Lord Abbett & CO. LLC Trims Stock Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Lord Abbett & CO. LLC reduced its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 152,160 shares of the medical research company’s stock after selling 4,240 shares during the period. Lord Abbett & CO. LLC’s holdings in Quest Diagnostics were worth $22,110,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Koshinski Asset Management Inc. purchased a new stake in Quest Diagnostics in the 3rd quarter valued at about $58,000. Strategic Blueprint LLC purchased a new stake in Quest Diagnostics in the 2nd quarter valued at about $53,000. Eubel Brady & Suttman Asset Management Inc. purchased a new stake in Quest Diagnostics in the 2nd quarter valued at about $59,000. Itau Unibanco Holding S.A. purchased a new stake in Quest Diagnostics in the 2nd quarter valued at about $78,000. Finally, PFG Private Wealth Management LLC purchased a new stake in Quest Diagnostics in the 3rd quarter valued at about $87,000. Hedge funds and other institutional investors own 88.05% of the company’s stock.

Shares of Quest Diagnostics stock opened at $142.30 on Friday. Quest Diagnostics Incorporated has a one year low of $113.36 and a one year high of $174.16. The company has a market cap of $17.46 billion, a PE ratio of 8.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.51 and a current ratio of 1.62. The business has a 50-day simple moving average of $157.28 and a 200-day simple moving average of $149.44.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Wednesday, October 20th. The medical research company reported $3.96 EPS for the quarter, topping the Zacks’ consensus estimate of $2.88 by $1.08. Quest Diagnostics had a return on equity of 31.20% and a net margin of 19.77%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the previous year, the company posted $4.31 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. On average, sell-side analysts predict that Quest Diagnostics Incorporated will post 14.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 2nd. Stockholders of record on Wednesday, January 19th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, January 18th. Quest Diagnostics’s dividend payout ratio is presently 14.89%.

DGX has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Quest Diagnostics from $160.00 to $190.00 in a report on Monday, January 10th. Truist Securities boosted their price target on shares of Quest Diagnostics from $150.00 to $170.00 and gave the stock a “hold” rating in a research note on Wednesday, January 5th. Zacks Investment Research upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating and set a $158.00 price target on the stock in a research note on Tuesday, September 28th. Morgan Stanley cut their price target on shares of Quest Diagnostics from $165.00 to $159.00 and set an “equal weight” rating on the stock in a research note on Friday, December 17th. Finally, KeyCorp boosted their price target on shares of Quest Diagnostics from $168.00 to $170.00 and gave the stock an “overweight” rating in a research note on Monday, December 13th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $165.69.

In related news, SVP Catherine T. Doherty sold 37,565 shares of the company’s stock in a transaction that occurred on Monday, November 29th. The stock was sold at an average price of $156.81, for a total value of $5,890,567.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.45% of the company’s stock.

Quest Diagnostics Profile

Quest Diagnostics, Inc engages in the provision of diagnostic testing, information and services. It operates through the Diagnostic Information Services (DIS) and All Other segments. The DIS segment offers diagnostic information services to patients, clinicians, hospitals, health plans, and employers.

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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