SVB Wealth LLC Lowers Position in Quest Diagnostics Incorporated $DGX

SVB Wealth LLC decreased its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 18.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 22,648 shares of the medical research company’s stock after selling 5,101 shares during the period. SVB Wealth LLC’s holdings in Quest Diagnostics were worth $4,316,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. MTM Investment Management LLC purchased a new position in Quest Diagnostics during the second quarter valued at approximately $29,000. True Wealth Design LLC increased its holdings in shares of Quest Diagnostics by 369.7% in the 3rd quarter. True Wealth Design LLC now owns 155 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 122 shares during the period. AlphaQuest LLC raised its position in shares of Quest Diagnostics by 18,400.0% in the 2nd quarter. AlphaQuest LLC now owns 185 shares of the medical research company’s stock worth $33,000 after acquiring an additional 184 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Quest Diagnostics during the 3rd quarter worth $33,000. Finally, Ameritas Advisory Services LLC bought a new stake in Quest Diagnostics during the second quarter valued at about $35,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Insider Activity at Quest Diagnostics

In other news, Director Vicky B. Gregg sold 1,250 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $191.76, for a total value of $239,700.00. Following the transaction, the director directly owned 17,037 shares of the company’s stock, valued at approximately $3,267,015.12. This represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Mark E. Delaney sold 7,946 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $187.35, for a total value of $1,488,683.10. Following the completion of the transaction, the senior vice president owned 7,530 shares of the company’s stock, valued at approximately $1,410,745.50. The trade was a 51.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,289 shares of company stock valued at $12,318,360 in the last ninety days. Company insiders own 8.16% of the company’s stock.

Quest Diagnostics Trading Up 0.3%

Shares of Quest Diagnostics stock opened at $191.30 on Tuesday. The firm’s 50 day simple moving average is $181.33 and its two-hundred day simple moving average is $181.51. The firm has a market capitalization of $21.28 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 2.41 and a beta of 0.66. Quest Diagnostics Incorporated has a 12-month low of $157.20 and a 12-month high of $197.55. The company has a current ratio of 1.13, a quick ratio of 1.04 and a debt-to-equity ratio of 0.71.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group boosted their target price on shares of Quest Diagnostics from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, October 17th. Piper Sandler boosted their price objective on shares of Quest Diagnostics from $190.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, October 27th. Jefferies Financial Group raised their target price on shares of Quest Diagnostics from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. Wall Street Zen downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Sunday, January 25th. Finally, Leerink Partners increased their price objective on Quest Diagnostics from $203.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, October 21st. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Quest Diagnostics presently has an average rating of “Moderate Buy” and an average target price of $198.50.

Quest Diagnostics Company Profile

Quest Diagnostics (NYSE: DGX) is a leading provider of diagnostic information services that supports clinical decision-making for patients, physicians and healthcare organizations. The company operates a network of clinical laboratories and patient service centers that perform a broad range of laboratory tests and diagnostic assays used in routine care, disease diagnosis, monitoring and screening.

Its services span core clinical laboratory testing, anatomic pathology, molecular and genomic diagnostics, infectious disease testing and toxicology.