Quest Diagnostics Incorporated (NYSE:DGX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday, November 6th.
According to Zacks, “Quest Diagnostics’ third-quarter earnings topped the Zacks Consensus Estimate, while revenues remained in line. The company is currently focusing on its core diagnostic information services business and working on disciplined capital deployment. It is witnessing significant growth through infectious disease testing, prescription drug monitoring and wellness. Also several new collaborations with hospitals and integrated delivery networks continue to act as major growth drivers. We are looking forward to the recent partnership with Cleveland Clinic which includes the acquisition of Cleveland HeartLab. Over the last year, Quest Diagnostics was trading above the industry. On the flip side, the company faced major sales disruption in the third quarter due to the hurricanes. Accordingly, it has reduced the upper-end of its 2017 earnings guidance range which is disappointing. Tough competitive landscape and reimbursement headwind are other woes.”
Several other analysts have also recently commented on the stock. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Quest Diagnostics in a research report on Monday, September 25th. Canaccord Genuity restated a “buy” rating and issued a $118.00 price objective on shares of Quest Diagnostics in a research report on Wednesday, September 13th. Goldman Sachs Group, Inc. (The) lowered shares of Quest Diagnostics from a “conviction-buy” rating to a “buy” rating and reduced their target price for the stock from $121.00 to $113.00 in a research note on Tuesday, October 10th. ValuEngine raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Craig Hallum restated a “hold” rating and set a $100.00 price objective (down from $110.00) on shares of Quest Diagnostics in a research note on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the company. Quest Diagnostics currently has an average rating of “Hold” and a consensus target price of $106.18.
Quest Diagnostics (NYSE DGX) traded up $0.10 during trading hours on Monday, reaching $93.04. The company’s stock had a trading volume of 2,007,921 shares, compared to its average volume of 1,209,874. Quest Diagnostics has a 12-month low of $85.24 and a 12-month high of $112.96. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.37 and a current ratio of 1.47. The firm has a market cap of $12,681.26, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.94 and a beta of 0.59.
Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings data on Thursday, October 19th. The medical research company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.04. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. Quest Diagnostics had a return on equity of 15.53% and a net margin of 8.82%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.37 EPS. analysts forecast that Quest Diagnostics will post 5.65 EPS for the current fiscal year.
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In other news, Chairman Stephen H. Rusckowski sold 2,525 shares of Quest Diagnostics stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $108.03, for a total transaction of $272,775.75. Following the transaction, the chairman now owns 168,413 shares in the company, valued at $18,193,656.39. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel Stanzione sold 3,803 shares of Quest Diagnostics stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $108.01, for a total transaction of $410,762.03. Following the transaction, the director now owns 35,359 shares in the company, valued at approximately $3,819,125.59. The disclosure for this sale can be found here. Insiders sold 160,396 shares of company stock worth $17,343,852 in the last 90 days. Company insiders own 1.75% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in DGX. Teachers Advisors LLC raised its stake in Quest Diagnostics by 23.6% during the first quarter. Teachers Advisors LLC now owns 219,065 shares of the medical research company’s stock worth $21,510,000 after buying an additional 41,822 shares during the last quarter. Thrivent Financial For Lutherans increased its stake in Quest Diagnostics by 4.5% in the first quarter. Thrivent Financial For Lutherans now owns 5,100 shares of the medical research company’s stock valued at $501,000 after purchasing an additional 220 shares in the last quarter. DnB Asset Management AS increased its stake in Quest Diagnostics by 5.6% in the second quarter. DnB Asset Management AS now owns 16,936 shares of the medical research company’s stock valued at $1,883,000 after purchasing an additional 900 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Quest Diagnostics in the second quarter valued at $711,000. Finally, Capstone Asset Management Co. increased its stake in Quest Diagnostics by 0.6% in the second quarter. Capstone Asset Management Co. now owns 119,657 shares of the medical research company’s stock valued at $13,301,000 after purchasing an additional 744 shares in the last quarter. 88.18% of the stock is owned by institutional investors and hedge funds.
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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