Quest Diagnostics Incorporated (DGX) Stake Increased by Colonial Trust Advisors
Colonial Trust Advisors lifted its stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 28.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 69,110 shares of the medical research company’s stock after purchasing an additional 15,298 shares during the quarter. Quest Diagnostics comprises 1.7% of Colonial Trust Advisors’ portfolio, making the stock its 17th largest position. Colonial Trust Advisors owned approximately 0.05% of Quest Diagnostics worth $7,682,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Meeder Asset Management Inc. increased its position in shares of Quest Diagnostics by 55.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 34,817 shares of the medical research company’s stock valued at $3,870,000 after purchasing an additional 12,478 shares during the period. Bank of America Corp DE increased its position in shares of Quest Diagnostics by 0.6% during the 1st quarter. Bank of America Corp DE now owns 1,887,303 shares of the medical research company’s stock valued at $185,315,000 after purchasing an additional 11,399 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Quest Diagnostics by 4.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 487,316 shares of the medical research company’s stock worth $54,171,000 after acquiring an additional 18,968 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Quest Diagnostics by 12.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 33,104 shares of the medical research company’s stock worth $3,680,000 after acquiring an additional 3,719 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Quest Diagnostics by 76.1% during the 2nd quarter. Alliancebernstein L.P. now owns 1,144,504 shares of the medical research company’s stock worth $127,223,000 after acquiring an additional 494,535 shares in the last quarter. Hedge funds and other institutional investors own 87.10% of the company’s stock.
In other news, Chairman Stephen H. Rusckowski sold 59,235 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $108.16, for a total transaction of $6,406,857.60. Following the sale, the chairman now owns 220,049 shares of the company’s stock, valued at approximately $23,800,499.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey M. Leiden sold 296 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $106.66, for a total transaction of $31,571.36. Following the sale, the director now directly owns 6,000 shares in the company, valued at approximately $639,960. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 161,996 shares of company stock valued at $17,517,207. 1.75% of the stock is owned by company insiders.
DGX has been the subject of several research reports. Zacks Investment Research raised Quest Diagnostics from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Wednesday, August 2nd. Bank of America Corporation upgraded Quest Diagnostics from a “neutral” rating to a “buy” rating and raised their target price for the company from $111.00 to $118.00 in a report on Tuesday, July 25th. UBS AG lifted their price objective on Quest Diagnostics from $115.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, July 6th. BidaskClub lowered Quest Diagnostics from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 16th. Finally, ValuEngine raised Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $109.09.
Shares of Quest Diagnostics Incorporated (NYSE DGX) traded down 0.50% during midday trading on Friday, hitting $91.06. 785,808 shares of the stock were exchanged. Quest Diagnostics Incorporated has a 1-year low of $79.12 and a 1-year high of $112.97. The stock has a market capitalization of $12.42 billion, a price-to-earnings ratio of 18.35 and a beta of 0.65. The firm’s 50 day moving average is $100.18 and its 200-day moving average is $104.74.
Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Tuesday, July 25th. The medical research company reported $1.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.13. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. On average, analysts predict that Quest Diagnostics Incorporated will post $5.65 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd will be paid a dividend of $0.45 per share. The ex-dividend date is Monday, October 2nd. This represents a $1.80 dividend on an annualized basis and a yield of 1.98%. Quest Diagnostics’s dividend payout ratio is currently 36.29%.
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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