Vanguard Amends Quest Diagnostics Stake, Remains Passive Investor

TL;DR

**Vanguard still owns a big chunk of Quest Diagnostics, but they're just holding, not shaking things up.**

AI Summary

The Vanguard Group, a major investment firm, filed an updated SC 13G/A on February 13, 2024, indicating its ownership of Quest Diagnostics Inc. common stock as of December 29, 2023. This amendment, the 12th for Vanguard regarding Quest Diagnostics, shows that Vanguard continues to hold a significant passive stake in the medical laboratory company. For investors, this means a large institutional investor maintains confidence in Quest Diagnostics, which can be a positive signal, but it doesn't suggest any immediate strategic changes or activist involvement.

Why It Matters

This filing confirms Vanguard's continued significant, but passive, ownership in Quest Diagnostics, signaling institutional confidence without any intent to influence company management. It's important for investors to know who the major shareholders are and their intentions.

Risk Assessment

Risk Level: low — This filing is a routine update from a passive institutional investor and does not indicate any new risks or significant changes in company control.

Analyst Insight

An investor should note that a large, passive institutional holder like Vanguard maintains its position, suggesting stability but no immediate catalysts from shareholder activism. This filing is routine and doesn't warrant immediate action.

Key Players & Entities

• The Vanguard Group (company) — reporting person and major institutional investor
• Quest Diagnostics Inc. (company) — subject company whose securities are being reported
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — date the SC 13G/A was filed
• Pennsylvania (company) — place of organization for The Vanguard Group

FAQ

From the Filing

0001104659-24-021787.txt : 20240213 0001104659-24-021787.hdr.sgml : 20240213 20240213171221 ACCESSION NUMBER: 0001104659-24-021787 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: QUEST DIAGNOSTICS INC CENTRAL INDEX KEY: 0001022079 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 161387862 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-50905 FILM NUMBER: 24629351 BUSINESS ADDRESS: STREET 1: 500 PLAZA DRIVE CITY: SECAUCUS STATE: NJ ZIP: 07094 BUSINESS PHONE: 9735202700 MAIL ADDRESS: STREET 1: 500 PLAZA DRIVE CITY: SECAUCUS STATE: NJ ZIP: 07094 FORMER COMPANY: FORMER CONFORMED NAME: CORNING CLINICAL LABORATORIES INC DATE OF NAME CHANGE: 19960903 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD GROUP INC CENTRAL INDEX KEY: 0000102909 ORGANIZATION NAME: IRS NUMBER: 231945930 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 SC 13G/A 1 tv01773-questdiagnosticsinc.htm SCHEDULE 13G/A questdiagnosticsinc SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 12)* Name of issuer:  Quest Diagnostics Inc Title of Class of Securities:  Common Stock CUSIP Number:  74834L100 Date of Event Which Requires Filing of this Statement: December 29, 2023 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ Rule 13d-1(b) ☐ Rule 13d-1(c) ☐ Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (Continued on the following page(s))     13G CUSIP No.:  74834L100 1.  NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Vanguard Group - 23-1945930 2.  CHECK THE APPROPRIATE [LINE] IF A MEMBER OF A GROUP A.  B.  X 3.  SEC USE ONLY 4.  CITIZENSHIP OF PLACE OF ORGANIZATION Pennsylvania (For questions 5-8, report the number of shares beneficially owned by each reporting person with:) 5.  SOLE VOTING POWER 0 6.  SHARED VOTING POWER 141,923 7.  SOLE DISPOSITIVE POWER 13,101,247 8.  SHARED DISPOSITIVE POWER 474,727 9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,575,974 10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A 11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 12.07% 12.  TYPE OF REPORTING PERSON IA     SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Act of 1934 Item 1(a) - Name of Issuer: Quest Diagnostics Inc Item 1(b) - Address of Issuer's Principal Executive Offices: 500 Plaza Drive Secaucus, NJ 07940 Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930 Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355 Item 2(c) – Citizenship: Pennsylvania I