Strategy Asset Managers LLC Buys Shares of 22,828 Quest Diagnostics Incorporated (DGX)
Strategy Asset Managers LLC bought a new stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 22,828 shares of the medical research company’s stock, valued at approximately $2,138,000.
A number of other large investors also recently made changes to their positions in the business. Los Angeles Capital Management & Equity Research Inc. grew its holdings in Quest Diagnostics by 299.4% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 9,992 shares of the medical research company’s stock valued at $936,000 after buying an additional 7,490 shares during the last quarter. Toronto Dominion Bank grew its holdings in Quest Diagnostics by 11.6% during the 3rd quarter. Toronto Dominion Bank now owns 52,040 shares of the medical research company’s stock valued at $4,872,000 after buying an additional 5,401 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Quest Diagnostics by 205.8% during the 3rd quarter. Retirement Systems of Alabama now owns 202,879 shares of the medical research company’s stock valued at $18,998,000 after buying an additional 136,539 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its holdings in Quest Diagnostics by 68.7% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 55,654 shares of the medical research company’s stock valued at $5,134,000 after buying an additional 22,665 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Quest Diagnostics by 23.4% during the 3rd quarter. Sei Investments Co. now owns 203,143 shares of the medical research company’s stock valued at $19,022,000 after buying an additional 38,477 shares during the last quarter. Hedge funds and other institutional investors own 88.18% of the company’s stock.
Shares of Quest Diagnostics Incorporated (NYSE DGX) traded down $0.97 during midday trading on Monday, reaching $92.05. The company had a trading volume of 1,056,000 shares, compared to its average volume of 1,350,886. Quest Diagnostics Incorporated has a 52-week low of $80.83 and a 52-week high of $112.96. The firm has a market cap of $12,546.36, a P/E ratio of 16.50, a P/E/G ratio of 1.92 and a beta of 0.59. The company has a current ratio of 1.47, a quick ratio of 1.37 and a debt-to-equity ratio of 0.78.
Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Thursday, October 19th. The medical research company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.04. Quest Diagnostics had a return on equity of 15.53% and a net margin of 8.82%. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the prior year, the firm earned $1.37 EPS. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. equities analysts predict that Quest Diagnostics Incorporated will post 5.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 18th. Investors of record on Tuesday, October 3rd were issued a $0.45 dividend. The ex-dividend date of this dividend was Monday, October 2nd. This represents a $1.80 annualized dividend and a yield of 1.96%. Quest Diagnostics’s dividend payout ratio is currently 37.74%.
In other news, Director Daniel Stanzione sold 3,803 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was 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 $3,819,125.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Stephen H. Rusckowski sold 2,525 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $108.03, for a total value of $272,775.75. Following the sale, the chairman now owns 168,413 shares of the company’s stock, valued at $18,193,656.39. The disclosure for this sale can be found here. Over the last quarter, insiders sold 160,396 shares of company stock valued at $17,343,852. 1.75% of the stock is owned by insiders.
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A number of equities research analysts have commented on DGX shares. BidaskClub cut Quest Diagnostics from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 16th. Barclays PLC reissued a “hold” rating and set a $110.00 price target on shares of Quest Diagnostics in a research note on Wednesday, July 19th. Piper Jaffray Companies increased their price target on Quest Diagnostics to $107.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 25th. Bank of America Corporation raised Quest Diagnostics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $111.00 to $118.00 in a research note on Tuesday, July 25th. Finally, Zacks Investment Research raised Quest Diagnostics from a “hold” rating to a “buy” rating and set a $123.00 price target on the stock in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Quest Diagnostics currently has an average rating of “Hold” and an average target price of $106.18.
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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