Virginia Retirement Systems ET AL Takes Position in Quest Diagnostics Inc. (DGX)
Virginia Retirement Systems ET AL bought a new stake in Quest Diagnostics Inc. (NYSE:DGX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 66,300 shares of the company’s stock, valued at approximately $5,397,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of DGX. Pioneer Investment Management Inc. increased its position in shares of Quest Diagnostics by 1.7% in the fourth quarter. Pioneer Investment Management Inc. now owns 220,556 shares of the company’s stock valued at $15,690,000 after buying an additional 3,609 shares during the last quarter. Norges Bank purchased a new position in shares of Quest Diagnostics during the fourth quarter valued at approximately $101,607,000. Chevy Chase Trust Holdings Inc. increased its position in shares of Quest Diagnostics by 4.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 120,796 shares of the company’s stock valued at $8,630,000 after buying an additional 4,849 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Quest Diagnostics by 15.1% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 33,418 shares of the company’s stock valued at $2,388,000 after buying an additional 4,395 shares during the last quarter. Finally, Capstone Asset Management Co. increased its position in shares of Quest Diagnostics by 0.8% in the first quarter. Capstone Asset Management Co. now owns 96,579 shares of the company’s stock valued at $6,901,000 after buying an additional 807 shares during the last quarter. 91.35% of the stock is currently owned by institutional investors.
Shares of Quest Diagnostics Inc. (NYSE:DGX) opened at 83.28 on Tuesday. Quest Diagnostics Inc. has a 12-month low of $59.66 and a 12-month high of $86.85. The stock has a market capitalization of $11.58 billion, a price-to-earnings ratio of 14.53 and a beta of 0.66. The company has a 50-day moving average of $84.18 and a 200 day moving average of $78.37.
Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.02. The business earned $1.91 billion during the quarter, compared to the consensus estimate of $1.91 billion. Quest Diagnostics had a return on equity of 14.41% and a net margin of 11.02%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $1.25 earnings per share. Analysts predict that Quest Diagnostics Inc. will post $5.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Tuesday, October 4th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Friday, September 30th. Quest Diagnostics’s dividend payout ratio (DPR) is 28.02%.
DGX has been the topic of several analyst reports. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Quest Diagnostics in a research note on Tuesday, May 24th. Mizuho reiterated a “buy” rating and issued a $84.00 price target on shares of Quest Diagnostics in a report on Friday, June 3rd. Morgan Stanley reiterated a “sell” rating on shares of Quest Diagnostics in a report on Tuesday, June 7th. Jyske Bank cut shares of Quest Diagnostics from a “neutral” rating to a “sell” rating in a report on Friday, June 24th. Finally, Zacks Investment Research upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating and set a $92.00 price target on the stock in a report on Monday, July 11th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $82.55.
In related news, Director Jenne K. Britell sold 4,000 shares of Quest Diagnostics stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $84.76, for a total transaction of $339,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey M. Leiden sold 6,345 shares of Quest Diagnostics stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $85.62, for a total value of $543,258.90. Following the sale, the director now directly owns 7,233 shares of the company’s stock, valued at approximately $619,289.46. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
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 Company’s Diagnostic Information Services business develops and delivers diagnostic testing information and services to patients, physicians, health plans, hospitals, accountable care organizations (ACOs), integrated delivery networks (IDNs), other commercial laboratories, employers and others.
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