Quest Diagnostics’ (DGX) “Buy” Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reiterated their buy rating on shares of Quest Diagnostics (NYSE:DGX) in a research report sent to investors on Tuesday. The brokerage currently has a $110.00 price objective on the medical research company’s stock.
A number of other research analysts have also recently commented on DGX. Raymond James Financial reissued a market perform rating on shares of Quest Diagnostics in a research note on Monday, September 25th. ValuEngine cut Quest Diagnostics from a buy rating to a hold rating in a research note on Tuesday, September 26th. Credit Suisse Group reduced their target price on Quest Diagnostics from $110.00 to $99.00 and set a neutral rating on the stock in a research note on Thursday, September 28th. Zacks Investment Research cut Quest Diagnostics from a hold rating to a sell rating in a research note on Tuesday, October 3rd. Finally, Goldman Sachs Group cut Quest Diagnostics from a conviction-buy rating to a buy rating and reduced their target price for the company from $121.00 to $113.00 in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $106.45.
Quest Diagnostics (DGX) traded down $0.41 on Tuesday, reaching $101.22. The company had a trading volume of 580,400 shares, compared to its average volume of 832,640. The company has a market capitalization of $13,790.00, a PE ratio of 21.09, a PEG ratio of 2.01 and a beta of 0.60. The company has a current ratio of 1.47, a quick ratio of 1.37 and a debt-to-equity ratio of 0.78. Quest Diagnostics has a 1-year low of $90.10 and a 1-year high of $112.96.
Quest Diagnostics (NYSE:DGX) last released its earnings results on Thursday, October 19th. The medical research company reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.04. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Quest Diagnostics had a return on equity of 15.53% and a net margin of 8.82%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 earnings per share. equities research analysts predict that Quest Diagnostics will post 5.65 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Tuesday, January 9th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, January 8th. This represents a $1.80 annualized dividend and a yield of 1.78%. Quest Diagnostics’s payout ratio is 37.50%.
In other Quest Diagnostics news, EVP J. E. Davis sold 63,880 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $98.68, for a total transaction of $6,303,678.40. Following the completion of the sale, the executive vice president now directly owns 101,423 shares in the company, valued at $10,008,421.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.75% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Quest Diagnostics by 3.9% during the second quarter. Vanguard Group Inc. now owns 14,029,322 shares of the medical research company’s stock worth $1,559,500,000 after purchasing an additional 525,200 shares during the period. APG Asset Management N.V. boosted its holdings in shares of Quest Diagnostics by 156.0% during the third quarter. APG Asset Management N.V. now owns 2,683,901 shares of the medical research company’s stock worth $251,320,000 after purchasing an additional 1,635,700 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Quest Diagnostics by 10.5% during the third quarter. Allianz Asset Management GmbH now owns 2,033,496 shares of the medical research company’s stock worth $190,417,000 after purchasing an additional 193,829 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Quest Diagnostics by 21.7% during the third quarter. Victory Capital Management Inc. now owns 1,926,757 shares of the medical research company’s stock worth $180,422,000 after purchasing an additional 343,399 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Quest Diagnostics by 24.1% during the third quarter. Janus Henderson Group PLC now owns 1,801,477 shares of the medical research company’s stock worth $168,690,000 after purchasing an additional 349,703 shares during the period. Institutional investors own 88.92% of the company’s stock.
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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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