Quest Diagnostics Incorporated (DGX) Position Boosted by Royal Bank of Canada
Royal Bank of Canada lifted its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 10.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,645 shares of the medical research company’s stock after purchasing an additional 6,820 shares during the period. Royal Bank of Canada owned about 0.05% of Quest Diagnostics worth $7,967,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Sun Life Financial INC increased its stake in shares of Quest Diagnostics by 14,142.9% in the 2nd quarter. Sun Life Financial INC now owns 997 shares of the medical research company’s stock valued at $111,000 after purchasing an additional 990 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Quest Diagnostics by 16.1% in the 1st quarter. Parallel Advisors LLC now owns 1,279 shares of the medical research company’s stock valued at $137,000 after purchasing an additional 177 shares in the last quarter. Acrospire Investment Management LLC increased its stake in shares of Quest Diagnostics by 300.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the medical research company’s stock valued at $178,000 after purchasing an additional 1,200 shares in the last quarter. Financial Architects Inc increased its stake in shares of Quest Diagnostics by 5.6% in the 2nd quarter. Financial Architects Inc now owns 1,666 shares of the medical research company’s stock valued at $185,000 after purchasing an additional 88 shares in the last quarter. Finally, Wagner Bowman Management Corp purchased a new position in shares of Quest Diagnostics in the 2nd quarter valued at about $200,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.
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In other Quest Diagnostics news, CEO Stephen H. Rusckowski sold 53,933 shares of Quest Diagnostics stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $108.16, for a total value of $5,833,393.28. Following the completion of the sale, the chief executive officer now directly owns 220,049 shares of the company’s stock, valued at approximately $23,800,499.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey M. Leiden sold 296 shares of Quest Diagnostics stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $106.66, for a total transaction of $31,571.36. Following the completion of the sale, the director now directly owns 6,000 shares of the company’s stock, valued at $639,960. The disclosure for this sale can be found here. Insiders sold a total of 161,996 shares of company stock valued at $17,517,207 over the last ninety days. 1.75% of the stock is owned by corporate insiders.
DGX has been the subject of several recent analyst reports. Raymond James Financial, Inc. restated a “market perform” rating on shares of Quest Diagnostics in a research note on Monday, September 25th. Canaccord Genuity restated a “buy” rating and issued a $118.00 price target on shares of Quest Diagnostics in a research note on Wednesday, September 13th. ValuEngine upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. BidaskClub upgraded Quest Diagnostics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 29th. Finally, Barclays PLC restated a “hold” rating and issued a $110.00 price target on shares of Quest Diagnostics in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. Quest Diagnostics currently has a consensus rating of “Hold” and an average target price of $108.39.
Quest Diagnostics Incorporated (DGX) opened at 92.05 on Thursday. Quest Diagnostics Incorporated has a one year low of $79.12 and a one year high of $112.97. The firm has a market capitalization of $12.56 billion, a PE ratio of 18.55 and a beta of 0.65. The stock’s 50 day moving average price is $98.89 and its 200 day moving average price is $104.64.
Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings data on Tuesday, July 25th. The medical research company reported $1.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.13. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. The company’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $1.34 EPS. Analysts expect that Quest Diagnostics Incorporated will post $5.63 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd were paid a $0.45 dividend. The ex-dividend date was Monday, October 2nd. This represents a $1.80 annualized dividend and a yield of 1.96%. Quest Diagnostics’s payout ratio is currently 36.29%.
Quest Diagnostics Profile
Quest Diagnostics Incorporated is a provider of diagnostic information services. The Company operates through two businesses: Diagnostic Information Services and Diagnostic Solutions. The Diagnostic Information Services business develops and delivers diagnostic testing information and services, providing insights that empower and enable a range of customers, including patients, clinicians, hospitals, integrated delivery networks (IDNs), health plans, employers and accountable care organizations (ACOs).
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