KLP Kapitalforvaltning AS Purchases Shares of 36,503 Quest Diagnostics Incorporated (NYSE:DGX)

KLP Kapitalforvaltning AS acquired a new position in shares of Quest Diagnostics Incorporated (NYSE:DGX) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 36,503 shares of the medical research company’s stock, valued at approximately $5,507,000.

Other hedge funds have also modified their holdings of the company. Sierra Ocean LLC acquired a new position in Quest Diagnostics during the fourth quarter worth approximately $33,000. Versant Capital Management Inc increased its holdings in shares of Quest Diagnostics by 340.4% during the 4th quarter. Versant Capital Management Inc now owns 251 shares of the medical research company’s stock worth $38,000 after buying an additional 194 shares during the last quarter. First Financial Corp IN purchased a new position in shares of Quest Diagnostics in the 4th quarter worth $38,000. FPC Investment Advisory Inc. acquired a new position in Quest Diagnostics in the fourth quarter valued at $45,000. Finally, Global Trust Asset Management LLC purchased a new stake in Quest Diagnostics during the fourth quarter valued at about $49,000. 88.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Quest Diagnostics

In related news, SVP Michael E. Prevoznik sold 4,643 shares of Quest Diagnostics stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $170.00, for a total value of $789,310.00. Following the completion of the transaction, the senior vice president now directly owns 38,117 shares in the company, valued at approximately $6,479,890. This trade represents a 10.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mark E. Delaney sold 403 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total value of $66,212.90. Following the sale, the senior vice president now owns 4,624 shares in the company, valued at $759,723.20. The trade was a 8.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,157 shares of company stock valued at $2,423,755. Insiders own 0.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Barclays raised their price objective on Quest Diagnostics from $168.00 to $175.00 and gave the stock an “equal weight” rating in a report on Friday, January 31st. Morgan Stanley raised shares of Quest Diagnostics from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $145.00 to $172.00 in a research report on Tuesday, December 17th. Piper Sandler reissued a “neutral” rating and issued a $180.00 price objective (up previously from $165.00) on shares of Quest Diagnostics in a research report on Monday, February 3rd. Jefferies Financial Group restated a “buy” rating and set a $185.00 target price (up previously from $175.00) on shares of Quest Diagnostics in a report on Tuesday, December 10th. Finally, Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $178.38.

Quest Diagnostics Trading Down 1.1 %

NYSE:DGX opened at $165.49 on Wednesday. The stock has a market cap of $18.37 billion, a price-to-earnings ratio of 21.52, a price-to-earnings-growth ratio of 2.16 and a beta of 0.92. Quest Diagnostics Incorporated has a one year low of $125.42 and a one year high of $178.87. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.02 and a current ratio of 1.10. The business’s 50-day simple moving average is $165.70 and its 200 day simple moving average is $158.82.

Quest Diagnostics (NYSE:DGX) last announced its earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a return on equity of 15.07% and a net margin of 8.80%. As a group, sell-side analysts predict that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a dividend of $0.80 per share. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 1.93%. The ex-dividend date is Monday, April 7th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 41.61%.

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.