Victory Capital Management Inc. Sells 419,365 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Victory Capital Management Inc. lessened its holdings in Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 10.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,464,356 shares of the medical research company's stock after selling 419,365 shares during the quarter. Quest Diagnostics accounts for about 0.5% of Victory Capital Management Inc.'s holdings, making the stock its 19th biggest position. Victory Capital Management Inc. owned approximately 3.10% of Quest Diagnostics worth $537,841,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in DGX. Rothschild Investment LLC purchased a new stake in shares of Quest Diagnostics during the 2nd quarter worth approximately $26,000. Innealta Capital LLC purchased a new stake in Quest Diagnostics in the 2nd quarter valued at approximately $31,000. Larson Financial Group LLC lifted its stake in Quest Diagnostics by 77.5% in the 2nd quarter. Larson Financial Group LLC now owns 229 shares of the medical research company's stock valued at $31,000 after buying an additional 100 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in Quest Diagnostics in the 2nd quarter valued at $33,000. Finally, EdgeRock Capital LLC acquired a new position in Quest Diagnostics in the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 88.06% of the company's stock.

Quest Diagnostics Stock Performance

NYSE:DGX traded up $1.58 during trading hours on Tuesday, reaching $161.75. 994,764 shares of the stock were exchanged, compared to its average volume of 916,338. The stock has a market capitalization of $18.05 billion, a P/E ratio of 21.53, a P/E/G ratio of 2.75 and a beta of 0.89. Quest Diagnostics Incorporated has a 52 week low of $123.04 and a 52 week high of $162.56. The company has a quick ratio of 1.17, a current ratio of 1.25 and a debt-to-equity ratio of 0.83. The firm has a 50 day simple moving average of $153.59 and a 200-day simple moving average of $146.91.

Quest Diagnostics (NYSE:DGX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The medical research company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.04. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.43 billion. Quest Diagnostics had a return on equity of 15.25% and a net margin of 8.82%. The business's revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted $2.22 EPS. As a group, sell-side analysts forecast that Quest Diagnostics Incorporated will post 8.9 earnings per share for the current fiscal year.

Quest Diagnostics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 14th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.85%. Quest Diagnostics's payout ratio is currently 40.32%.

Insider Buying and Selling at Quest Diagnostics

In other news, SVP Karthik Kuppusamy sold 1,990 shares of Quest Diagnostics stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total transaction of $304,987.40. Following the transaction, the senior vice president now directly owns 11,459 shares in the company, valued at approximately $1,756,206.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Karthik Kuppusamy sold 1,990 shares of Quest Diagnostics stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total value of $304,987.40. Following the transaction, the senior vice president now directly owns 11,459 shares in the company, valued at $1,756,206.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Michael J. Deppe sold 18,755 shares of Quest Diagnostics stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $154.05, for a total value of $2,889,207.75. Following the completion of the transaction, the chief accounting officer now owns 34,941 shares in the company, valued at $5,382,661.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,520 shares of company stock valued at $3,472,728 in the last quarter. Corporate insiders own 0.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DGX. Robert W. Baird upgraded Quest Diagnostics from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $157.00 to $182.00 in a report on Wednesday, October 23rd. UBS Group raised their price objective on Quest Diagnostics from $165.00 to $166.00 and gave the stock a "neutral" rating in a report on Wednesday, October 23rd. Piper Sandler raised their price objective on Quest Diagnostics from $150.00 to $165.00 and gave the stock a "neutral" rating in a report on Monday, October 28th. Truist Financial raised their price objective on Quest Diagnostics from $158.00 to $165.00 and gave the stock a "hold" rating in a report on Monday, October 7th. Finally, Evercore ISI assumed coverage on Quest Diagnostics in a report on Wednesday, August 28th. They issued an "in-line" rating and a $165.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Quest Diagnostics has a consensus rating of "Hold" and an average target price of $164.58.

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.