NuWave Investment Management LLC increased its stake in shares of Quest Diagnostics Inc (NYSE:DGX) by 108.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 346 shares of the medical research company’s stock after acquiring an additional 180 shares during the period. NuWave Investment Management LLC’s holdings in Quest Diagnostics were worth $36,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Quest Diagnostics by 0.6% during the second quarter. Vanguard Group Inc. now owns 14,963,272 shares of the medical research company’s stock worth $1,523,411,000 after acquiring an additional 89,648 shares in the last quarter. Fiduciary Management Inc. WI raised its stake in Quest Diagnostics by 4.5% in the second quarter. Fiduciary Management Inc. WI now owns 4,389,025 shares of the medical research company’s stock valued at $446,847,000 after buying an additional 190,511 shares during the period. Davis Selected Advisers raised its stake in Quest Diagnostics by 10.0% in the second quarter. Davis Selected Advisers now owns 4,001,170 shares of the medical research company’s stock valued at $407,359,000 after buying an additional 362,109 shares during the period. Boston Partners raised its stake in Quest Diagnostics by 24.1% in the second quarter. Boston Partners now owns 3,763,778 shares of the medical research company’s stock valued at $383,167,000 after buying an additional 729,863 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Quest Diagnostics by 12.1% in the second quarter. Victory Capital Management Inc. now owns 3,188,068 shares of the medical research company’s stock valued at $324,577,000 after buying an additional 344,767 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.
Several research firms have issued reports on DGX. Credit Suisse Group upped their price objective on Quest Diagnostics from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Morgan Stanley upped their target price on Quest Diagnostics from $111.00 to $121.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Evercore ISI reaffirmed a “buy” rating and issued a $108.00 target price on shares of Quest Diagnostics in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Quest Diagnostics from $100.00 to $111.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Goldman Sachs Group downgraded Quest Diagnostics from a “neutral” rating to a “sell” rating and decreased their target price for the company from $90.00 to $85.00 in a research report on Monday, July 15th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $105.06.
NYSE:DGX traded down $2.05 during trading hours on Friday, reaching $102.68. 41,111 shares of the company were exchanged, compared to its average volume of 766,746. The company has a market capitalization of $14.11 billion, a P/E ratio of 16.28, a P/E/G ratio of 2.19 and a beta of 0.87. Quest Diagnostics Inc has a 1-year low of $78.95 and a 1-year high of $107.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.82 and a quick ratio of 0.77. The business has a 50 day moving average of $104.52 and a 200 day moving average of $99.68.
Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Tuesday, July 23rd. The medical research company reported $1.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.04. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.94 billion. Quest Diagnostics had a return on equity of 15.05% and a net margin of 9.64%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.75 earnings per share. As a group, equities research analysts anticipate that Quest Diagnostics Inc will post 6.5 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Friday, October 4th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, October 3rd. Quest Diagnostics’s dividend payout ratio is currently 33.60%.
Quest Diagnostics Company Profile
Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic testing information and services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.
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