Provenance Wealth Advisors LLC purchased a new stake in shares of Quest Diagnostics Incorporated (NYSE:DGX – Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,284 shares of the medical research company’s stock, valued at approximately $998,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Next Level Wealth Planning LLC purchased a new stake in Quest Diagnostics in the third quarter worth $25,000. Ancora Advisors LLC purchased a new position in Quest Diagnostics during the second quarter valued at $29,000. Frazier Financial Advisors LLC lifted its stake in shares of Quest Diagnostics by 492.9% in the first quarter. Frazier Financial Advisors LLC now owns 166 shares of the medical research company’s stock worth $33,000 after buying an additional 138 shares in the last quarter. Manchester Capital Management LLC raised its stake in shares of Quest Diagnostics by 92.2% in the third quarter. Manchester Capital Management LLC now owns 198 shares of the medical research company’s stock worth $46,000 after purchasing an additional 95 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in Quest Diagnostics during the 2nd quarter valued at about $45,000. 88.06% of the stock is currently owned by institutional investors.
Quest Diagnostics Stock Performance
Shares of DGX opened at $255.59 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.58 and a debt-to-equity ratio of 0.70. The firm has a market cap of $28.12 billion, a PE ratio of 22.38, a P/E/G ratio of 2.21 and a beta of 0.55. Quest Diagnostics Incorporated has a 12 month low of $171.18 and a 12 month high of $256.99. The stock has a fifty day moving average price of $238.93 and a 200-day moving average price of $213.03.
Quest Diagnostics (NYSE:DGX – Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The medical research company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.13. The firm had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.05 billion. Quest Diagnostics had a net margin of 9.53% and a return on equity of 16.21%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.60 earnings per share. Equities research analysts predict that Quest Diagnostics Incorporated will post 11.29 earnings per share for the current fiscal year.
Quest Diagnostics Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 21st. Shareholders of record on Tuesday, October 6th were given a dividend of $0.86 per share. The ex-dividend date was Tuesday, October 6th. This represents a $3.44 dividend on an annualized basis and a yield of 1.3%. Quest Diagnostics’s dividend payout ratio is currently 34.26%.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Quest Diagnostics from a “buy (a)” rating to a “buy (a+)” rating in a research note on Wednesday, October 21st. Barclays boosted their price target on shares of Quest Diagnostics from $250.00 to $260.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Argus set a $260.00 price target on Quest Diagnostics in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their target price on Quest Diagnostics from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $248.70.
Read Our Latest Research Report on DGX
Insider Buying and Selling at Quest Diagnostics
In other news, SVP Michael E. Prevoznik sold 22,677 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $243.11, for a total transaction of $5,513,005.47. Following the transaction, the senior vice president directly owned 37,557 shares in the company, valued at $9,130,482.27. The trade was a 37.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gary M. Pfeiffer sold 1,203 shares of Quest Diagnostics stock in a transaction on Monday, October 26th. The stock was sold at an average price of $243.00, for a total value of $292,329.00. Following the transaction, the director owned 29,802 shares in the company, valued at approximately $7,241,886. This represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 33,880 shares of company stock valued at $8,232,534 over the last quarter. 0.88% of the stock is currently owned by insiders.
About Quest Diagnostics
Quest Diagnostics Incorporated (NYSE: DGX) is a provider of diagnostic information services. The company performs laboratory testing that helps physicians, hospitals and other healthcare providers diagnose, treat and monitor diseases and health conditions. Its services include routine blood and other specimen testing, pathology, molecular and genetic testing, and specialized diagnostic services.
Quest Diagnostics serves a broad range of customers, including hospitals, physician practices, health plans, employers, government agencies and individual consumers.
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