Johnston Asset Management LLC decreased its position in shares of Quest Diagnostics Inc. (NYSE:DGX) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,585 shares of the company’s stock after selling 14,020 shares during the period. Johnston Asset Management LLC’s holdings in Quest Diagnostics were worth $17,876,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of DGX. American Century Companies Inc. raised its position in shares of Quest Diagnostics by 27.7% in the second quarter. American Century Companies Inc. now owns 4,717,816 shares of the company’s stock worth $384,077,000 after buying an additional 1,022,240 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Quest Diagnostics by 7.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,200,612 shares of the company’s stock worth $300,134,000 after buying an additional 286,330 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Quest Diagnostics by 2.2% in the first quarter. BlackRock Fund Advisors now owns 2,927,809 shares of the company’s stock worth $209,192,000 after buying an additional 61,940 shares in the last quarter. Investec Asset Management LTD raised its position in shares of Quest Diagnostics by 10.3% in the first quarter. Investec Asset Management LTD now owns 2,049,299 shares of the company’s stock worth $146,422,000 after buying an additional 191,893 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Quest Diagnostics by 2.3% in the first quarter. Geode Capital Management LLC now owns 1,279,165 shares of the company’s stock worth $91,230,000 after buying an additional 28,485 shares in the last quarter. 91.33% of the stock is currently owned by institutional investors and hedge funds.
Quest Diagnostics Inc. (NYSE:DGX) traded down 0.66% during midday trading on Monday, reaching $84.07. The company had a trading volume of 695,670 shares. Quest Diagnostics Inc. has a 12 month low of $59.66 and a 12 month high of $86.85. The firm has a 50-day moving average of $83.93 and a 200-day moving average of $79.23. The stock has a market cap of $11.69 billion, a P/E ratio of 14.67 and a beta of 0.70.
Quest Diagnostics (NYSE:DGX) last posted its earnings results on Thursday, July 21st. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.32 by $0.02. Quest Diagnostics had a return on equity of 14.41% and a net margin of 11.02%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, equities analysts expect that Quest Diagnostics Inc. will post $5.11 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Tuesday, October 4th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, September 30th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 28.02%.
A number of analysts have issued reports on the company. Jefferies Group raised their target price on Quest Diagnostics from $75.00 to $86.00 and gave the company a “hold” rating in a report on Friday, July 22nd. Canaccord Genuity set a $90.00 target price on Quest Diagnostics and gave the company a “buy” rating in a report on Wednesday, September 14th. Evercore ISI reaffirmed a “hold” rating and issued a $89.50 target price (up previously from $78.50) on shares of Quest Diagnostics in a report on Sunday, July 24th. Zacks Investment Research raised Quest Diagnostics from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Friday, July 22nd. Finally, Jyske Bank lowered Quest Diagnostics from a “neutral” rating to a “sell” rating in a report on Friday, June 24th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. Quest Diagnostics currently has an average rating of “Hold” and an average price target of $82.45.
In related news, Director Jenne K. Britell sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $85.20, for a total value of $340,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey M. Leiden sold 6,345 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $85.62, for a total value of $543,258.90. Following the completion of the sale, the director now owns 7,233 shares of the company’s stock, valued at $619,289.46. The disclosure for this sale can be found here. 1.50% of the stock is 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 Company’s Diagnostic Information Services business develops and delivers diagnostic testing information and services to patients, physicians, health plans, hospitals, accountable care organizations (ACOs), integrated delivery networks (IDNs), other commercial laboratories, employers and others.
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