First Citizens Bank & Trust Co. cut its stake in shares of Quest Diagnostics Inc (NYSE:DGX) by 39.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,104 shares of the medical research company’s stock after selling 13,736 shares during the period. First Citizens Bank & Trust Co.’s holdings in Quest Diagnostics were worth $2,346,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. YorkBridge Wealth Partners LLC increased its position in shares of 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 valued at $127,000 after buying an additional 18 shares during the period. Parallel Advisors LLC increased 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 during the period. Advisors Capital Management LLC acquired a new position in shares of Quest Diagnostics during the first quarter valued at $164,000. Financial Architects Inc increased 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 during the period. Finally, Wagner Bowman Management Corp acquired a new position in shares of Quest Diagnostics during the second quarter valued at $200,000. Institutional investors own 90.97% of the company’s stock.
Shares of Quest Diagnostics Inc (NYSE:DGX) traded up 0.46% during mid-day trading on Friday, reaching $106.10. 849,396 shares of the company were exchanged. The company has a market capitalization of $14.47 billion, a price-to-earnings ratio of 21.38 and a beta of 0.69. Quest Diagnostics Inc has a 12 month low of $79.12 and a 12 month high of $112.97. The firm’s 50-day moving average is $108.82 and its 200-day moving average is $103.03.
Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Tuesday, July 25th. The medical research company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.13. The business had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.94 billion. Quest Diagnostics had a net margin of 10.65% and a return on equity of 16.60%. Quest Diagnostics’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.34 EPS. On average, equities analysts forecast that Quest Diagnostics Inc will post $5.70 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 24th. Stockholders of record on Monday, July 10th were issued 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 dividend yield of 1.70%. Quest Diagnostics’s dividend payout ratio is currently 36.29%.
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Several research analysts have weighed in on the company. UBS AG upgraded Quest Diagnostics from a “market perform” rating to an “outperform” rating in a report on Friday, April 21st. BidaskClub downgraded Quest Diagnostics from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research upgraded Quest Diagnostics from a “hold” rating to a “buy” rating and set a $121.00 price target for the company in a report on Wednesday, August 2nd. Morgan Stanley boosted their price target on Quest Diagnostics from $87.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday. Finally, Evercore ISI reiterated an “in-line” rating and issued a $104.50 price target on shares of Quest Diagnostics in a report on Wednesday, June 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $109.62.
In other news, SVP Catherine T. Doherty sold 59,762 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now owns 78,582 shares in the company, valued at approximately $8,451,494.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey M. Leiden sold 296 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $106.66, for a total transaction of $31,571.36. Following the transaction, the director now owns 6,000 shares in the company, valued at approximately $639,960. The disclosure for this sale can be found here. Insiders have sold a total of 61,362 shares of company stock worth $6,600,758 in the last 90 days. 1.50% of the stock is owned by insiders.
Quest Diagnostics Company 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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