Edgestream Partners L.P. trimmed its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 49.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,406 shares of the medical research company’s stock after selling 3,363 shares during the period. Edgestream Partners L.P.’s holdings in Quest Diagnostics were worth $379,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of DGX. BlackRock Inc. grew its position in Quest Diagnostics by 2,638.3% in the first quarter. BlackRock Inc. now owns 15,362,418 shares of the medical research company’s stock worth $1,508,435,000 after acquiring an additional 14,801,397 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Quest Diagnostics by 316.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,043,889 shares of the medical research company’s stock worth $116,035,000 after acquiring an additional 793,085 shares in the last quarter. MARSHALL WACE ASIA Ltd bought a new stake in Quest Diagnostics in the first quarter worth approximately $74,201,000. Marshall Wace North America L.P. bought a new stake in Quest Diagnostics in the first quarter worth approximately $74,201,000. Finally, JPMorgan Chase & Co. grew its position in Quest Diagnostics by 98.7% in the second quarter. JPMorgan Chase & Co. now owns 923,749 shares of the medical research company’s stock worth $102,684,000 after acquiring an additional 458,918 shares in the last quarter. 87.07% of the stock is owned by institutional investors.
In related news, Director Jeffrey M. Leiden sold 296 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $106.66, for a total transaction of $31,571.36. Following the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $639,960. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Stephen H. Rusckowski sold 2,525 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $108.03, for a total value of $272,775.75. Following the transaction, the chairman now directly owns 168,413 shares in the company, valued at $18,193,656.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 221,758 shares of company stock worth $23,944,610. Insiders own 1.75% of the company’s stock.
Quest Diagnostics Incorporated (NYSE DGX) traded down 0.71% during midday trading on Friday, hitting $104.85. 415,501 shares of the stock traded hands. 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 firm’s 50 day moving average is $107.04 and its 200-day moving average is $105.20.
Quest Diagnostics (NYSE:DGX) last issued its earnings results on Tuesday, July 25th. The medical research company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.42 by $0.13. Quest Diagnostics had a return on equity of 15.66% and a net margin of 9.28%. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the company earned $1.34 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. On average, analysts anticipate that Quest Diagnostics Incorporated will post $5.69 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $1.80 annualized dividend and a dividend yield of 1.70%. Quest Diagnostics’s payout ratio is currently 36.29%.
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DGX has been the subject of several recent analyst reports. BidaskClub downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Bank of America Corporation raised shares of Quest Diagnostics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $111.00 to $118.00 in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. ValuEngine upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $110.00 target price (up from $83.00) on shares of Quest Diagnostics in a research note on Thursday, July 13th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $111.09.
About Quest Diagnostics
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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