Quest Diagnostics Incorporated (DGX) Stake Reduced by First Trust Advisors LP
First Trust Advisors LP cut its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 16.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 239,969 shares of the medical research company’s stock after selling 45,732 shares during the period. First Trust Advisors LP’s holdings in Quest Diagnostics were worth $26,675,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Schwab Charles Investment Management Inc. boosted its stake in shares of Quest Diagnostics by 4.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 487,316 shares of the medical research company’s stock worth $54,171,000 after buying an additional 18,968 shares in the last quarter. Sigma Investment Counselors Inc. purchased a new stake in shares of Quest Diagnostics during the second quarter worth $422,000. Canada Pension Plan Investment Board boosted its stake in shares of Quest Diagnostics by 38.2% in the second quarter. Canada Pension Plan Investment Board now owns 428,309 shares of the medical research company’s stock worth $47,611,000 after buying an additional 118,300 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Quest Diagnostics during the second quarter worth $300,000. Finally, Advisor Partners LLC boosted its stake in shares of Quest Diagnostics by 2.8% in the second quarter. Advisor Partners LLC now owns 2,601 shares of the medical research company’s stock worth $289,000 after buying an additional 72 shares in the last quarter. Institutional investors own 90.06% of the company’s stock.
Quest Diagnostics Incorporated (NYSE:DGX) opened at 106.75 on Thursday. The company’s 50-day moving average price is $108.56 and its 200-day moving average price is $103.42. Quest Diagnostics Incorporated has a one year low of $79.12 and a one year high of $112.96. The firm has a market cap of $14.56 billion, a price-to-earnings ratio of 21.51 and a beta of 0.69.
Quest Diagnostics (NYSE:DGX) last issued 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. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Quest Diagnostics had a return on equity of 15.66% and a net margin of 9.28%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.34 EPS. On average, analysts anticipate that Quest Diagnostics Incorporated will post $5.69 EPS for the current year.
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A number of equities research analysts have weighed in on the company. BidaskClub upgraded Quest Diagnostics from a “sell” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley boosted their price objective on Quest Diagnostics from $87.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Zacks Investment Research cut Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Bank of America Corporation upgraded Quest Diagnostics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $111.00 to $118.00 in a research note on Tuesday, July 25th. Finally, Piper Jaffray Companies boosted their price objective on Quest Diagnostics to $107.00 and gave the company a “neutral” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $109.62.
In related news, Director Jeffrey M. Leiden sold 296 shares of Quest Diagnostics stock in a transaction on Friday, August 4th. The stock was sold at an average price of $106.66, for a total value of $31,571.36. Following the transaction, the director now directly owns 6,000 shares in the company, valued at approximately $639,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey M. Leiden sold 1,304 shares of Quest Diagnostics stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $108.73, for a total value of $141,783.92. Following the completion of the transaction, the director now owns 6,296 shares in the company, valued at $684,564.08. The disclosure for this sale can be found here. Insiders sold a total of 61,362 shares of company stock worth $6,600,758 over the last 90 days. 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 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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