Wells Fargo & Company MN Trims Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Wells Fargo & Company MN decreased its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX - Free Report) by 2.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,419,406 shares of the medical research company's stock after selling 40,188 shares during the quarter. Wells Fargo & Company MN owned about 1.27% of Quest Diagnostics worth $214,131,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Quest Diagnostics during the fourth quarter worth $191,823,000. JPMorgan Chase & Co. boosted its stake in shares of Quest Diagnostics by 60.4% during the 4th quarter. JPMorgan Chase & Co. now owns 2,433,913 shares of the medical research company's stock valued at $367,180,000 after buying an additional 916,898 shares during the period. Alliancebernstein L.P. lifted its stake in Quest Diagnostics by 83.7% in the fourth quarter. Alliancebernstein L.P. now owns 1,093,042 shares of the medical research company's stock valued at $164,896,000 after acquiring an additional 497,995 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Quest Diagnostics during the fourth quarter valued at approximately $67,447,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Quest Diagnostics by 14.8% in 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 acquiring an additional 113,956 shares during the last quarter. 88.06% of the stock is owned by hedge funds and other institutional investors.

Quest Diagnostics Price Performance

Quest Diagnostics stock traded down $0.03 during midday trading on Friday, reaching $163.82. 2,218,365 shares of the stock traded hands, compared to its average volume of 951,690. The stock's fifty day moving average is $168.51 and its 200-day moving average is $159.92. Quest Diagnostics Incorporated has a 12 month low of $125.42 and a 12 month high of $178.87. The stock has a market cap of $18.18 billion, a P/E ratio of 21.30, a PEG ratio of 2.16 and a beta of 0.78. 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, beating the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. As a group, equities research analysts anticipate that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be paid a $0.80 dividend. The ex-dividend date is Monday, April 7th. This represents a $3.20 dividend on an annualized basis and a yield of 1.95%. This is a boost from Quest Diagnostics's previous quarterly dividend of $0.75. Quest Diagnostics's dividend payout ratio (DPR) is currently 41.61%.

Insider Activity

In other Quest Diagnostics news, SVP Karthik Kuppusamy sold 2,555 shares of Quest Diagnostics stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $170.00, for a total value of $434,350.00. Following the sale, the senior vice president now owns 10,575 shares of the company's stock, valued at approximately $1,797,750. The trade was a 19.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vicky B. Gregg sold 1,250 shares of the business's stock in a transaction dated 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 in the company, valued at $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. Insiders sold 55,903 shares of company stock worth $9,460,221 over the last three months. Insiders own 0.79% of the company's stock.

Wall Street Analysts Forecast Growth

DGX has been the topic of a number of recent analyst reports. Citigroup lowered shares of Quest Diagnostics from a "buy" rating to a "neutral" rating and set a $185.00 price target on the stock. in a research report on Tuesday, March 4th. Robert W. Baird raised their price target on Quest Diagnostics from $190.00 to $191.00 and gave the company an "outperform" rating in a research note on Thursday, March 20th. Barclays lifted their target price on Quest Diagnostics from $168.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Friday, January 31st. Mizuho raised their target price on shares of Quest Diagnostics from $178.00 to $189.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, StockNews.com lowered Quest Diagnostics from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Eight equities research 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $181.33.

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.