Man Group plc Reduces Stock Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Man Group plc lowered its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 67.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,511 shares of the medical research company’s stock after selling 75,392 shares during the quarter. Man Group plc’s holdings in Quest Diagnostics were worth $5,508,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Sierra Ocean LLC acquired a new position in Quest Diagnostics in the fourth quarter valued at about $33,000. FPC Investment Advisory Inc. acquired a new position in Quest Diagnostics in the fourth quarter valued at about $45,000. Global Trust Asset Management LLC acquired a new position in Quest Diagnostics in the fourth quarter valued at about $49,000. SBI Securities Co. Ltd. acquired a new position in Quest Diagnostics in the fourth quarter valued at about $54,000. Finally, Sandy Spring Bank lifted its position in Quest Diagnostics by 142.5% in the fourth quarter. Sandy Spring Bank now owns 485 shares of the medical research company’s stock valued at $73,000 after buying an additional 285 shares during the last quarter. Institutional investors and hedge funds own 88.06% of the company’s stock.

Quest Diagnostics Stock Performance

Shares of Quest Diagnostics stock opened at $178.18 on Wednesday. The firm has a market capitalization of $19.89 billion, a P/E ratio of 23.17, a P/E/G ratio of 2.16 and a beta of 0.52. Quest Diagnostics Incorporated has a 52 week low of $135.47 and a 52 week high of $179.99. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82. The firm’s 50 day moving average is $170.46 and its two-hundred day moving average is $163.92.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Tuesday, April 22nd. The medical research company reported $2.21 EPS for the quarter, beating the consensus estimate of $2.15 by $0.06. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.63 billion. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. Research analysts forecast that Quest Diagnostics Incorporated will post 9.7 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be given a dividend of $0.80 per share. The ex-dividend date is Monday, July 7th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.80%. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.46%.

Insider Transactions at Quest Diagnostics

In other news, CEO J. E. Davis sold 39,191 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $168.46, for a total transaction of $6,602,115.86. Following the transaction, the chief executive officer now directly owns 127,623 shares in the company, valued at approximately $21,499,370.58. This trade represents a 23.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael E. Prevoznik sold 528 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $172.61, for a total value of $91,138.08. Following the sale, the senior vice president now directly owns 39,031 shares of the company’s stock, valued at approximately $6,737,140.91. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,589 shares of company stock worth $9,251,080. Insiders own 8.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Quest Diagnostics from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Redburn Partners set a $195.00 price target on shares of Quest Diagnostics in a research report on Wednesday, April 2nd. Robert W. Baird increased their price target on shares of Quest Diagnostics from $191.00 to $194.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 23rd. Mizuho increased their price target on shares of Quest Diagnostics from $178.00 to $189.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 9th. Finally, Citigroup cut shares of Quest Diagnostics from a “buy” rating to a “neutral” rating and set a $185.00 price target on the stock. in a research report on Tuesday, March 4th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $185.73.

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.