Quest Diagnostics Inc (DGX) Stake Lessened by Cognios Capital LLC

Cognios Capital LLC lessened its stake in shares of Quest Diagnostics Inc (NYSE:DGX) by 85.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,287 shares of the medical research company’s stock after selling 19,972 shares during the quarter. Cognios Capital LLC’s holdings in Quest Diagnostics were worth $354,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in DGX. Marshall Wace LLP boosted its holdings in shares of Quest Diagnostics by 1,914.6% in the second quarter. Marshall Wace LLP now owns 743,856 shares of the medical research company’s stock worth $81,780,000 after buying an additional 706,933 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Quest Diagnostics by 57.3% in the second quarter. Bank of New York Mellon Corp now owns 1,781,373 shares of the medical research company’s stock worth $195,845,000 after buying an additional 648,706 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Quest Diagnostics by 24.8% in the second quarter. American Century Companies Inc. now owns 2,962,056 shares of the medical research company’s stock worth $325,648,000 after buying an additional 589,197 shares during the last quarter. Tavio Capital LLC purchased a new position in shares of Quest Diagnostics in the second quarter worth approximately $39,866,000. Finally, Montag & Caldwell LLC purchased a new position in shares of Quest Diagnostics in the second quarter worth approximately $36,503,000. 86.11% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on DGX. JPMorgan Chase & Co. dropped their price objective on shares of Quest Diagnostics from $114.00 to $107.00 and set a “neutral” rating on the stock in a report on Wednesday, October 24th. Argus set a $120.00 price objective on shares of Quest Diagnostics and gave the stock a “buy” rating in a report on Friday, September 14th. William Blair reissued an “outperform” rating on shares of Quest Diagnostics in a report on Tuesday, October 23rd. Credit Suisse Group raised their price objective on shares of Quest Diagnostics from $121.00 to $128.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Finally, Evercore ISI raised shares of Quest Diagnostics from an “in-line” rating to an “outperform” rating and set a $103.00 price objective on the stock in a report on Tuesday, July 10th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $111.13.

NYSE DGX opened at $93.38 on Friday. Quest Diagnostics Inc has a 12 month low of $90.31 and a 12 month high of $116.49. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.68 and a beta of 0.90. The company has a current ratio of 1.15, a quick ratio of 1.09 and a debt-to-equity ratio of 0.63.

Quest Diagnostics (NYSE:DGX) last released its earnings results on Tuesday, October 23rd. The medical research company reported $1.68 EPS for the quarter, hitting analysts’ consensus estimates of $1.68. Quest Diagnostics had a net margin of 11.30% and a return on equity of 15.71%. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter last year, the business earned $1.38 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, analysts expect that Quest Diagnostics Inc will post 6.56 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 22nd. Shareholders of record on Friday, October 5th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Thursday, October 4th. Quest Diagnostics’s payout ratio is 37.04%.

About Quest Diagnostics

Quest Diagnostics Incorporated provides diagnostic testing information and services in the United States and internationally. The company's Diagnostic Information Services business segment develops and delivers diagnostic testing information and services, such as routine testing, non-routine and advanced clinical testing, gene-based and esoteric testing, anatomic pathology, and other diagnostic information services.

See Also: Earnings Per Share (EPS)

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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