Twin Tree Management LP Makes New Investment in Quest Diagnostics Incorporated (NYSE:DGX)

Twin Tree Management LP acquired a new position in shares of Quest Diagnostics Incorporated (NYSE:DGX) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 2,237 shares of the medical research company’s stock, valued at approximately $298,000.

Other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in shares of Quest Diagnostics by 1.8% during the 4th quarter. Victory Capital Management Inc. now owns 3,476,628 shares of the medical research company’s stock worth $479,357,000 after buying an additional 62,114 shares in the last quarter. Wellington Management Group LLP increased its stake in Quest Diagnostics by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 2,632,326 shares of the medical research company’s stock valued at $362,945,000 after purchasing an additional 18,533 shares in the last quarter. Norges Bank purchased a new position in Quest Diagnostics in the 4th quarter valued at approximately $140,472,000. Nuance Investments LLC increased its stake in Quest Diagnostics by 13.1% in the 1st quarter. Nuance Investments LLC now owns 681,636 shares of the medical research company’s stock valued at $90,733,000 after purchasing an additional 79,152 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Quest Diagnostics by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 663,917 shares of the medical research company’s stock valued at $91,541,000 after purchasing an additional 17,085 shares in the last quarter. 88.06% of the stock is owned by institutional investors and hedge funds.

Quest Diagnostics Price Performance

DGX stock opened at $146.01 on Friday. Quest Diagnostics Incorporated has a 52-week low of $119.59 and a 52-week high of $150.59. The stock’s fifty day simple moving average is $140.83 and its 200-day simple moving average is $134.32. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $16.22 billion, a price-to-earnings ratio of 19.65, a price-to-earnings-growth ratio of 3.15 and a beta of 0.89.

Quest Diagnostics (NYSE:DGX) last issued its earnings results on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.86 by $0.18. Quest Diagnostics had a return on equity of 15.52% and a net margin of 9.11%. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the firm earned $2.04 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities research analysts expect that Quest Diagnostics Incorporated will post 8.85 EPS for the current year.

Quest Diagnostics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Investors of record on Monday, July 8th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Monday, July 8th. Quest Diagnostics’s payout ratio is currently 40.38%.

Insider Activity at Quest Diagnostics

In related news, SVP Karthik Kuppusamy sold 1,760 shares of Quest Diagnostics stock in a transaction on Monday, April 29th. The stock was sold at an average price of $140.00, for a total value of $246,400.00. Following the transaction, the senior vice president now owns 13,435 shares in the company, valued at $1,880,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.79% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

DGX has been the subject of several research analyst reports. Robert W. Baird raised their price objective on Quest Diagnostics from $145.00 to $153.00 and gave the company a “neutral” rating in a research note on Friday, July 5th. StockNews.com raised Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. raised their price target on Quest Diagnostics from $152.00 to $155.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Truist Financial raised their price target on Quest Diagnostics from $150.00 to $158.00 and gave the stock a “hold” rating in a research report on Monday, July 15th. Finally, Citigroup raised Quest Diagnostics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $165.00 in a research report on Wednesday, July 10th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $149.31.

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.