Karp Capital Management Corp acquired a new stake in shares of Quest Diagnostics Inc (NYSE:DGX) during the first quarter, Holdings Channel reports. The institutional investor acquired 97,050 shares of the medical research company’s stock, valued at approximately $9,529,000.
Several other hedge funds have also recently made changes to their positions in DGX. British Columbia Investment Management Corp increased its stake in shares of Quest Diagnostics by 109.7% in the first quarter. British Columbia Investment Management Corp now owns 148,953 shares of the medical research company’s stock valued at $14,626,000 after buying an additional 77,923 shares during the last quarter. BARING ASSET MANAGEMENT Ltd increased its stake in shares of Quest Diagnostics by 470.2% in the first quarter. BARING ASSET MANAGEMENT Ltd now owns 13,685 shares of the medical research company’s stock valued at $1,344,000 after buying an additional 11,285 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of Quest Diagnostics by 39.6% in the first quarter. UBS Asset Management Americas Inc. now owns 622,554 shares of the medical research company’s stock valued at $61,129,000 after buying an additional 176,609 shares during the last quarter. World Asset Management Inc increased its stake in shares of Quest Diagnostics by 9.2% in the first quarter. World Asset Management Inc now owns 14,886 shares of the medical research company’s stock valued at $1,462,000 after buying an additional 1,251 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Quest Diagnostics by 23.4% in the first quarter. Swiss National Bank now owns 558,430 shares of the medical research company’s stock valued at $54,832,000 after buying an additional 105,900 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.
Shares of Quest Diagnostics Inc (NYSE:DGX) traded up 0.06% during trading on Friday, hitting $105.71. 430,973 shares of the company’s stock were exchanged. The company has a market cap of $14.46 billion, a P/E ratio of 21.28 and a beta of 0.68. Quest Diagnostics Inc has a 12-month low of $75.20 and a 12-month high of $108.21. The company has a 50-day moving average of $102.86 and a 200-day moving average of $94.78.
Quest Diagnostics (NYSE:DGX) last released its earnings results on Thursday, April 20th. The medical research company reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.15. Quest Diagnostics had a net margin of 8.56% and a return on equity of 14.61%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the firm earned $1.12 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities analysts expect that Quest Diagnostics Inc will post $5.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 24th. Stockholders of record on Monday, July 10th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Thursday, July 6th. Quest Diagnostics’s payout ratio is 40.00%.
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Several brokerages have recently commented on DGX. Argus initiated coverage on shares of Quest Diagnostics in a research report on Friday, May 12th. They set a “hold” rating and a $102.00 price objective on the stock. Mizuho raised their target price on shares of Quest Diagnostics from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Canaccord Genuity raised their target price on shares of Quest Diagnostics from $102.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Evercore ISI reaffirmed an “in-line” rating and set a $104.50 target price (up from $102.00) on shares of Quest Diagnostics in a research note on Monday, April 24th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $100.00 target price (up from $98.00) on shares of Quest Diagnostics in a research note on Sunday, April 23rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $106.58.
In other news, Director Jenne K. Britell sold 6,111 shares of the company’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $104.03, for a total transaction of $635,727.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael E. Prevoznik sold 440 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $97.39, for a total transaction of $42,851.60. Following the sale, the senior vice president now directly owns 41,734 shares of the company’s stock, valued at approximately $4,064,474.26. The disclosure for this sale can be found here. Insiders have sold 57,213 shares of company stock valued at $5,732,460 in the last ninety days. Insiders own 1.50% of the company’s stock.
About Quest Diagnostics
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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