Canaccord Genuity Analysts Give Quest Diagnostics Inc. (DGX) a $90.00 Price Target
Other research analysts also recently issued reports about the stock. Mizuho reiterated a buy rating and set a $84.00 price objective on shares of Quest Diagnostics in a research note on Friday, June 3rd. Evercore ISI reiterated a hold rating and set a $89.50 price objective (up from $78.50) on shares of Quest Diagnostics in a research note on Sunday, July 24th. Credit Suisse Group AG restated a hold rating on shares of Quest Diagnostics in a research report on Tuesday, May 24th. Zacks Investment Research upgraded shares of Quest Diagnostics from a hold rating to a buy rating and set a $92.00 price target on the stock in a research report on Monday, July 11th. Finally, Morgan Stanley restated a sell rating on shares of Quest Diagnostics in a research report on Tuesday, June 7th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $82.55.
Quest Diagnostics (NYSE:DGX) opened at 83.28 on Wednesday. Quest Diagnostics has a 52 week low of $59.66 and a 52 week high of $86.85. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 14.53 and a beta of 0.66. The stock’s 50 day moving average is $84.18 and its 200-day moving average is $78.37.
Quest Diagnostics (NYSE:DGX) last announced its earnings results on Thursday, July 21st. The company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.02. The business earned $1.91 billion during the quarter, compared to the consensus estimate of $1.91 billion. Quest Diagnostics had a net margin of 11.02% and a return on equity of 14.41%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 earnings per share. On average, equities research analysts expect that Quest Diagnostics will post $5.11 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Tuesday, October 4th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Friday, September 30th. Quest Diagnostics’s dividend payout ratio is currently 28.02%.
In related news, Director Jeffrey M. Leiden sold 6,345 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $85.62, for a total transaction of $543,258.90. Following the completion of the sale, the director now directly owns 7,233 shares in the company, valued at $619,289.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John B. Ziegler sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $84.36, for a total transaction of $84,360.00. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Quest Diagnostics during the second quarter valued at $465,000. Kentucky Retirement Systems acquired a new position in shares of Quest Diagnostics during the second quarter valued at $979,000. Mason Street Advisors LLC acquired a new position in shares of Quest Diagnostics during the second quarter valued at $1,551,000. Public Employees Retirement System of Ohio raised its position in shares of Quest Diagnostics by 64.8% in the second quarter. Public Employees Retirement System of Ohio now owns 56,078 shares of the company’s stock valued at $4,565,000 after buying an additional 22,058 shares during the last quarter. Finally, Colonial Trust Advisors raised its position in shares of Quest Diagnostics by 4.4% in the second quarter. Colonial Trust Advisors now owns 52,986 shares of the company’s stock valued at $4,314,000 after buying an additional 2,211 shares during the last quarter. Institutional investors and hedge funds own 91.35% of the company’s stock.
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 Company’s Diagnostic Information Services business develops and delivers diagnostic testing information and services to patients, physicians, health plans, hospitals, accountable care organizations (ACOs), integrated delivery networks (IDNs), other commercial laboratories, employers and others.
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