical research company's stock worth $506,000 after buying an additional 1,415 shares during the last quarter. Dean Investment Associates LLC boosted its holdings in shares of Quest Diagnostics by 4.5% during the fourth quarter. Dean Investment Associates LLC now owns 20,391 shares of the medical research company's stock valued at $3,076,000 after acquiring an additional 882 shares during the period. Farringdon Capital Ltd. bought a new position in shares of Quest Diagnostics during the fourth quarter worth about $568,000. MSH Capital Advisors LLC acquired a new stake in shares of Quest Diagnostics in the 4th quarter worth about $1,185,000. Finally, AGP Franklin LLC bought a new stake in Quest Diagnostics in the 4th quarter valued at about $858,000. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Quest Diagnostics Trading Down 1.2 %

Shares of NYSE DGX traded down $2.12 during mid-day trading on Friday, hitting $173.75. 1,033,426 shares of the company traded hands, compared to its average volume of 964,082. The business has a 50 day moving average of $168.88 and a two-hundred day moving average of $160.81. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 2.16 and a beta of 0.78. Quest Diagnostics Incorporated has a 1 year low of $134.05 and a 1 year high of $178.87. 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 announced its earnings results on Tuesday, April 22nd. The medical research company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.15 by $0.06. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. The company had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.63 billion. On average, sell-side analysts anticipate that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, April 7th were issued a $0.80 dividend. The ex-dividend date was Monday, April 7th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.84%. This is a positive change from Quest Diagnostics's previous quarterly dividend of $0.75. Quest Diagnostics's dividend payout ratio is presently 40.46%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Mizuho raised their price target on shares of Quest Diagnostics from $178.00 to $189.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. UBS Group raised their target price on Quest Diagnostics from $166.00 to $170.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Redburn Atlantic started coverage on Quest Diagnostics in a research note on Wednesday, April 2nd. They set a "buy" rating and a $195.00 target price on the stock. Citigroup cut Quest Diagnostics from a "buy" rating to a "neutral" rating and set a $185.00 price target for the company. in a research note on Tuesday, March 4th. Finally, Piper Sandler restated a "neutral" rating and set a $180.00 price objective (up from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $183.73.

Insider Transactions at Quest Diagnostics

In other Quest Diagnostics news, Director Vicky B. Gregg sold 1,250 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $164.57, for a total transaction of $205,712.50. Following the completion of the sale, the director now owns 16,867 shares of the company's stock, valued at $2,775,802.19. This represents a 6.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark E. Delaney sold 403 shares of Quest Diagnostics stock in a transaction that occurred 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. Insiders sold a total of 55,903 shares of company stock valued at $9,460,221 over the last quarter. Company insiders own 8.16% of the company's stock.

Quest Diagnostics Company Profile

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.