Parallel Advisors LLC Decreases Stake in Quest Diagnostics Incorporated (NYSE:DGX)

Parallel Advisors LLC lessened its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 4.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,204 shares of the medical research company’s stock after selling 144 shares during the quarter. Parallel Advisors LLC’s holdings in Quest Diagnostics were worth $439,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Rothschild Investment LLC purchased a new stake in Quest Diagnostics during the second quarter worth approximately $26,000. Spartan Planning & Wealth Management purchased a new stake in Quest Diagnostics during the fourth quarter worth approximately $31,000. Larson Financial Group LLC lifted its stake in Quest Diagnostics by 77.5% during the second quarter. Larson Financial Group LLC now owns 229 shares of the medical research company’s stock worth $31,000 after purchasing an additional 100 shares during the last quarter. Innealta Capital LLC purchased a new stake in Quest Diagnostics during the second quarter worth approximately $31,000. Finally, TruNorth Capital Management LLC purchased a new stake in Quest Diagnostics during the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Quest Diagnostics Trading Down 0.6 %

NYSE:DGX opened at $155.39 on Wednesday. The firm has a market cap of $17.30 billion, a P/E ratio of 20.91, a PEG ratio of 2.80 and a beta of 0.89. The company has a current ratio of 1.00, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The stock’s 50 day simple moving average is $149.90 and its 200-day simple moving average is $140.48. Quest Diagnostics Incorporated has a 12-month low of $119.59 and a 12-month high of $159.36.

Quest Diagnostics (NYSE:DGX) last released its earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. Quest Diagnostics had a return on equity of 15.35% and a net margin of 8.99%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.30 earnings per share. Equities analysts anticipate that Quest Diagnostics Incorporated will post 8.89 EPS for the current year.

Quest Diagnostics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Friday, October 4th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, October 4th. Quest Diagnostics’s dividend payout ratio is presently 40.38%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Citigroup upgraded Quest Diagnostics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $165.00 in a research note on Wednesday, July 10th. Piper Sandler boosted their price objective on Quest Diagnostics from $145.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. StockNews.com upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. boosted their price objective on Quest Diagnostics from $152.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Finally, Truist Financial boosted their price objective on Quest Diagnostics from $150.00 to $158.00 and gave the company a “hold” rating in a research note on Monday, July 15th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $154.33.

Insider Buying and Selling

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the company’s 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 owns 11,459 shares of the company’s stock, valued at $1,756,206.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Quest Diagnostics news, SVP Mark E. Delaney sold 420 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $143.08, for a total transaction of $60,093.60. Following the sale, the senior vice president now directly owns 5,019 shares in the company, valued at $718,118.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Karthik Kuppusamy sold 1,990 shares of the business’s 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 sale, the senior vice president now owns 11,459 shares in the company, valued at $1,756,206.34. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by corporate insiders.

Quest Diagnostics 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.