Exencial Wealth Advisors Reduces Stake in Quest Diagnostics by 4.7%

Exencial Wealth Advisors LLC has reduced its stake in Quest Diagnostics Incorporated (NYSE: DGX) by 4.7% during the second quarter of 2023. The institutional investor now holds 63,993 shares of the medical research company after selling 3,186 shares, according to Holdings Channel. As of the end of the most recent reporting period, Exencial’s holdings in Quest Diagnostics were valued at approximately $11.5 million.

A number of other institutional investors have also adjusted their positions in Quest Diagnostics recently. Brighton Jones LLC entered a new position in the fourth quarter, investing $323,000. Similarly, GAMMA Investing LLC increased its holdings by 38.3% in the first quarter, owning 2,630 shares now valued at $445,000 after acquiring 728 additional shares. Wealth Enhancement Advisory Services LLC also expanded its holdings by 11.6% during the same period, now owning 30,825 shares worth $5.2 million following the purchase of 3,210 shares.

Janney Montgomery Scott LLC raised its stake by 9.5% in the first quarter, acquiring an additional 1,566 shares to reach a total of 18,010 shares, valued at $3.05 million. Cambridge Investment Research Advisors Inc. increased its position by 23.5%, owning 8,908 shares valued at $1.5 million after buying 1,693 shares. Notably, institutional investors collectively own 88.06% of Quest Diagnostics’ stock.

Analyst Ratings and Stock Performance

Recent reports from equity research analysts have provided insights into the performance of Quest Diagnostics’ stock. Leerink Partners set a price target of $210.00, while Weiss Ratings reaffirmed a “buy (b)” rating. Robert W. Baird maintained a “neutral” rating with a target price of $194.00. William Blair has an “outperform” rating, and Truist Financial set a price objective of $195.00. Currently, one analyst rates the stock as a Strong Buy, eight as Buy, and ten as Hold, leading to an average rating of “Moderate Buy” and a consensus price target of $193.19.

On October 21, 2023, Quest Diagnostics reported earnings of $2.60 per share, surpassing analysts’ expectations of $2.51 by $0.09. The company’s revenue for the quarter reached $2.82 billion, exceeding estimates of $2.73 billion. The firm’s revenue increased by 13.2% year-over-year, with a net margin of 9.01% and a return on equity of 15.24%. Quest Diagnostics has also set its fiscal year 2025 guidance at an earnings per share range of $9.760-9.840.

Insider Activity and Dividends

In related news, insider trading activity has been notable. Senior Vice President Karthik Kuppusamy sold 8,269 shares at an average price of $167.40 on July 30, 2023, totaling approximately $1.38 million. This transaction reduced his holdings by 43.68%, leaving him with 10,660 shares valued at $1.78 million. Similarly, SVP Patrick Plewman sold 5,535 shares at an average price of $175.00 on August 6, resulting in a transaction value of $968,625. This sale decreased his ownership by 22.36%, leaving him with 19,219 shares valued at $3.36 million. In total, insiders sold 53,186 shares worth $9.65 million over the last three months.

Additionally, Quest Diagnostics recently declared a quarterly dividend of $0.80, which was paid on October 20, 2023. Shareholders of record on October 3, 2023, received this dividend, reflecting an annualized return of $3.20 and a yield of 1.7%. The company’s dividend payout ratio currently stands at 38.32%.

Quest Diagnostics Incorporated is a leading provider of diagnostic testing and services, both in the United States and internationally. The company specializes in various diagnostic information services, including routine and advanced clinical testing and anatomic pathology testing.