Korea Investment CORP lessened its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 6.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 93,387 shares of the medical research company’s stock after selling 6,400 shares during the quarter. Korea Investment CORP owned about 0.07% of Quest Diagnostics worth $8,745,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. WFG Advisors LP boosted its holdings in shares of Quest Diagnostics by 45.3% during the 2nd quarter. WFG Advisors LP now owns 966 shares of the medical research company’s stock valued at $107,000 after acquiring an additional 301 shares during the last quarter. Sun Life Financial INC boosted its holdings in shares of Quest Diagnostics by 14,142.9% during the 2nd quarter. Sun Life Financial INC now owns 997 shares of the medical research company’s stock valued at $111,000 after acquiring an additional 990 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Quest Diagnostics by 0.9% during the 2nd quarter. Parallel Advisors LLC now owns 1,291 shares of the medical research company’s stock valued at $140,000 after acquiring an additional 12 shares during the last quarter. Acrospire Investment Management LLC boosted its holdings in shares of Quest Diagnostics by 300.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the medical research company’s stock valued at $178,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Quest Diagnostics during the 2nd quarter valued at about $180,000. 88.64% of the stock is currently owned by hedge funds and other institutional investors.
In other Quest Diagnostics news, Chairman Stephen H. Rusckowski sold 59,235 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $108.16, for a total value of $6,406,857.60. Following the sale, the chairman now owns 220,049 shares in the company, valued at approximately $23,800,499.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jeffrey M. Leiden sold 296 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $106.66, for a total value of $31,571.36. Following the completion of the sale, the director now owns 6,000 shares in the company, valued at approximately $639,960. The disclosure for this sale can be found here. In the last 90 days, insiders sold 160,692 shares of company stock worth $17,375,423. Insiders own 1.75% of the company’s stock.
A number of brokerages have recently issued reports on DGX. Zacks Investment Research downgraded shares of Quest Diagnostics from a “hold” rating to a “sell” rating in a report on Friday, October 27th. KeyCorp reaffirmed a “hold” rating on shares of Quest Diagnostics in a report on Friday, October 27th. Canaccord Genuity raised their price target on shares of Quest Diagnostics from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, October 26th. Wells Fargo & Company dropped their price target on shares of Quest Diagnostics from $88.00 to $86.00 and set a “market perform” rating on the stock in a report on Friday, October 20th. Finally, Citigroup Inc. dropped their price target on shares of Quest Diagnostics from $110.00 to $98.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $106.18.
Quest Diagnostics (NYSE:DGX) last released its quarterly earnings data on Thursday, October 19th. The medical research company reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.04. Quest Diagnostics had a return on equity of 15.53% and a net margin of 8.82%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the prior year, the firm posted $1.37 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd were given a $0.45 dividend. The ex-dividend date was Monday, October 2nd. This represents a $1.80 annualized dividend and a yield of 1.92%. Quest Diagnostics’s dividend payout ratio is presently 37.74%.
Quest Diagnostics Profile
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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