Levin Capital Strategies L.P. Buys New Stake in Quest Diagnostics Inc (DGX)

Levin Capital Strategies L.P. bought a new position in Quest Diagnostics Inc (NYSE:DGX) in the 4th quarter, Holdings Channel reports. The firm bought 1,438,145 shares of the medical research company’s stock, valued at approximately $119,754,000. Quest Diagnostics comprises approximately 2.6% of Levin Capital Strategies L.P.’s holdings, making the stock its 13th biggest holding.

A number of other large investors also recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. boosted its position in Quest Diagnostics by 32.7% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 544 shares of the medical research company’s stock valued at $45,000 after buying an additional 134 shares during the period. Moody National Bank Trust Division boosted its position in Quest Diagnostics by 1.5% during the fourth quarter. Moody National Bank Trust Division now owns 12,082 shares of the medical research company’s stock valued at $1,006,000 after buying an additional 182 shares during the period. ETF Managers Group LLC boosted its position in Quest Diagnostics by 17.7% during the fourth quarter. ETF Managers Group LLC now owns 1,322 shares of the medical research company’s stock valued at $110,000 after buying an additional 199 shares during the period. Pinnacle Associates Ltd. boosted its position in Quest Diagnostics by 1.6% during the fourth quarter. Pinnacle Associates Ltd. now owns 13,554 shares of the medical research company’s stock valued at $1,129,000 after buying an additional 216 shares during the period. Finally, Palo Capital Inc. boosted its position in Quest Diagnostics by 2.1% during the fourth quarter. Palo Capital Inc. now owns 13,788 shares of the medical research company’s stock valued at $1,148,000 after buying an additional 281 shares during the period. Institutional investors own 87.19% of the company’s stock.

Several brokerages have recently commented on DGX. Zacks Investment Research downgraded shares of Quest Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, February 6th. Argus downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. ValuEngine downgraded shares of Quest Diagnostics from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. UBS Group began coverage on shares of Quest Diagnostics in a research note on Thursday, January 17th. They set a “neutral” rating and a $90.00 price objective for the company. Finally, Bank of America downgraded shares of Quest Diagnostics from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 3rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $104.56.

DGX stock opened at $88.57 on Monday. Quest Diagnostics Inc has a 1 year low of $78.95 and a 1 year high of $116.49. The stock has a market capitalization of $12.09 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.83 and a beta of 0.89. The company has a quick ratio of 1.09, a current ratio of 1.15 and a debt-to-equity ratio of 0.63.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 30th. Investors of record on Tuesday, January 15th were paid a $0.53 dividend. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Monday, January 14th. Quest Diagnostics’s dividend payout ratio is presently 39.26%.

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About Quest Diagnostics

Quest Diagnostics Incorporated provides diagnostic testing information and services in the United States and internationally. The company's Diagnostic Information Services business segment develops and delivers diagnostic testing information and services, such as routine testing, non-routine and advanced clinical testing, gene-based and esoteric testing, anatomic pathology, and other diagnostic information services.

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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