JPMorgan Chase & Co. trimmed its position in Quest Diagnostics Inc (NYSE:DGX) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 897,752 shares of the medical research company’s stock after selling 25,997 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.66% of Quest Diagnostics worth $82,556,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of DGX. APG Asset Management N.V. raised its holdings in Quest Diagnostics by 156.0% in the 3rd quarter. APG Asset Management N.V. now owns 2,683,901 shares of the medical research company’s stock valued at $251,320,000 after acquiring an additional 1,635,700 shares during the period. Janus Henderson Group PLC grew its position in shares of Quest Diagnostics by 9,350.4% during the 2nd quarter. Janus Henderson Group PLC now owns 1,451,774 shares of the medical research company’s stock worth $161,379,000 after purchasing an additional 1,436,412 shares in the last quarter. AJO LP grew its position in shares of Quest Diagnostics by 137.9% during the 2nd quarter. AJO LP now owns 2,134,245 shares of the medical research company’s stock worth $237,243,000 after purchasing an additional 1,237,021 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Quest Diagnostics by 316.2% during the 2nd 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 purchasing an additional 793,085 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Quest Diagnostics by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 14,029,322 shares of the medical research company’s stock worth $1,559,500,000 after purchasing an additional 525,200 shares in the last quarter. 89.23% of the stock is currently owned by institutional investors.
In related news, CEO Stephen H. Rusckowski sold 53,933 shares of the company’s 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 sale, the chief executive officer now owns 220,049 shares in the company, valued at $23,800,499.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel Stanzione sold 40,900 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $108.07, for a total value of $4,420,063.00. Following the completion of the sale, the director now owns 41,991 shares in the company, valued at approximately $4,537,967.37. The disclosure for this sale can be found here. Insiders have sold 154,068 shares of company stock valued at $16,660,314 over the last ninety days. 1.75% of the stock is owned by insiders.
Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Thursday, October 19th. The medical research company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.04. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Quest Diagnostics had a net margin of 8.82% and a return on equity of 15.53%. Quest Diagnostics’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 earnings per share. analysts anticipate that Quest Diagnostics Inc will post 5.65 earnings per share for the current 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 paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.84%. The ex-dividend date is Monday, January 8th. Quest Diagnostics’s payout ratio is 37.74%.
A number of analysts have weighed in on the stock. Zacks Investment Research lowered shares of Quest Diagnostics from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. Mizuho set a $103.00 price target on shares of Quest Diagnostics and gave the company a “buy” rating in a research note on Thursday, October 19th. Canaccord Genuity lifted their price target on shares of Quest Diagnostics from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. BidaskClub cut shares of Quest Diagnostics from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, SunTrust Banks set a $105.00 price objective on shares of Quest Diagnostics and gave the stock a “hold” rating in a report on Sunday, October 15th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price 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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