Quest Diagnostics Incorporated (DGX) Shares Bought by Summit Global Investments

Summit Global Investments grew its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 12.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 4,600 shares of the medical research company’s stock after acquiring an additional 500 shares during the period. Summit Global Investments’ holdings in Quest Diagnostics were worth $511,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. BlackRock Inc. grew its holdings in shares of Quest Diagnostics by 2,638.3% during the 1st quarter. BlackRock Inc. now owns 15,362,418 shares of the medical research company’s stock worth $1,508,435,000 after acquiring an additional 14,801,397 shares during the period. State Street Corp grew its holdings in shares of Quest Diagnostics by 2.7% during the 1st quarter. State Street Corp now owns 6,918,900 shares of the medical research company’s stock worth $679,362,000 after acquiring an additional 180,690 shares during the period. Schroder Investment Management Group grew its holdings in shares of Quest Diagnostics by 8.3% during the 1st quarter. Schroder Investment Management Group now owns 2,188,114 shares of the medical research company’s stock worth $215,245,000 after acquiring an additional 167,246 shares during the period. AJO LP grew its holdings in shares of Quest Diagnostics by 137.9% during the 2nd quarter. AJO LP now owns 2,134,245 shares of the medical research company’s stock worth $237,243,000 after acquiring an additional 1,237,021 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Quest Diagnostics by 5.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,022,107 shares of the medical research company’s stock worth $198,551,000 after acquiring an additional 99,153 shares during the period. Hedge funds and other institutional investors own 87.07% of the company’s stock.

Quest Diagnostics Incorporated (NYSE:DGX) opened at 106.90 on Wednesday. Quest Diagnostics Incorporated has a 52-week low of $79.12 and a 52-week high of $112.97. The company has a market capitalization of $14.58 billion, a PE ratio of 21.54 and a beta of 0.69. The company has a 50-day moving average price of $107.21 and a 200 day moving average price of $105.11.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings data on Tuesday, July 25th. The medical research company reported $1.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the company posted $1.34 earnings per share. Quest Diagnostics’s revenue was up 1.9% compared to the same quarter last year. Equities research analysts anticipate that Quest Diagnostics Incorporated will post $5.69 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.67%. The ex-dividend date is Monday, October 2nd. Quest Diagnostics’s dividend payout ratio is currently 36.29%.

In other Quest Diagnostics news, Chairman Stephen H. Rusckowski sold 2,525 shares of Quest Diagnostics stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $108.03, for a total value of $272,775.75. Following the transaction, the chairman now directly owns 168,413 shares of the company’s stock, valued at $18,193,656.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Catherine T. Doherty sold 59,762 shares of Quest Diagnostics stock in a transaction on Monday, June 19th. The stock was sold at an average price of $107.55, for a total transaction of $6,427,403.10. Following the completion of the transaction, the senior vice president now directly owns 78,582 shares in the company, valued at $8,451,494.10. The disclosure for this sale can be found here. Insiders sold 67,690 shares of company stock worth $7,284,296 over the last ninety days. Corporate insiders own 1.75% of the company’s stock.

A number of research analysts have weighed in on the company. BidaskClub upgraded Quest Diagnostics from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 29th. UBS AG upped their target price on Quest Diagnostics from $115.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, July 6th. Mizuho upped their target price on Quest Diagnostics from $115.00 to $122.00 and gave the stock a “buy” rating in a report on Monday, June 5th. ValuEngine upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Barclays PLC reiterated a “hold” rating and set a $110.00 target price on shares of Quest Diagnostics in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $111.09.

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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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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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