Cypress Capital Group Sells 1,566 Shares of Quest Diagnostics Incorporated (NYSE:DGX)

Cypress Capital Group reduced its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 41.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,190 shares of the medical research company’s stock after selling 1,566 shares during the period. Cypress Capital Group’s holdings in Quest Diagnostics were worth $330,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in DGX. Janney Montgomery Scott LLC boosted its holdings in shares of Quest Diagnostics by 20.7% in the third quarter. Janney Montgomery Scott LLC now owns 16,348 shares of the medical research company’s stock worth $2,538,000 after acquiring an additional 2,805 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Quest Diagnostics by 114.9% during the third quarter. Harbor Capital Advisors Inc. now owns 10,169 shares of the medical research company’s stock valued at $1,579,000 after buying an additional 5,436 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Quest Diagnostics by 10.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 124,484 shares of the medical research company’s stock valued at $19,326,000 after buying an additional 12,083 shares during the period. Forum Financial Management LP boosted its stake in Quest Diagnostics by 5.4% during the third quarter. Forum Financial Management LP now owns 1,940 shares of the medical research company’s stock valued at $301,000 after buying an additional 100 shares during the period. Finally, National Pension Service boosted its stake in Quest Diagnostics by 5.1% during the third quarter. National Pension Service now owns 227,831 shares of the medical research company’s stock valued at $35,371,000 after buying an additional 11,085 shares during the period. 88.06% of the stock is owned by institutional investors.

Quest Diagnostics Price Performance

Shares of DGX opened at $171.79 on Thursday. The firm has a market capitalization of $19.06 billion, a PE ratio of 22.34, a price-to-earnings-growth ratio of 2.16 and a beta of 0.92. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.10 and a quick ratio of 1.02. Quest Diagnostics Incorporated has a 1-year low of $124.25 and a 1-year high of $178.09. The company’s fifty day moving average price is $160.91 and its 200-day moving average price is $157.29.

Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 EPS for the quarter, beating the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. On average, equities research analysts predict that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be paid a $0.80 dividend. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, April 7th. This represents a $3.20 annualized dividend and a dividend yield of 1.86%. Quest Diagnostics’s dividend payout ratio is 41.61%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Quest Diagnostics from $173.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Truist Financial lifted their price objective on Quest Diagnostics from $172.00 to $182.00 and gave the company a “hold” rating in a research note on Friday, January 31st. Bank of America raised their price target on Quest Diagnostics from $179.00 to $182.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Morgan Stanley upgraded Quest Diagnostics from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $145.00 to $172.00 in a research report on Tuesday, December 17th. Finally, Piper Sandler restated a “neutral” rating and set a $180.00 price target (up previously from $165.00) on shares of Quest Diagnostics in a research report on Monday, February 3rd. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Quest Diagnostics has an average rating of “Moderate Buy” and a consensus target price of $178.23.

Insider Buying and Selling

In other Quest Diagnostics news, Director Vicky B. Gregg sold 1,250 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total transaction of $205,712.50. Following the transaction, the director now directly owns 16,867 shares of the company’s stock, valued at approximately $2,775,802.19. This trade represents a 6.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Mark E. Delaney sold 403 shares of Quest Diagnostics stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total transaction of $66,212.90. Following the completion of the sale, the senior vice president now directly owns 4,624 shares in the company, valued at approximately $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 quarter, insiders sold 4,144 shares of company stock valued at $699,367. Company insiders own 0.79% of the company’s stock.

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.