CIBC Asset Management Inc lessened its stake in Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 7.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 29,647 shares of the medical research company’s stock after selling 2,307 shares during the period. CIBC Asset Management Inc’s holdings in Quest Diagnostics were worth $4,057,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Valley National Advisers Inc. bought a new position in Quest Diagnostics during the first quarter worth about $702,000. Empirical Asset Management LLC bought a new position in Quest Diagnostics during the first quarter worth about $522,000. IFM Investors Pty Ltd lifted its stake in Quest Diagnostics by 19.5% during the first quarter. IFM Investors Pty Ltd now owns 20,843 shares of the medical research company’s stock worth $2,853,000 after purchasing an additional 3,405 shares during the period. Affinity Investment Advisors LLC lifted its stake in Quest Diagnostics by 12.7% during the first quarter. Affinity Investment Advisors LLC now owns 1,755 shares of the medical research company’s stock worth $240,000 after purchasing an additional 198 shares during the period. Finally, National Bank of Canada FI lifted its stake in Quest Diagnostics by 5.5% during the first quarter. National Bank of Canada FI now owns 12,521 shares of the medical research company’s stock worth $1,732,000 after purchasing an additional 654 shares during the period. Institutional investors own 89.89% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have commented on the stock. StockNews.com upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Thursday, July 7th. UBS Group raised their price target on shares of Quest Diagnostics from $139.00 to $150.00 in a research note on Sunday, April 24th. Wells Fargo & Company raised their price target on shares of Quest Diagnostics from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, April 25th. Finally, Bank of America dropped their price objective on shares of Quest Diagnostics from $166.00 to $163.00 and set a “buy” rating for the company in a report on Friday, April 22nd. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $150.33.
Insider Activity at Quest Diagnostics
Quest Diagnostics Stock Performance
Shares of Quest Diagnostics stock opened at $139.38 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.54 and a quick ratio of 1.42. The firm has a market cap of $16.25 billion, a P/E ratio of 11.60 and a beta of 1.00. The firm has a 50 day simple moving average of $135.08 and a 200 day simple moving average of $136.18. Quest Diagnostics Incorporated has a fifty-two week low of $125.33 and a fifty-two week high of $174.16.
Quest Diagnostics (NYSE:DGX – Get Rating) last issued its quarterly earnings results on Thursday, July 21st. The medical research company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.10. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.34 billion. Quest Diagnostics had a net margin of 14.02% and a return on equity of 24.62%. Quest Diagnostics’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.18 earnings per share. Sell-side analysts predict that Quest Diagnostics Incorporated will post 9.69 earnings per share for the current fiscal year.
Quest Diagnostics Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 20th. Investors of record on Wednesday, July 6th were issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Tuesday, July 5th. Quest Diagnostics’s dividend payout ratio is currently 21.96%.
Quest Diagnostics Company Profile
Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.
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