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Coho Partners Ltd. Cuts Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Financial News Live · Oct 1, 2022 12:51

Coho Partners Ltd. lessened its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 4.5% in the second quarter, Holdings Channel reports. The firm owned 131,533 shares of the medical research company's stock after selling 6,255 shares during the period. Coho Partners Ltd.'s holdings in Quest Diagnostics were worth $17,491,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Win Advisors Inc. increased its position in Quest Diagnostics by 44.1% during the 2nd quarter. Win Advisors Inc. now owns 271 shares of the medical research company's stock worth $37,000 after purchasing an additional 83 shares in the last quarter. HM Payson & Co. grew its position in shares of Quest Diagnostics by 0.7% during the fourth quarter. HM Payson & Co. now owns 13,838 shares of the medical research company's stock worth $2,394,000 after buying an additional 100 shares in the last quarter. Personal CFO Solutions LLC grew its position in shares of Quest Diagnostics by 1.6% during the first quarter. Personal CFO Solutions LLC now owns 6,382 shares of the medical research company's stock worth $873,000 after buying an additional 103 shares in the last quarter. ICW Investment Advisors LLC grew its position in shares of Quest Diagnostics by 1.1% during the first quarter. ICW Investment Advisors LLC now owns 10,162 shares of the medical research company's stock worth $1,391,000 after buying an additional 111 shares in the last quarter. Finally, Financial Advantage Inc. grew its position in shares of Quest Diagnostics by 0.6% during the first quarter. Financial Advantage Inc. now owns 21,679 shares of the medical research company's stock worth $2,966,000 after buying an additional 121 shares in the last quarter. Institutional investors and hedge funds own 88.87% of the company's stock.

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Quest Diagnostics Stock Performance

Shares of DGX traded down $1.93 during trading hours on Friday, reaching $122.69. 1,129,826 shares of the company's stock traded hands, compared to its average volume of 891,940. The business's fifty day simple moving average is $130.66 and its two-hundred day simple moving average is $134.77. The firm has a market capitalization of $14.31 billion, a price-to-earnings ratio of 10.21 and a beta of 1.01. Quest Diagnostics Incorporated has a twelve month low of $120.40 and a twelve month high of $174.16. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.54 and a quick ratio of 1.42.

Quest Diagnostics (NYSE:DGX – Get Rating) last released its earnings results on Thursday, July 21st. The medical research company reported $2.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.26 by $0.10. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.34 billion. Quest Diagnostics had a return on equity of 24.62% and a net margin of 14.02%. Quest Diagnostics's revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.18 earnings per share. Analysts predict that Quest Diagnostics Incorporated will post 9.68 earnings per share for the current year.

Quest Diagnostics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Tuesday, October 4th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $2.64 annualized dividend and a dividend yield of 2.15%. Quest Diagnostics's dividend payout ratio is 21.96%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on DGX shares. Morgan Stanley reissued an "equal weight" rating and set a $142.00 price target on shares of Quest Diagnostics in a research report on Monday, August 22nd. StockNews.com upgraded Quest Diagnostics from a "hold" rating to a "buy" rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $148.50.

Insider Buying and Selling

In related news, Director Timothy M. Ring sold 2,000 shares of the business's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $136.04, for a total value of $272,080.00. Following the completion of the sale, the director now directly owns 23,933 shares in the company, valued at approximately $3,255,845.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company's stock.

About Quest Diagnostics

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Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.