Levin Capital Strategies L.P. Acquires New Position in Quest Diagnostics Inc (DGX)
Levin Capital Strategies L.P. acquired a new stake in Quest Diagnostics Inc (NYSE:DGX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,438,145 shares of the medical research company’s stock, valued at approximately $119,754,000. Quest Diagnostics accounts for approximately 2.6% of Levin Capital Strategies L.P.’s holdings, making the stock its 13th largest holding. Levin Capital Strategies L.P. owned about 1.06% of Quest Diagnostics at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Legacy Financial Advisors Inc. bought a new stake in Quest Diagnostics in the fourth quarter valued at approximately $45,000. Benjamin F. Edwards & Company Inc. raised its stake in Quest Diagnostics by 32.7% in 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. Ledyard National Bank raised its stake in Quest Diagnostics by 83.3% in the fourth quarter. Ledyard National Bank now owns 1,100 shares of the medical research company’s stock valued at $92,000 after buying an additional 500 shares during the period. Capital Advisors Ltd. LLC bought a new stake in Quest Diagnostics in the third quarter valued at approximately $123,000. Finally, Belpointe Asset Management LLC bought a new stake in Quest Diagnostics in the third quarter valued at approximately $125,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.
DGX has been the topic of several research analyst reports. Morgan Stanley dropped their price objective on Quest Diagnostics from $120.00 to $107.00 and set an “overweight” rating on the stock in a research note on Friday, November 30th. ValuEngine upgraded Quest Diagnostics from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Goldman Sachs Group lowered their target price on Quest Diagnostics from $110.00 to $90.00 and set a “neutral” rating on the stock in a research note on Sunday, December 9th. Credit Suisse Group reiterated a “buy” rating and set a $121.00 target price on shares of Quest Diagnostics in a research note on Sunday, December 2nd. Finally, Bank of America lowered 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 issued a hold rating and nine have issued a buy rating to the company’s stock. Quest Diagnostics presently has an average rating of “Hold” and an average price target of $104.56.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 30th. Investors of record on Tuesday, January 15th were given a dividend of $0.53 per share. The ex-dividend date was Monday, January 14th. This represents a $2.12 dividend on an annualized basis and a yield of 2.39%. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.50. Quest Diagnostics’s dividend payout ratio is currently 39.26%.
Quest Diagnostics Profile
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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