Quest Diagnostics Incorporated (NYSE:DGX) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 22.5% in the 2nd quarter, Holdings Channel reports. The firm owned 536,273 shares of the medical research company’s stock after selling 155,789 shares during the period. Hsbc Holdings PLC’s holdings in Quest Diagnostics were worth $73,377,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in DGX. Norges Bank acquired a new stake in shares of Quest Diagnostics in the fourth quarter valued at $140,472,000. Van Lanschot Kempen Investment Management N.V. acquired a new position in Quest Diagnostics in the 2nd quarter valued at about $48,783,000. M&G Plc purchased a new stake in Quest Diagnostics during the first quarter worth about $46,432,000. Vanguard Group Inc. lifted its position in shares of Quest Diagnostics by 2.5% during the first quarter. Vanguard Group Inc. now owns 13,921,955 shares of the medical research company’s stock worth $1,853,151,000 after purchasing an additional 345,754 shares in the last quarter. Finally, Pathstone Holdings LLC purchased a new position in shares of Quest Diagnostics in the fourth quarter valued at approximately $46,342,000. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Quest Diagnostics Stock Performance

Shares of DGX opened at $155.12 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.00 and a debt-to-equity ratio of 0.57. Quest Diagnostics Incorporated has a 52-week low of $119.59 and a 52-week high of $159.36. The stock has a 50 day moving average price of $150.43 and a 200 day moving average price of $140.68. The company has a market capitalization of $17.23 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 2.80 and a beta of 0.89.

Quest Diagnostics (NYSE:DGX) last posted its earnings results on Tuesday, July 23rd. The medical research company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Quest Diagnostics had a net margin of 8.99% and a return on equity of 15.35%. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the firm posted $2.30 EPS. The company’s revenue was up 2.5% on a year-over-year basis. Research analysts predict that Quest Diagnostics Incorporated will post 8.89 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Friday, October 4th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Friday, October 4th. Quest Diagnostics’s payout ratio is currently 40.38%.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, SVP Mark E. Delaney sold 420 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $143.08, for a total value of $60,093.60. Following the completion of the sale, the senior vice president now owns 5,019 shares in the company, valued at $718,118.52. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Mark E. Delaney sold 420 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $143.08, for a total transaction of $60,093.60. Following the transaction, the senior vice president now directly owns 5,019 shares in the company, valued at $718,118.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Karthik Kuppusamy sold 1,990 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total transaction of $304,987.40. Following the completion of the sale, the senior vice president now owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DGX shares. Evercore ISI started coverage on shares of Quest Diagnostics in a report on Wednesday, August 28th. They set an “in-line” rating and a $165.00 target price on the stock. StockNews.com upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Truist Financial boosted their target price on Quest Diagnostics from $150.00 to $158.00 and gave the stock a “hold” rating in a research note on Monday, July 15th. Robert W. Baird increased their price target on Quest Diagnostics from $153.00 to $154.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler boosted their price objective on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $154.33.

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.