Quest Diagnostics Incorporated (DGX) Stake Increased by Riverhead Capital Management LLC
Riverhead Capital Management LLC grew its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 84.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,495 shares of the medical research company’s stock after acquiring an additional 31,441 shares during the period. Riverhead Capital Management LLC owned about 0.05% of Quest Diagnostics worth $7,614,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Quest Diagnostics by 2,638.3% during the first quarter. BlackRock Inc. now owns 15,362,418 shares of the medical research company’s stock valued at $1,508,435,000 after acquiring an additional 14,801,397 shares in the last quarter. State Street Corp grew its stake in shares of Quest Diagnostics by 2.7% during the first quarter. State Street Corp now owns 6,918,900 shares of the medical research company’s stock valued at $679,362,000 after acquiring an additional 180,690 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of Quest Diagnostics by 8.3% during the first quarter. Schroder Investment Management Group now owns 2,188,114 shares of the medical research company’s stock valued at $215,245,000 after acquiring an additional 167,246 shares in the last quarter. AJO LP grew its stake in shares of Quest Diagnostics by 137.9% during the second quarter. AJO LP now owns 2,134,245 shares of the medical research company’s stock valued at $237,243,000 after acquiring an additional 1,237,021 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Quest Diagnostics by 5.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,022,107 shares of the medical research company’s stock valued at $198,551,000 after acquiring an additional 99,153 shares in the last quarter. Institutional investors own 87.07% of the company’s stock.
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Shares of Quest Diagnostics Incorporated (NYSE:DGX) traded up 0.37% during trading on Monday, reaching $107.94. The company’s stock had a trading volume of 215,838 shares. The stock has a market capitalization of $14.72 billion, a price-to-earnings ratio of 21.75 and a beta of 0.69. The company’s 50-day moving average price is $107.18 and its 200 day moving average price is $105.01. Quest Diagnostics Incorporated has a 1-year low of $79.12 and a 1-year high of $112.97.
Quest Diagnostics (NYSE:DGX) last posted its earnings results on Tuesday, July 25th. The medical research company reported $1.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.13. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.34 earnings per share. Analysts anticipate that Quest Diagnostics Incorporated will post $5.69 EPS for the current year.
The firm also recently announced 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. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $1.80 dividend on an annualized basis and a yield of 1.67%. Quest Diagnostics’s payout ratio is currently 36.29%.
Several brokerages have recently weighed in on DGX. BidaskClub upgraded Quest Diagnostics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 29th. UBS AG raised their target price on Quest Diagnostics from $115.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, July 6th. Mizuho raised their target price on Quest Diagnostics from $115.00 to $122.00 and gave the company a “buy” rating in a research note on Monday, June 5th. ValuEngine upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Barclays PLC restated a “hold” rating and set a $110.00 target price on shares of Quest Diagnostics in a research note on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $111.09.
In related news, SVP Catherine T. Doherty sold 59,762 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $107.55, for a total value of $6,427,403.10. Following the sale, the senior vice president now owns 78,582 shares of the company’s stock, valued at $8,451,494.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel Stanzione sold 3,803 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $108.01, for a total transaction of $410,762.03. Following the completion of the sale, the director now directly owns 35,359 shares in the company, valued at approximately $3,819,125.59. The disclosure for this sale can be found here. In the last three months, insiders sold 67,690 shares of company stock worth $7,284,296. 1.75% of the stock is currently owned by insiders.
Quest Diagnostics Company 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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