Legal & General Group Plc lifted its stake in shares of Quest Diagnostics Inc (NYSE:DGX) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 838,805 shares of the medical research company’s stock after acquiring an additional 22,408 shares during the quarter. Legal & General Group Plc owned about 0.62% of Quest Diagnostics worth $78,540,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WFG Advisors LP boosted its stake in 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 purchasing an additional 301 shares during the period. Sun Life Financial INC boosted its stake in 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 purchasing an additional 990 shares during the period. Parallel Advisors LLC boosted its stake in 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 purchasing an additional 12 shares during the period. Acrospire Investment Management LLC boosted its stake in 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 purchasing an additional 1,200 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in Quest Diagnostics during the 2nd quarter valued at approximately $180,000. Institutional investors own 89.20% of the company’s stock.
In other news, CEO Stephen H. Rusckowski sold 53,933 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $108.16, for a total value of $5,833,393.28. Following the completion of the transaction, the chief executive officer now directly owns 220,049 shares of the company’s stock, valued at approximately $23,800,499.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Stephen H. Rusckowski sold 2,525 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $108.03, for a total value of $272,775.75. Following the completion of the transaction, the chairman now directly owns 168,413 shares of the company’s stock, valued at $18,193,656.39. The disclosure for this sale can be found here. Insiders sold a total of 160,396 shares of company stock valued at $17,343,852 in the last quarter. Corporate insiders own 1.75% of the company’s stock.
Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Thursday, October 19th. The medical research company reported $1.39 EPS for the quarter, topping the Zacks’ 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 company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the company earned $1.37 EPS. The company’s quarterly revenue was up 2.4% on a year-over-year basis. sell-side analysts expect that Quest Diagnostics Inc will post 5.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Tuesday, January 9th will be given a $0.45 dividend. The ex-dividend date is Monday, January 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.81%. Quest Diagnostics’s dividend payout ratio is currently 37.74%.
DGX has been the subject of several recent analyst reports. Goldman Sachs Group downgraded Quest Diagnostics from a “conviction-buy” rating to a “buy” rating and decreased their target price for the company from $121.00 to $113.00 in a research note on Tuesday, October 10th. Canaccord Genuity restated a “buy” rating and set a $118.00 target price on shares of Quest Diagnostics in a research note on Wednesday, September 13th. ValuEngine upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Mizuho set a $103.00 target price on Quest Diagnostics and gave the company a “buy” rating in a research note on Thursday, October 19th. Finally, BidaskClub upgraded Quest Diagnostics from a “sell” rating to a “hold” rating in a research note on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $106.28.
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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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