Wedge Capital Management L L P NC grew its stake in shares of Quest Diagnostics Inc (NYSE:DGX) by 16.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,763 shares of the medical research company’s stock after purchasing an additional 2,426 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Quest Diagnostics were worth $1,651,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. WFG Advisors LP lifted its stake in shares of Quest Diagnostics by 45.3% during the second quarter. WFG Advisors LP now owns 966 shares of the medical research company’s stock worth $107,000 after purchasing an additional 301 shares in the last quarter. Cerebellum GP LLC acquired a new position in shares of Quest Diagnostics during the fourth quarter worth about $128,000. Cubist Systematic Strategies LLC acquired a new position in shares of Quest Diagnostics during the second quarter worth about $180,000. Parametrica Management Ltd acquired a new position in shares of Quest Diagnostics during the third quarter worth about $206,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in shares of Quest Diagnostics during the fourth quarter worth about $206,000. Institutional investors own 90.22% of the company’s stock.
DGX has been the topic of a number of recent research reports. Goldman Sachs Group initiated coverage on Quest Diagnostics in a research note on Monday, January 29th. They set a “buy” rating and a $117.00 price objective on the stock. Mizuho set a $113.00 price objective on Quest Diagnostics and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Canaccord Genuity restated a “buy” rating and set a $110.00 price objective on shares of Quest Diagnostics in a research note on Tuesday, January 16th. Zacks Investment Research upgraded Quest Diagnostics from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a research note on Tuesday, February 6th. Finally, KeyCorp reiterated a “hold” rating on shares of Quest Diagnostics in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. Quest Diagnostics currently has a consensus rating of “Hold” and a consensus price target of $107.40.
In other Quest Diagnostics news, SVP Catherine T. Doherty sold 21,294 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $104.00, for a total transaction of $2,214,576.00. Following the sale, the senior vice president now owns 90,709 shares in the company, valued at $9,433,736. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP J. E. Davis sold 63,880 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $98.68, for a total value of $6,303,678.40. Following the sale, the executive vice president now owns 101,423 shares in the company, valued at approximately $10,008,421.64. The disclosure for this sale can be found here. Insiders have sold 192,014 shares of company stock worth $19,950,134 in the last 90 days. 1.75% of the stock is currently owned by insiders.
Quest Diagnostics Inc (NYSE DGX) opened at $101.39 on Wednesday. Quest Diagnostics Inc has a one year low of $90.10 and a one year high of $112.96. The company has a market capitalization of $13,503.18, a PE ratio of 18.43, a P/E/G ratio of 1.78 and a beta of 0.67. The company has a quick ratio of 1.15, a current ratio of 1.24 and a debt-to-equity ratio of 0.76.
Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Thursday, February 1st. The medical research company reported $1.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.03. Quest Diagnostics had a return on equity of 15.41% and a net margin of 10.00%. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the prior year, the firm posted $1.31 earnings per share. Quest Diagnostics’s revenue for the quarter was up 4.0% compared to the same quarter last year. analysts forecast that Quest Diagnostics Inc will post 6.59 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 18th. Shareholders of record on Wednesday, April 4th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, April 3rd. This represents a $2.00 annualized dividend and a yield of 1.97%. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.45. Quest Diagnostics’s dividend payout ratio is presently 32.73%.
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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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