Korea Investment CORP decreased its stake in Quest Diagnostics Incorporated (NYSE:DGX) by 11.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,787 shares of the medical research company’s stock after selling 13,346 shares during the period. Korea Investment CORP owned about 0.07% of Quest Diagnostics worth $11,092,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. YorkBridge Wealth Partners LLC raised its position in Quest Diagnostics by 1.5% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,188 shares of the medical research company’s stock valued at $127,000 after buying an additional 18 shares during the period. Parallel Advisors LLC increased its position in shares of Quest Diagnostics by 16.1% in the first quarter. Parallel Advisors LLC now owns 1,279 shares of the medical research company’s stock valued at $137,000 after buying an additional 177 shares during the period. Advisors Capital Management LLC bought a new position in shares of Quest Diagnostics during the first quarter valued at $164,000. Financial Architects Inc increased its position in shares of Quest Diagnostics by 5.6% in the second quarter. Financial Architects Inc now owns 1,666 shares of the medical research company’s stock valued at $185,000 after buying an additional 88 shares during the period. Finally, Wagner Bowman Management Corp bought a new position in shares of Quest Diagnostics during the second quarter valued at $200,000. 90.06% of the stock is currently owned by institutional investors.
Shares of Quest Diagnostics Incorporated (NYSE:DGX) traded down 0.47% during trading on Friday, reaching $104.87. The company had a trading volume of 779,220 shares. Quest Diagnostics Incorporated has a 12 month low of $79.12 and a 12 month high of $112.97. The stock has a market capitalization of $14.30 billion, a PE ratio of 21.13 and a beta of 0.69. The stock’s 50-day moving average price is $108.23 and its 200-day moving average price is $103.54.
Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Tuesday, July 25th. The medical research company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.13. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.94 billion. Quest Diagnostics had a return on equity of 15.66% and a net margin of 9.28%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $1.34 EPS. Equities analysts forecast that Quest Diagnostics Incorporated will post $5.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Monday, October 2nd. Quest Diagnostics’s payout ratio is currently 36.29%.
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DGX has been the topic of several analyst reports. Deutsche Bank AG reiterated a “buy” rating and issued a $115.00 target price (up from $108.00) on shares of Quest Diagnostics in a research note on Sunday, April 23rd. BidaskClub downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Bank of America Corporation upgraded Quest Diagnostics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $111.00 to $118.00 in a research note on Tuesday, July 25th. Zacks Investment Research downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. Finally, Raymond James Financial, Inc. upgraded Quest Diagnostics from a “market perform” rating to an “outperform” rating and set a $116.00 target price on the stock in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $109.62.
In other news, Director Jeffrey M. Leiden sold 296 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $106.66, for a total transaction of $31,571.36. Following the completion of the sale, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $639,960. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Catherine T. Doherty sold 59,762 shares of the firm’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 sale, the senior vice president now directly owns 78,582 shares of the company’s stock, valued at $8,451,494.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,362 shares of company stock valued at $6,600,758. 1.50% of the stock is currently owned by corporate 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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