Dimensional Fund Advisors LP cut its stake in Quest Diagnostics Inc (NYSE:DGX) by 0.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,994,282 shares of the medical research company’s stock after selling 17,086 shares during the period. Dimensional Fund Advisors LP’s holdings in Quest Diagnostics were worth $219,258,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Quest Diagnostics by 8,866.7% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,076 shares of the medical research company’s stock worth $118,000 after purchasing an additional 1,064 shares during the last quarter. Dupont Capital Management Corp grew its holdings in shares of Quest Diagnostics by 64.4% in the second quarter. Dupont Capital Management Corp now owns 1,202 shares of the medical research company’s stock worth $132,000 after purchasing an additional 471 shares during the last quarter. Optimum Investment Advisors bought a new position in Quest Diagnostics during the 1st quarter worth about $130,000. Point View Wealth Management Inc. bought a new position in Quest Diagnostics during the 2nd quarter worth about $201,000. Finally, Sawtooth Solutions LLC bought a new position in Quest Diagnostics during the 2nd quarter worth about $202,000. Hedge funds and other institutional investors own 86.23% of the company’s stock.
In related news, SVP Everett Cunningham sold 40,328 shares of Quest Diagnostics stock in a transaction on Tuesday, July 10th. The shares were sold at an average price of $112.00, for a total value of $4,516,736.00. Following the sale, the senior vice president now owns 78,589 shares of the company’s stock, valued at approximately $8,801,968. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.79% of the stock is currently owned by company insiders.
Several research analysts have issued reports on the stock. Evercore ISI upgraded shares of Quest Diagnostics from an “in-line” rating to an “outperform” rating and set a $103.00 target price on the stock in a report on Tuesday, July 10th. MED cut shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Wednesday, June 27th. Deutsche Bank cut shares of Quest Diagnostics from a “buy” rating to a “hold” rating and set a $108.00 target price on the stock. in a report on Wednesday, June 27th. Barclays raised shares of Quest Diagnostics from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $130.00 in a research report on Monday, June 25th. Finally, William Blair raised shares of Quest Diagnostics from a “market perform” rating to an “outperform” rating in a research report on Friday, June 8th. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $110.00.
Shares of NYSE DGX opened at $110.85 on Thursday. Quest Diagnostics Inc has a 12 month low of $90.10 and a 12 month high of $116.49. The company has a market cap of $15.09 billion, a PE ratio of 20.53, a PEG ratio of 2.09 and a beta of 0.73. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.05 and a current ratio of 1.12.
Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Tuesday, July 24th. The medical research company reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.01). Quest Diagnostics had a net margin of 10.56% and a return on equity of 15.45%. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the business posted $1.55 EPS. Quest Diagnostics’s revenue was up 3.0% compared to the same quarter last year. analysts forecast that Quest Diagnostics Inc will post 6.58 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 22nd. Investors of record on Friday, October 5th will be paid a $0.50 dividend. The ex-dividend date is Thursday, October 4th. This represents a $2.00 dividend on an annualized basis and a yield of 1.80%. Quest Diagnostics’s dividend payout ratio is currently 37.04%.
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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