Envestnet Asset Management Inc. Increases Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Envestnet Asset Management Inc. lifted its holdings in Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 6.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 192,089 shares of the medical research company’s stock after purchasing an additional 12,330 shares during the period. Envestnet Asset Management Inc. owned about 0.16% of Quest Diagnostics worth $26,289,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Quest Diagnostics during the fourth quarter valued at approximately $212,114,000. Invesco Ltd. lifted its position in Quest Diagnostics by 66.2% during the fourth quarter. Invesco Ltd. now owns 1,452,951 shares of the medical research company’s stock valued at $251,374,000 after acquiring an additional 578,810 shares during the last quarter. Renaissance Technologies LLC lifted its position in Quest Diagnostics by 36.2% during the fourth quarter. Renaissance Technologies LLC now owns 1,317,700 shares of the medical research company’s stock valued at $227,975,000 after acquiring an additional 350,400 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Quest Diagnostics by 47.5% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 802,800 shares of the medical research company’s stock valued at $138,896,000 after acquiring an additional 258,712 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its position in Quest Diagnostics by 106.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 384,175 shares of the medical research company’s stock valued at $66,466,000 after acquiring an additional 197,774 shares during the last quarter. Hedge funds and other institutional investors own 89.89% of the company’s stock.

Insider Activity at Quest Diagnostics

In related news, Director Timothy M. Ring sold 2,000 shares of the firm’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $133.47, for a total transaction of $266,940.00. Following the sale, the director now owns 23,933 shares in the company, valued at $3,194,337.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Timothy M. Ring sold 2,000 shares of the firm’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $133.47, for a total transaction of $266,940.00. Following the sale, the director now owns 23,933 shares in the company, valued at $3,194,337.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Michael E. Prevoznik sold 50,604 shares of Quest Diagnostics stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $139.97, for a total transaction of $7,083,041.88. Following the completion of the sale, the senior vice president now owns 39,224 shares in the company, valued at approximately $5,490,183.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 335,012 shares of company stock worth $46,920,991. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Mizuho decreased their target price on shares of Quest Diagnostics from $185.00 to $160.00 and set a “maintains” rating for the company in a research report on Friday, July 22nd. Bank of America decreased their price target on shares of Quest Diagnostics from $166.00 to $163.00 and set a “buy” rating for the company in a report on Friday, April 22nd. Credit Suisse Group decreased their price target on shares of Quest Diagnostics from $158.00 to $143.00 and set a “maintains” rating for the company in a report on Friday, July 22nd. UBS Group raised their price target on shares of Quest Diagnostics from $139.00 to $150.00 in a report on Sunday, April 24th. Finally, StockNews.com raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Thursday, July 7th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $149.25.

Quest Diagnostics Stock Up 0.1 %

NYSE:DGX opened at $136.67 on Tuesday. The firm has a market capitalization of $15.94 billion, a P/E ratio of 11.37 and a beta of 1.00. Quest Diagnostics Incorporated has a 1-year low of $125.33 and a 1-year high of $174.16. The company’s fifty day moving average price is $135.41 and its 200-day moving average price is $136.19. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.54 and a quick ratio of 1.42.

Quest Diagnostics (NYSE:DGX – Get Rating) last released its quarterly earnings data on Thursday, July 21st. The medical research company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.10. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.34 billion. Quest Diagnostics had a net margin of 14.02% and a return on equity of 24.62%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.18 earnings per share. As a group, equities research analysts anticipate that Quest Diagnostics Incorporated will post 9.69 EPS for the current year.

Quest Diagnostics Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 20th. Investors of record on Wednesday, July 6th were given a dividend of $0.66 per share. The ex-dividend date was Tuesday, July 5th. This represents a $2.64 annualized dividend and a yield of 1.93%. Quest Diagnostics’s dividend payout ratio is presently 21.96%.

Quest Diagnostics Company Profile

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Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.

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