Royal Bank of Canada lowered its position in Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 18.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 163,698 shares of the medical research company’s stock after selling 37,611 shares during the quarter. Royal Bank of Canada owned approximately 0.14% of Quest Diagnostics worth $20,084,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wagner Wealth Management LLC acquired a new position in shares of Quest Diagnostics in the second quarter valued at approximately $27,000. Global Retirement Partners LLC grew its holdings in Quest Diagnostics by 154.7% during the third quarter. Global Retirement Partners LLC now owns 219 shares of the medical research company’s stock worth $31,000 after acquiring an additional 133 shares during the period. Hallmark Capital Management Inc. acquired a new position in Quest Diagnostics during the third quarter worth $31,000. Chilton Capital Management LLC acquired a new position in Quest Diagnostics during the second quarter worth $36,000. Finally, Guardian Wealth Advisors LLC acquired a new position in Quest Diagnostics during the third quarter worth $37,000. Hedge funds and other institutional investors own 88.79% of the company’s stock.
Quest Diagnostics Stock Performance
NYSE DGX opened at $140.80 on Monday. The business’s 50-day moving average price is $147.62 and its 200 day moving average price is $140.90. Quest Diagnostics Incorporated has a twelve month low of $120.40 and a twelve month high of $158.34. The company has a market capitalization of $15.67 billion, a PE ratio of 17.78 and a beta of 0.95. The company has a current ratio of 1.22, a quick ratio of 1.10 and a debt-to-equity ratio of 0.67.
Quest Diagnostics announced that its board has initiated a share repurchase plan on Thursday, February 2nd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Quest Diagnostics Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, April 24th. Shareholders of record on Monday, April 10th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, April 6th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.66. This represents a $2.84 annualized dividend and a yield of 2.02%. Quest Diagnostics’s dividend payout ratio is currently 33.33%.
Insiders Place Their Bets
In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 1,415 shares of the company’s stock in a transaction dated Friday, February 24th. The stock was sold at an average price of $141.42, for a total transaction of $200,109.30. Following the completion of the sale, the senior vice president now directly owns 39,440 shares in the company, valued at $5,577,604.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.70% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on DGX. Citigroup lowered Quest Diagnostics from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $145.00 to $125.00 in a report on Thursday, November 17th. Robert W. Baird upped their price objective on Quest Diagnostics from $143.00 to $154.00 and gave the stock a “neutral” rating in a report on Thursday, January 12th. StockNews.com downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Friday, February 3rd. Wells Fargo & Company boosted their target price on Quest Diagnostics from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Friday, February 3rd. Finally, Mizuho boosted their target price on Quest Diagnostics from $160.00 to $165.00 and gave the stock a “buy” rating in a research report on Wednesday, December 14th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Quest Diagnostics has a consensus rating of “Hold” and an average price target of $150.00.
About Quest Diagnostics
Quest Diagnostics, Inc engages in the provision of diagnostic testing, information and services. It operates through the Diagnostic Information Services (DIS) and All Other segments. The DIS segment offers diagnostic information services to patients, clinicians, hospitals, health plans, and employers.
Featured Stories
- Get a free copy of the StockNews.com research report on Quest Diagnostics (DGX)
- MarketBeat Week in Review – 2/27 – 3/3
- The 3 Most Upgraded Stocks Are Reversing
- How to Find Blue Chip Dividend Stocks
- Zscaler, Inc Plummets, Is It Time To Buy The Dip?
- What is a Good Dividend Yield? How to Decide
Want to see what other hedge funds are holding DGX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quest Diagnostics Incorporated (NYSE:DGX – Get Rating).
Receive News & Ratings for Quest Diagnostics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quest Diagnostics and related companies with MarketBeat.com's FREE daily email newsletter.
