Seven Eight Capital LP bought a new position in shares of Quest Diagnostics Inc (NYSE:DGX) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,398 shares of the medical research company’s stock, valued at approximately $4,899,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC boosted its stake in shares of Quest Diagnostics by 17.1% during the third quarter. Nisa Investment Advisors LLC now owns 44,031 shares of the medical research company’s stock worth $4,751,000 after buying an additional 6,444 shares during the period. Andra AP fonden boosted its stake in shares of Quest Diagnostics by 14.1% during the third quarter. Andra AP fonden now owns 99,600 shares of the medical research company’s stock worth $10,748,000 after buying an additional 12,300 shares during the period. First Hawaiian Bank acquired a new stake in shares of Quest Diagnostics during the third quarter worth about $206,000. Bank of Montreal Can boosted its stake in shares of Quest Diagnostics by 7.6% during the third quarter. Bank of Montreal Can now owns 286,198 shares of the medical research company’s stock worth $30,884,000 after buying an additional 20,169 shares during the period. Finally, Weybosset Research & Management LLC boosted its stake in shares of Quest Diagnostics by 2.1% during the third quarter. Weybosset Research & Management LLC now owns 40,969 shares of the medical research company’s stock worth $4,421,000 after buying an additional 850 shares during the period. Institutional investors and hedge funds own 86.16% of the company’s stock.

Shares of NYSE:DGX opened at $102.50 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.12 and a quick ratio of 1.05. The stock has a market capitalization of $13.99 billion, a P/E ratio of 16.95, a PEG ratio of 1.94 and a beta of 0.73. Quest Diagnostics Inc has a 52 week low of $90.31 and a 52 week high of $116.49.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Tuesday, July 24th. The medical research company reported $1.75 EPS for the quarter, missing the Zacks’ consensus estimate of $1.76 by ($0.01). The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.95 billion. Quest Diagnostics had a net margin of 10.56% and a return on equity of 15.45%. Quest Diagnostics’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.55 EPS. On average, sell-side analysts anticipate that Quest Diagnostics Inc will post 6.59 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 22nd. Investors of record on Friday, October 5th will be given a $0.50 dividend. The ex-dividend date is Thursday, October 4th. This represents a $2.00 dividend on an annualized basis and a yield of 1.95%. Quest Diagnostics’s payout ratio is currently 37.04%.

Several equities research analysts have recently weighed in on DGX shares. Argus set a $120.00 target price on shares of Quest Diagnostics and gave the stock a “buy” rating in a research note on Friday, September 14th. Credit Suisse Group increased their target price on shares of Quest Diagnostics from $121.00 to $128.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. Evercore ISI upgraded shares of Quest Diagnostics from an “in-line” rating to an “outperform” rating and set a $103.00 target price for the company in a research note on Tuesday, July 10th. Deutsche Bank downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating and set a $108.00 target price for the company. in a research note on Wednesday, June 27th. Finally, Bank of America started coverage on shares of Quest Diagnostics in a research note on Friday. They set a “buy” rating for the company. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $111.73.

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.

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

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