Renaissance Technologies LLC Trims Holdings in Quest Diagnostics Incorporated (DGX)
Renaissance Technologies LLC trimmed its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 13.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 435,300 shares of the medical research company’s stock after selling 68,400 shares during the period. Renaissance Technologies LLC owned 0.32% of Quest Diagnostics worth $48,388,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its stake in shares of Quest Diagnostics by 55.9% in the second quarter. Meeder Asset Management Inc. now owns 34,817 shares of the medical research company’s stock valued at $3,870,000 after buying an additional 12,478 shares during the period. Bank of America Corp DE lifted its position in shares of Quest Diagnostics by 0.6% during the 1st quarter. Bank of America Corp DE now owns 1,887,303 shares of the medical research company’s stock valued at $185,315,000 after buying an additional 11,399 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Quest Diagnostics by 4.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 487,316 shares of the medical research company’s stock valued at $54,171,000 after buying an additional 18,968 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Quest Diagnostics by 12.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 33,104 shares of the medical research company’s stock valued at $3,680,000 after buying an additional 3,719 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Quest Diagnostics by 76.1% during the 2nd quarter. Alliancebernstein L.P. now owns 1,144,504 shares of the medical research company’s stock valued at $127,223,000 after buying an additional 494,535 shares during the last quarter. 87.10% of the stock is owned by institutional investors and hedge funds.
In other news, Director Jeffrey M. Leiden sold 296 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 6,000 shares in the company, valued at $639,960. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel Stanzione sold 3,803 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $108.01, for a total value of $410,762.03. Following the transaction, the director now owns 35,359 shares of the company’s stock, valued at approximately $3,819,125.59. The disclosure for this sale can be found here. In the last quarter, insiders sold 161,996 shares of company stock worth $17,517,207. Corporate insiders own 1.75% of the company’s stock.
Several brokerages recently weighed in on DGX. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Quest Diagnostics in a report on Monday, September 25th. BidaskClub downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Bank of America Corporation upgraded shares of Quest Diagnostics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $111.00 to $118.00 in a research report on Tuesday, July 25th. Credit Suisse Group reduced their target price on shares of Quest Diagnostics from $110.00 to $99.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Zacks Investment Research lowered shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $110.41.
Quest Diagnostics Incorporated (NYSE DGX) opened at 93.64 on Monday. Quest Diagnostics Incorporated has a 1-year low of $79.12 and a 1-year high of $112.97. The company has a 50-day moving average price of $106.58 and a 200-day moving average price of $105.42. The company has a market cap of $12.77 billion, a PE ratio of 18.87 and a beta of 0.66.
Quest Diagnostics (NYSE:DGX) last issued its earnings results 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 firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.94 billion. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. Quest Diagnostics’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.34 earnings per share. On average, analysts expect that Quest Diagnostics Incorporated will post $5.67 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $1.80 dividend on an annualized basis and a yield of 1.92%. Quest Diagnostics’s dividend payout ratio is currently 36.29%.
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 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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