Meeder Asset Management Inc. Purchases New Stake in Quest Diagnostics Inc (NYSE:DGX)

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Meeder Asset Management Inc. purchased a new stake in Quest Diagnostics Inc (NYSE:DGX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 712 shares of the medical research company’s stock, valued at approximately $72,000.

Several other institutional investors have also bought and sold shares of DGX. Wealthcare Advisory Partners LLC purchased a new stake in shares of Quest Diagnostics in the second quarter valued at approximately $29,000. Berman Capital Advisors LLC increased its stake in Quest Diagnostics by 47.7% during the second quarter. Berman Capital Advisors LLC now owns 319 shares of the medical research company’s stock worth $32,000 after acquiring an additional 103 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in Quest Diagnostics during the first quarter worth about $42,000. Signaturefd LLC increased its stake in Quest Diagnostics by 74.7% during the first quarter. Signaturefd LLC now owns 505 shares of the medical research company’s stock worth $45,000 after acquiring an additional 216 shares during the last quarter. Finally, CWM LLC increased its stake in Quest Diagnostics by 61.1% during the second quarter. CWM LLC now owns 464 shares of the medical research company’s stock worth $47,000 after acquiring an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 90.89% of the company’s stock.

NYSE:DGX opened at $100.67 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 0.82 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $101.18 and its two-hundred day moving average is $95.45. Quest Diagnostics Inc has a 52 week low of $78.95 and a 52 week high of $111.54. The company has a market cap of $13.68 billion, a PE ratio of 15.95, a P/E/G ratio of 2.06 and a beta of 0.88.

Quest Diagnostics (NYSE:DGX) last released its earnings results on Tuesday, July 23rd. The medical research company reported $1.73 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the business posted $1.75 EPS. Quest Diagnostics’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Quest Diagnostics Inc will post 6.5 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Friday, October 4th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Thursday, October 3rd. Quest Diagnostics’s dividend payout ratio is presently 33.60%.

Several brokerages have commented on DGX. JPMorgan Chase & Co. upped their price target on Quest Diagnostics from $100.00 to $111.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. 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. Canaccord Genuity upped their target price on Quest Diagnostics from $108.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their target price on Quest Diagnostics from $111.00 to $121.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Goldman Sachs Group downgraded Quest Diagnostics from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $90.00 to $85.00 in a research report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $105.06.

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

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.

Featured Story: Understanding the Price to Earnings Ratio (PE)

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

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