State Board of Administration of Florida Retirement System Trims Position in Quest Diagnostics Inc (NYSE:DGX)

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State Board of Administration of Florida Retirement System lessened its position in shares of Quest Diagnostics Inc (NYSE:DGX) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 196,067 shares of the medical research company’s stock after selling 1,850 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.15% of Quest Diagnostics worth $19,962,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new stake in shares of Quest Diagnostics during the second quarter worth about $72,000. Gamco Investors INC. ET AL purchased a new stake in shares of Quest Diagnostics during the second quarter worth about $356,000. GHP Investment Advisors Inc. grew its position in shares of Quest Diagnostics by 4.4% during the second quarter. GHP Investment Advisors Inc. now owns 13,557 shares of the medical research company’s stock worth $1,380,000 after purchasing an additional 566 shares in the last quarter. Employers Holdings Inc. purchased a new stake in shares of Quest Diagnostics during the second quarter worth about $672,000. Finally, Comerica Bank grew its position in shares of Quest Diagnostics by 14.5% during the second quarter. Comerica Bank now owns 48,169 shares of the medical research company’s stock worth $4,825,000 after purchasing an additional 6,106 shares in the last quarter. Institutional investors own 90.89% of the company’s stock.

DGX has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on Quest Diagnostics from $100.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Goldman Sachs Group cut Quest Diagnostics from a “neutral” rating to a “sell” rating and cut their target price for the stock from $90.00 to $85.00 in a research report on Monday, July 15th. Mizuho set a $110.00 target price on Quest Diagnostics and gave the stock a “buy” rating in a research report on Monday, May 20th. Evercore ISI reiterated a “buy” rating and set a $108.00 target price on shares of Quest Diagnostics in a research report on Thursday, August 8th. Finally, Zacks Investment Research upgraded Quest Diagnostics from a “sell” rating to a “hold” rating and set a $111.00 target price for the company in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $105.06.

In other news, insider Mark Guinan sold 73,005 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $100.00, for a total value of $7,300,500.00. Following the completion of the sale, the insider now directly owns 139,022 shares of the company’s stock, valued at approximately $13,902,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Stephen H. Rusckowski sold 244,565 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $100.00, for a total value of $24,456,500.00. Following the completion of the sale, the chairman now directly owns 457,614 shares of the company’s stock, valued at $45,761,400. The disclosure for this sale can be found here. 1.86% of the stock is owned by company insiders.

Shares of Quest Diagnostics stock opened at $101.60 on Friday. The stock has a 50 day moving average of $101.32 and a 200 day moving average of $95.18. Quest Diagnostics Inc has a 12 month low of $78.95 and a 12 month high of $111.54. The firm has a market cap of $13.89 billion, a PE ratio of 16.10, a PEG ratio of 2.09 and a beta of 0.88. The company has a current ratio of 0.82, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Tuesday, July 23rd. The medical research company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Quest Diagnostics had a return on equity of 15.05% and a net margin of 9.64%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the company earned $1.75 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. As a group, equities research analysts forecast that Quest Diagnostics Inc will post 6.5 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Friday, October 4th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, October 3rd. Quest Diagnostics’s payout ratio is 33.60%.

About Quest Diagnostics

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.

Further Reading: What is a Buy-Side Analyst?

Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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