Accident Compensation Corp Trims Stake in Quest Diagnostics Incorporated (DGX)
Accident Compensation Corp cut its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 14.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,861 shares of the medical research company’s stock after selling 8,200 shares during the quarter. Quest Diagnostics makes up approximately 1.5% of Accident Compensation Corp’s holdings, making the stock its 19th biggest holding. Accident Compensation Corp’s holdings in Quest Diagnostics were worth $5,543,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Meeder Asset Management Inc. increased its position in shares of Quest Diagnostics by 55.9% during the second quarter. Meeder Asset Management Inc. now owns 34,817 shares of the medical research company’s stock worth $3,870,000 after acquiring an additional 12,478 shares during the period. Bank of America Corp DE increased its position in shares of Quest Diagnostics by 0.6% during the first quarter. Bank of America Corp DE now owns 1,887,303 shares of the medical research company’s stock worth $185,315,000 after acquiring an additional 11,399 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Quest Diagnostics by 12.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 33,104 shares of the medical research company’s stock worth $3,680,000 after acquiring an additional 3,719 shares during the period. Brighton Jones LLC purchased a new position in shares of Quest Diagnostics during the second quarter worth approximately $224,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Quest Diagnostics during the first quarter worth approximately $458,000. 87.07% of the stock is currently owned by institutional investors and hedge funds.
DGX has been the topic of a number of research reports. ValuEngine raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research lowered shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. BidaskClub lowered shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Credit Suisse Group reaffirmed a “neutral” rating and set a $110.00 target price (up from $83.00) on shares of Quest Diagnostics in a research report on Thursday, July 13th. They noted that the move was a valuation call. Finally, Bank of America Corporation reaffirmed a “neutral” rating and set a $110.00 target price (up from $105.00) on shares of Quest Diagnostics in a research report on Sunday, May 28th. One equities research analyst has 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 currently has an average rating of “Buy” and an average target price of $111.09.
Quest Diagnostics Incorporated (NYSE:DGX) traded down 0.61% during trading on Friday, hitting $104.96. 1,252,259 shares of the stock were exchanged. The stock’s 50 day moving average price is $106.93 and its 200 day moving average price is $105.25. The stock has a market cap of $14.32 billion, a P/E ratio of 21.15 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.
Quest Diagnostics (NYSE:DGX) last announced its earnings results on Tuesday, July 25th. The medical research company reported $1.55 earnings per share for the quarter, topping the 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 the consensus estimate of $1.94 billion. During the same period in the prior year, the firm earned $1.34 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Analysts forecast that Quest Diagnostics Incorporated will post $5.69 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Monday, October 2nd. Quest Diagnostics’s dividend payout ratio is presently 36.29%.
In other Quest Diagnostics news, Director Jeffrey M. Leiden sold 296 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $106.66, for a total value of $31,571.36. Following the sale, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $639,960. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Stephen H. Rusckowski sold 53,933 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $108.16, for a total transaction of $5,833,393.28. Following the completion of the sale, the chief executive officer now directly owns 220,049 shares in the company, valued at $23,800,499.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 221,758 shares of company stock worth $23,944,610. Insiders own 1.75% of the company’s stock.
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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