BTC Capital Management Inc. Sells 8,221 Shares of Quest Diagnostics Incorporated (NYSE:DGX)
BTC Capital Management Inc. decreased its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 15.6% during the second quarter, Holdings Channel reports. The fund owned 44,352 shares of the medical research company’s stock after selling 8,221 shares during the period. BTC Capital Management Inc.’s holdings in Quest Diagnostics were worth $4,929,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in DGX. YorkBridge Wealth Partners LLC raised its position in Quest Diagnostics by 1.5% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,188 shares of the medical research company’s stock worth $127,000 after buying an additional 18 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Quest Diagnostics by 16.1% in the first quarter. Parallel Advisors LLC now owns 1,279 shares of the medical research company’s stock valued at $137,000 after buying an additional 177 shares in the last quarter. Advisors Capital Management LLC acquired a new position in shares of Quest Diagnostics during the first quarter valued at $164,000. Trust Co. of Vermont raised its position in shares of Quest Diagnostics by 8.5% in the first quarter. Trust Co. of Vermont now owns 1,859 shares of the medical research company’s stock valued at $182,000 after buying an additional 145 shares in the last quarter. Finally, Financial Architects Inc raised its position in shares of Quest Diagnostics by 5.6% in the second quarter. Financial Architects Inc now owns 1,666 shares of the medical research company’s stock valued at $185,000 after buying an additional 88 shares in the last quarter. Institutional investors and hedge funds own 90.97% of the company’s stock.
Shares of Quest Diagnostics Incorporated (NYSE:DGX) opened at 105.61 on Friday. The firm has a market capitalization of $14.41 billion, a PE ratio of 21.28 and a beta of 0.69. Quest Diagnostics Incorporated has a 12-month low of $79.12 and a 12-month high of $112.97. The company has a 50-day moving average price of $108.92 and a 200 day moving average price of $102.93.
Quest Diagnostics (NYSE:DGX) last announced its earnings results on Tuesday, July 25th. The medical research company reported $1.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.13. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the business earned $1.34 earnings per share. Quest Diagnostics’s revenue was up 1.9% compared to the same quarter last year. On average, equities analysts expect that Quest Diagnostics Incorporated will post $5.70 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 24th. Investors of record on Monday, July 10th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, July 6th. This represents a $1.80 dividend on an annualized basis and a yield of 1.70%. Quest Diagnostics’s dividend payout ratio (DPR) is currently 36.29%.
DGX has been the subject of several recent analyst reports. Raymond James Financial, Inc. upgraded Quest Diagnostics from a “market perform” rating to an “outperform” rating and set a $116.00 price target for the company in a research note on Friday, April 21st. Mizuho restated a “buy” rating and issued a $90.00 price target (down previously from $103.00) on shares of Quest Diagnostics in a research note on Friday, April 14th. Zacks Investment Research lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. BidaskClub lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Credit Suisse Group restated a “neutral” rating and issued a $110.00 price target (up previously from $83.00) on shares of Quest Diagnostics in a research note on Thursday, July 13th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $109.62.
In related news, SVP Catherine T. Doherty sold 59,762 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $107.55, for a total transaction of $6,427,403.10. Following the sale, the senior vice president now owns 78,582 shares in the company, valued at $8,451,494.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey M. Leiden sold 296 shares of the firm’s 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 sale, the director now owns 6,000 shares in the company, valued at approximately $639,960. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,362 shares of company stock worth $6,600,758. 1.50% of the stock is owned by company insiders.
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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