Quest Diagnostics Incorporated (DGX) Stake Lowered by Cornerstone Capital Management Holdings LLC.
Cornerstone Capital Management Holdings LLC. reduced its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 0.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,860 shares of the medical research company’s stock after selling 73 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Quest Diagnostics were worth $2,651,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sun Life Financial INC grew its position in shares of Quest Diagnostics by 14,142.9% during the 2nd quarter. Sun Life Financial INC now owns 997 shares of the medical research company’s stock valued at $111,000 after purchasing an additional 990 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Quest Diagnostics by 16.1% during the 1st quarter. Parallel Advisors LLC now owns 1,279 shares of the medical research company’s stock valued at $137,000 after purchasing an additional 177 shares in the last quarter. Acrospire Investment Management LLC grew its position in shares of Quest Diagnostics by 300.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the medical research company’s stock valued at $178,000 after purchasing an additional 1,200 shares in the last quarter. Financial Architects Inc grew its position in shares of Quest Diagnostics by 5.6% during the 2nd quarter. Financial Architects Inc now owns 1,666 shares of the medical research company’s stock valued at $185,000 after purchasing an additional 88 shares in the last quarter. Finally, Wagner Bowman Management Corp purchased a new position in shares of Quest Diagnostics during the 2nd quarter valued at $200,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.
Shares of Quest Diagnostics Incorporated (DGX) opened at 92.18 on Wednesday. Quest Diagnostics Incorporated has a 1-year low of $79.12 and a 1-year high of $112.97. The company has a market capitalization of $12.57 billion, a P/E ratio of 18.58 and a beta of 0.65. The firm has a 50-day moving average of $99.98 and a 200 day moving average of $104.83.
Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings data on Tuesday, July 25th. The medical research company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.13. Quest Diagnostics had a net margin of 9.28% and a return on equity of 15.66%. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the company posted $1.34 EPS. The business’s revenue was up 1.9% on a year-over-year basis. On average, analysts anticipate that Quest Diagnostics Incorporated will post $5.63 EPS for the current year.
The firm 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 $0.45 dividend. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.95%. Quest Diagnostics’s payout ratio is currently 36.29%.
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In other news, CEO Stephen H. Rusckowski sold 53,933 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $108.16, for a total value of $5,833,393.28. Following the completion of the sale, the chief executive officer now owns 220,049 shares in the company, valued at approximately $23,800,499.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel Stanzione sold 40,900 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $108.07, for a total transaction of $4,420,063.00. Following the completion of the sale, the director now owns 41,991 shares of the company’s stock, valued at approximately $4,537,967.37. The disclosure for this sale can be found here. Insiders sold a total of 161,996 shares of company stock valued at $17,517,207 over the last three months. Corporate insiders own 1.75% of the company’s stock.
DGX has been the subject of a number of recent analyst reports. Raymond James Financial, Inc. restated a “market perform” rating on shares of Quest Diagnostics in a research report on Monday, September 25th. Canaccord Genuity restated a “buy” rating and set a $118.00 price target on shares of Quest Diagnostics in a research report on Wednesday, September 13th. ValuEngine upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Quest Diagnostics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 29th. Finally, Barclays PLC restated a “hold” rating and set a $110.00 price target on shares of Quest Diagnostics in a research report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $108.39.
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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