Olstein Capital Management L.P. Cuts Position in Quest Diagnostics Incorporated (NYSE:DGX)

Olstein Capital Management L.P. lowered its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,216 shares of the medical research company’s stock after selling 1,102 shares during the quarter. Quest Diagnostics comprises 1.4% of Olstein Capital Management L.P.’s holdings, making the stock its 22nd largest holding. Olstein Capital Management L.P.’s holdings in Quest Diagnostics were worth $8,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in shares of Quest Diagnostics by 340.4% in the 4th quarter. Versant Capital Management Inc now owns 251 shares of the medical research company’s stock valued at $38,000 after buying an additional 194 shares in the last quarter. First Financial Corp IN purchased a new stake in Quest Diagnostics during the fourth quarter valued at approximately $38,000. Sunbelt Securities Inc. acquired a new stake in Quest Diagnostics in the second quarter valued at approximately $40,000. Global Trust Asset Management LLC purchased a new position in Quest Diagnostics in the fourth quarter worth $49,000. Finally, Quarry LP acquired a new position in shares of Quest Diagnostics during the second quarter worth $74,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Quest Diagnostics Stock Up 2.3 %

Quest Diagnostics stock opened at $155.36 on Friday. Quest Diagnostics Incorporated has a 12 month low of $123.04 and a 12 month high of $165.32. The stock has a market capitalization of $17.34 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 2.36 and a beta of 0.90. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.17. The business has a 50 day simple moving average of $155.66 and a 200-day simple moving average of $153.12.

Quest Diagnostics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 14th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.93%. The ex-dividend date is Tuesday, January 14th. Quest Diagnostics’s payout ratio is 40.32%.

Analyst Upgrades and Downgrades

DGX has been the topic of several research analyst reports. Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. UBS Group boosted their price target on Quest Diagnostics from $165.00 to $166.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Mizuho increased their price objective on shares of Quest Diagnostics from $160.00 to $174.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler boosted their target price on shares of Quest Diagnostics from $150.00 to $165.00 and gave the stock a “neutral” rating in a research report on Monday, October 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $185.00 price target (up previously from $175.00) on shares of Quest Diagnostics in a report on Tuesday, December 10th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $172.15.

Insider Activity

In other Quest Diagnostics news, CAO Michael J. Deppe sold 18,755 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $154.05, for a total value of $2,889,207.75. Following the transaction, the chief accounting officer now owns 34,941 shares in the company, valued at approximately $5,382,661.05. This trade represents a 34.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Karthik Kuppusamy sold 1,775 shares of Quest Diagnostics stock in a transaction on Monday, October 28th. The stock was sold at an average price of $156.92, for a total transaction of $278,533.00. Following the sale, the senior vice president now directly owns 9,734 shares in the company, valued at approximately $1,527,459.28. This trade represents a 15.42 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.79% of the company’s stock.

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.