Quest Diagnostics Incorporated (DGX) Stake Increased by Swiss National Bank
Swiss National Bank grew its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 2.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 570,530 shares of the medical research company’s stock after acquiring an additional 12,100 shares during the quarter. Swiss National Bank owned 0.42% of Quest Diagnostics worth $63,420,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Quest Diagnostics by 2,638.3% in the 1st quarter. BlackRock Inc. now owns 15,362,418 shares of the medical research company’s stock valued at $1,508,435,000 after purchasing an additional 14,801,397 shares during the period. Robeco Institutional Asset Management B.V. grew its position in shares of Quest Diagnostics by 316.2% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,043,889 shares of the medical research company’s stock valued at $116,035,000 after purchasing an additional 793,085 shares during the period. MARSHALL WACE ASIA Ltd acquired a new position in shares of Quest Diagnostics in the 1st quarter valued at approximately $74,201,000. Marshall Wace North America L.P. acquired a new position in shares of Quest Diagnostics in the 1st quarter valued at approximately $74,201,000. Finally, Renaissance Technologies LLC grew its position in shares of Quest Diagnostics by 755.2% in the 1st quarter. Renaissance Technologies LLC now owns 503,700 shares of the medical research company’s stock valued at $49,458,000 after purchasing an additional 444,800 shares during the period. 87.07% of the stock is owned by institutional investors.
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Shares of Quest Diagnostics Incorporated (NYSE:DGX) opened at 108.17 on Monday. Quest Diagnostics Incorporated has a 12-month low of $79.12 and a 12-month high of $112.96. The firm has a market cap of $14.75 billion, a P/E ratio of 21.80 and a beta of 0.69. The stock has a 50 day moving average price of $107.55 and a 200 day moving average price of $104.54.
Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings data on Tuesday, July 25th. The medical research company reported $1.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.13. Quest Diagnostics had a return on equity of 15.66% and a net margin of 9.28%. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the firm earned $1.34 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts expect that Quest Diagnostics Incorporated will post $5.69 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $1.80 annualized dividend and a yield of 1.66%. Quest Diagnostics’s dividend payout ratio is currently 36.29%.
In other Quest Diagnostics news, Director Jeffrey M. Leiden sold 296 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $106.66, for a total value of $31,571.36. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at $639,960. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Catherine T. Doherty sold 59,762 shares of the business’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $107.55, for a total value of $6,427,403.10. Following the completion of the transaction, the senior vice president now directly owns 78,582 shares in the company, valued at approximately $8,451,494.10. The disclosure for this sale can be found here. In the last three months, insiders sold 61,362 shares of company stock worth $6,600,758. Insiders own 1.75% of the company’s stock.
Several equities analysts recently issued reports on DGX shares. Argus started coverage on Quest Diagnostics in a research report on Friday, May 12th. They issued a “hold” rating and a $102.00 price objective for the company. Zacks Investment Research lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. Bank of America Corporation reiterated a “neutral” rating and issued a $110.00 price objective (up from $105.00) on shares of Quest Diagnostics in a research report on Sunday, May 28th. ValuEngine upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Mizuho boosted their price objective on Quest Diagnostics from $115.00 to $122.00 and gave the company a “buy” rating in a research report on Monday, June 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $109.62.
About Quest Diagnostics
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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