CIBC Asset Management Inc Acquires 816 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

CIBC Asset Management Inc lifted its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,205 shares of the medical research company’s stock after acquiring an additional 816 shares during the period. CIBC Asset Management Inc’s holdings in Quest Diagnostics were worth $5,905,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DGX. Sanctuary Advisors LLC grew its holdings in Quest Diagnostics by 19.0% during the 4th quarter. Sanctuary Advisors LLC now owns 21,381 shares of the medical research company’s stock valued at $3,510,000 after buying an additional 3,412 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Quest Diagnostics by 23.8% during the 4th quarter. Principal Financial Group Inc. now owns 543,472 shares of the medical research company’s stock valued at $81,994,000 after buying an additional 104,495 shares in the last quarter. Sierra Ocean LLC purchased a new position in Quest Diagnostics during the 4th quarter valued at approximately $33,000. MOKAN Wealth Management Inc. purchased a new position in Quest Diagnostics during the 4th quarter valued at approximately $545,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in Quest Diagnostics during the 4th quarter valued at approximately $1,075,000. Institutional investors own 88.06% of the company’s stock.

Insider Buying and Selling at Quest Diagnostics

In other news, Director Vicky B. Gregg sold 1,250 shares of Quest Diagnostics stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $164.57, for a total value of $205,712.50. Following the transaction, the director now directly owns 16,867 shares in the company, valued at approximately $2,775,802.19. This trade represents a 6.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Mark E. Delaney sold 403 shares of Quest Diagnostics stock in a transaction 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 completion of the transaction, the senior vice president now owns 4,624 shares in the company, valued at $759,723.20. This represents a 8.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DGX. Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Citigroup lifted their target price on Quest Diagnostics from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. UBS Group lifted their target price on Quest Diagnostics from $166.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Baird R W upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. Finally, Piper Sandler reiterated a “neutral” rating and issued a $180.00 target price (up previously from $165.00) on shares of Quest Diagnostics in a report on Monday, February 3rd. Seven 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $177.69.

Quest Diagnostics Price Performance

Shares of DGX stock opened at $171.63 on Thursday. 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 stock has a 50 day moving average price of $156.89 and a 200 day moving average price of $155.57. The firm has a market capitalization of $19.16 billion, a P/E ratio of 22.32, a P/E/G ratio of 2.12 and a beta of 0.91. Quest Diagnostics Incorporated has a 52-week low of $123.30 and a 52-week high of $172.64.

Quest Diagnostics (NYSE:DGX) last issued its earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share 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 year.

Quest Diagnostics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a dividend of $0.80 per share. The ex-dividend date is Monday, April 7th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a yield of 1.86%. Quest Diagnostics’s payout ratio is 39.01%.

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.