CIBC Asset Management Inc lifted its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX – Free Report) by 12.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,129 shares of the medical research company’s stock after purchasing an additional 10,478 shares during the quarter. CIBC Asset Management Inc’s holdings in Quest Diagnostics were worth $15,987,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC acquired a new stake in Quest Diagnostics in the fourth quarter worth $323,000. Cresset Asset Management LLC lifted its stake in Quest Diagnostics by 4.6% in the second quarter. Cresset Asset Management LLC now owns 4,003 shares of the medical research company’s stock valued at $719,000 after buying an additional 176 shares during the last quarter. Gabelli Funds LLC acquired a new position in shares of Quest Diagnostics during the second quarter valued at $287,000. Bank of Nova Scotia grew its position in shares of Quest Diagnostics by 7.2% during the second quarter. Bank of Nova Scotia now owns 14,339 shares of the medical research company’s stock worth $2,576,000 after acquiring an additional 962 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in shares of Quest Diagnostics by 17.1% during the second quarter. Daiwa Securities Group Inc. now owns 18,599 shares of the medical research company’s stock worth $3,341,000 after acquiring an additional 2,718 shares during the last quarter. Institutional investors own 88.06% of the company’s stock.
Quest Diagnostics Stock Performance
DGX stock opened at $196.16 on Friday. The company has a 50-day simple moving average of $194.35 and a 200 day simple moving average of $191.26. The company has a market capitalization of $21.71 billion, a P/E ratio of 21.67, a PEG ratio of 2.31 and a beta of 0.59. The company has a quick ratio of 1.08, a current ratio of 1.18 and a debt-to-equity ratio of 0.67. Quest Diagnostics Incorporated has a fifty-two week low of $164.65 and a fifty-two week high of $213.50.
Quest Diagnostics Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 22nd. Investors of record on Wednesday, July 8th will be paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Wednesday, July 8th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 38.01%.
Quest Diagnostics announced that its board has approved a share buyback program on Tuesday, February 10th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical research company to reacquire up to 4.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on DGX shares. Wall Street Zen downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings cut shares of Quest Diagnostics from a “buy (b+)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Citigroup raised their price target on shares of Quest Diagnostics from $190.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Mizuho lifted their price target on Quest Diagnostics from $210.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Finally, Robert W. Baird increased their price objective on Quest Diagnostics from $224.00 to $229.00 and gave the stock a “neutral” rating in a report on Wednesday, April 22nd. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Quest Diagnostics presently has an average rating of “Moderate Buy” and a consensus price target of $216.58.
View Our Latest Stock Report on Quest Diagnostics
Insider Buying and Selling
In related news, CEO J. E. Davis sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $194.14, for a total transaction of $1,941,400.00. Following the sale, the chief executive officer owned 132,423 shares of the company’s stock, valued at $25,708,601.22. The trade was a 7.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.88% of the stock is currently owned by insiders.
Quest Diagnostics Profile
Quest Diagnostics (NYSE: DGX) is a leading provider of diagnostic information services that supports clinical decision-making for patients, physicians and healthcare organizations. The company operates a network of clinical laboratories and patient service centers that perform a broad range of laboratory tests and diagnostic assays used in routine care, disease diagnosis, monitoring and screening.
Its services span core clinical laboratory testing, anatomic pathology, molecular and genomic diagnostics, infectious disease testing and toxicology.
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