Exencial Wealth Advisors Sells Shares of Quest Diagnostics

Exencial Wealth Advisors LLC has reduced its holdings in Quest Diagnostics Incorporated (NYSE: DGX) by 4.7%, selling 3,186 shares during the second quarter of 2023. The institutional investor now owns 63,993 shares of the medical research company, valued at approximately $11,495,000 at the end of the latest reporting period.

Several other institutional investors have also adjusted their positions in Quest Diagnostics. Brighton Jones LLC made a new investment in the company during the fourth quarter, acquiring shares worth $323,000. Meanwhile, GAMMA Investing LLC increased its stake by 38.3% in the first quarter, bringing its total to 2,630 shares valued at $445,000. Wealth Enhancement Advisory Services LLC also raised its holdings by 11.6%, now owning 30,825 shares worth $5,215,000 after an additional purchase of 3,210 shares.

Analysts have recently provided insights into Quest Diagnostics’ stock performance. Leerink Partners set a price target of $210.00, while Weiss Ratings affirmed a “buy (b)” rating. Robert W. Baird maintained a “neutral” rating with a target price of $194.00. A total of one analyst rated the stock as a Strong Buy, eight assigned a Buy rating, and ten issued Hold ratings. Currently, the average rating stands at “Moderate Buy” with a consensus price target of $193.19, according to data from MarketBeat.

Insider Activity and Stock Performance

In related developments, senior vice president Karthik Kuppusamy sold 8,269 shares on July 30, 2023, at an average price of $167.40, yielding a total transaction value of $1,384,230.60. This sale reduced his holdings to 10,660 shares, valued at approximately $1,784,484. Another executive, Patrick Plewman, sold 5,535 shares on August 6, 2023, for $968,625.00, decreasing his ownership to 19,219 shares worth about $3,363,325. In total, insiders sold 53,186 shares valued at $9,647,471 over the last three months, representing 8.16% of the company’s total stock.

Quest Diagnostics opened trading at $184.48 recently. The company has a debt-to-equity ratio of 0.71 and a market capitalization of $20.63 billion. The stock has experienced a 1-year low of $148.70 and a high of $197.55. The firm reported a P/E ratio of 22.09 and a PEG ratio of 2.53, indicating a stable position in the market.

On October 21, 2023, Quest Diagnostics announced its latest earnings results. The medical research company reported earnings of $2.60 per share, surpassing analysts’ expectations of $2.51 by $0.09. Revenue for the quarter reached $2.82 billion, exceeding estimates of $2.73 billion. Year-over-year, revenue increased by 13.2%, up from $2.30 earnings per share in the previous year. For the fiscal year 2025, the company has set guidance between $9.760 and $9.840 EPS.

Dividend Announcement

Additionally, Quest Diagnostics declared a quarterly dividend of $0.80 per share, which was paid on October 20, 2023. Shareholders of record as of October 3, 2023, received this payment, reflecting an annualized dividend of $3.20 and a yield of 1.7%. The company’s current dividend payout ratio (DPR) is 38.32%.

Quest Diagnostics Incorporated provides diagnostic testing and services in the United States and internationally. The firm specializes in developing and delivering diagnostic information services, including routine, non-routine, and advanced clinical testing, as well as anatomic pathology testing.