OLD National Bancorp IN Makes New Investment in Quest Diagnostics Incorporated (NYSE:DGX)

OLD National Bancorp IN bought a new position in Quest Diagnostics Incorporated (NYSE:DGX) during the 1st quarter, HoldingsChannel reports. The firm bought 1,319 shares of the medical research company’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sierra Ocean LLC acquired a new stake in shares of Quest Diagnostics during the fourth quarter worth $33,000. NBC Securities Inc. acquired a new stake in shares of Quest Diagnostics during the first quarter worth $35,000. FPC Investment Advisory Inc. acquired a new stake in shares of Quest Diagnostics during the fourth quarter worth $45,000. SBI Securities Co. Ltd. acquired a new stake in Quest Diagnostics in the 4th quarter valued at $54,000. Finally, Sandy Spring Bank increased its stake in Quest Diagnostics by 142.5% in the 4th 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. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Quest Diagnostics Trading Up 0.9%

Shares of NYSE:DGX opened at $177.43 on Wednesday. Quest Diagnostics Incorporated has a 52-week low of $135.47 and a 52-week high of $179.99. The company has a market capitalization of $19.81 billion, a P/E ratio of 23.07, a price-to-earnings-growth ratio of 2.16 and a beta of 0.49. The company has a 50-day simple moving average of $171.83 and a 200 day simple moving average of $165.34. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.02 and a current ratio of 1.10.

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

Quest Diagnostics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Monday, July 7th. Quest Diagnostics’s payout ratio is 40.46%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on DGX shares. Barclays lifted their price target on shares of Quest Diagnostics from $175.00 to $185.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 23rd. Redburn Partners set a $195.00 price target on shares of Quest Diagnostics in a research note on Wednesday, April 2nd. Redburn Atlantic started coverage on shares of Quest Diagnostics in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $195.00 price target on the stock. Evercore ISI lifted their price target on shares of Quest Diagnostics from $175.00 to $180.00 and gave the company an “in-line” rating in a research note on Wednesday, April 23rd. Finally, Truist Financial lifted their price target on shares of Quest Diagnostics from $182.00 to $190.00 and gave the company a “hold” rating in a research note on Wednesday, April 23rd. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $185.73.

Insider Buying and Selling

In other Quest Diagnostics news, CEO J. E. Davis sold 39,191 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $168.46, for a total value of $6,602,115.86. Following the completion of the sale, the chief executive officer now owns 127,623 shares of the company’s stock, valued at $21,499,370.58. The trade was a 23.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael E. Prevoznik sold 4,643 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $170.00, for a total transaction of $789,310.00. Following the completion of the sale, the senior vice president now directly owns 38,117 shares of the company’s stock, valued at $6,479,890. This represents a 10.86% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,263 shares of company stock valued at $7,979,355. Company insiders own 8.16% of the company’s stock.

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.