Miller Investment Management LP Trims Stake in Quest Diagnostics Inc (DGX)
Miller Investment Management LP reduced its position in Quest Diagnostics Inc (NYSE:DGX) by 21.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 6,829 shares of the medical research company’s stock after selling 1,875 shares during the period. Miller Investment Management LP’s holdings in Quest Diagnostics were worth $737,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. Captrust Financial Advisors increased its position in Quest Diagnostics by 120.0% in the 2nd quarter. Captrust Financial Advisors now owns 2,712 shares of the medical research company’s stock valued at $298,000 after acquiring an additional 1,479 shares during the period. Summit Global Investments increased its position in Quest Diagnostics by 47.7% in the 2nd quarter. Summit Global Investments now owns 41,186 shares of the medical research company’s stock valued at $4,528,000 after acquiring an additional 13,292 shares during the period. Argent Trust Co acquired a new position in Quest Diagnostics in the 2nd quarter valued at about $2,740,000. HPM Partners LLC acquired a new position in Quest Diagnostics in the 2nd quarter valued at about $272,000. Finally, Bank of New York Mellon Corp increased its position in Quest Diagnostics by 57.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,781,373 shares of the medical research company’s stock valued at $195,845,000 after acquiring an additional 648,706 shares during the period. 86.55% of the stock is owned by institutional investors and hedge funds.
DGX has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on Quest Diagnostics from $114.00 to $107.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 24th. Argus set a $120.00 target price on Quest Diagnostics and gave the stock a “buy” rating in a research report on Friday, September 14th. William Blair reiterated an “outperform” rating on shares of Quest Diagnostics in a research report on Tuesday, October 23rd. Credit Suisse Group boosted their target price on Quest Diagnostics from $121.00 to $128.00 and gave the stock an “outperform” rating in a research report on Monday, September 24th. Finally, Canaccord Genuity dropped their target price on Quest Diagnostics from $118.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $111.13.
Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Tuesday, October 23rd. The medical research company reported $1.68 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.68. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Quest Diagnostics had a return on equity of 15.71% and a net margin of 11.30%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 EPS. As a group, equities research analysts forecast that Quest Diagnostics Inc will post 6.56 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 22nd. Investors of record on Friday, October 5th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Thursday, October 4th. Quest Diagnostics’s dividend payout ratio is currently 37.04%.
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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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