Engineers Gate Manager LP acquired a new position in Quest Diagnostics Incorporated (NYSE:DGX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,688 shares of the medical research company’s stock, valued at approximately $743,000.
Several other hedge funds have also bought and sold shares of DGX. YorkBridge Wealth Partners LLC raised its position in shares of Quest Diagnostics by 1.5% in the 1st quarter. YorkBridge Wealth Partners LLC now owns 1,188 shares of the medical research company’s stock worth $127,000 after acquiring an additional 18 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Quest Diagnostics by 16.1% in the 1st quarter. Parallel Advisors LLC now owns 1,279 shares of the medical research company’s stock worth $137,000 after acquiring an additional 177 shares in the last quarter. Financial Architects Inc raised its position in shares of Quest Diagnostics by 5.6% in the 2nd quarter. Financial Architects Inc now owns 1,666 shares of the medical research company’s stock worth $185,000 after acquiring an additional 88 shares in the last quarter. Wagner Bowman Management Corp bought a new position in shares of Quest Diagnostics in the 2nd quarter worth about $200,000. Finally, Stratos Wealth Partners LTD. bought a new position in shares of Quest Diagnostics in the 2nd quarter worth about $200,000. 87.07% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on DGX. BidaskClub raised Quest Diagnostics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 29th. UBS AG lifted their price objective on Quest Diagnostics from $115.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, July 6th. Mizuho lifted their price objective on Quest Diagnostics from $115.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday, June 5th. ValuEngine raised Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Barclays PLC reissued a “hold” rating and issued a $110.00 price objective on shares of Quest Diagnostics in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Quest Diagnostics has a consensus rating of “Buy” and an average target price of $111.09.
Quest Diagnostics Incorporated (DGX) opened at 104.96 on Friday. Quest Diagnostics Incorporated has a 1-year low of $79.12 and a 1-year high of $112.97. The firm has a market cap of $14.32 billion, a P/E ratio of 21.15 and a beta of 0.69. The firm’s 50-day moving average price is $106.93 and its 200-day moving average price is $105.25.
Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Tuesday, July 25th. The medical research company reported $1.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.13. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the prior year, the firm earned $1.34 earnings per share. Quest Diagnostics’s revenue was up 1.9% on a year-over-year basis. Equities research analysts anticipate that Quest Diagnostics Incorporated will post $5.69 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Tuesday, October 3rd will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Monday, October 2nd. Quest Diagnostics’s payout ratio is currently 36.29%.
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In other Quest Diagnostics news, Director Daniel Stanzione sold 40,900 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $108.07, for a total transaction of $4,420,063.00. Following the completion of the transaction, the director now owns 41,991 shares of the company’s stock, valued at $4,537,967.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stephen H. Rusckowski sold 59,235 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $108.16, for a total transaction of $6,406,857.60. Following the transaction, the chairman now directly owns 220,049 shares of the company’s stock, valued at approximately $23,800,499.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 221,758 shares of company stock valued at $23,944,610. 1.75% of the stock is owned by insiders.
Quest Diagnostics Profile
Quest Diagnostics Incorporated is a provider of diagnostic information services. The Company operates through two businesses: Diagnostic Information Services and Diagnostic Solutions. The Diagnostic Information Services business develops and delivers diagnostic testing information and services, providing insights that empower and enable a range of customers, including patients, clinicians, hospitals, integrated delivery networks (IDNs), health plans, employers and accountable care organizations (ACOs).
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