Bank of America Corp DE Grows Stock Position in Quest Diagnostics Incorporated (NYSE:DGX)

Bank of America Corp DE grew its holdings in shares of Quest Diagnostics Incorporated (NYSE:DGXGet Rating) by 12.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 3,628,272 shares of the medical research company’s stock after purchasing an additional 398,924 shares during the quarter. Bank of America Corp DE’s holdings in Quest Diagnostics were worth $496,566,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Quest Diagnostics by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 14,014,030 shares of the medical research company’s stock worth $1,917,961,000 after acquiring an additional 636,301 shares in the last quarter. BlackRock Inc. increased its holdings in Quest Diagnostics by 10.1% in the 1st quarter. BlackRock Inc. now owns 12,807,624 shares of the medical research company’s stock worth $1,752,852,000 after acquiring an additional 1,171,242 shares in the last quarter. State Street Corp increased its holdings in Quest Diagnostics by 2.4% in the 4th quarter. State Street Corp now owns 6,245,719 shares of the medical research company’s stock worth $1,080,572,000 after acquiring an additional 144,251 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Quest Diagnostics by 13.2% in the 1st quarter. Victory Capital Management Inc. now owns 2,887,615 shares of the medical research company’s stock worth $394,397,000 after acquiring an additional 335,762 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Quest Diagnostics by 33.7% in the 1st quarter. American Century Companies Inc. now owns 2,634,641 shares of the medical research company’s stock worth $360,577,000 after acquiring an additional 664,574 shares in the last quarter. 88.87% of the stock is owned by hedge funds and other institutional investors.

Quest Diagnostics Stock Up 0.4 %

NYSE DGX opened at $124.73 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.42 and a current ratio of 1.54. The company has a market capitalization of $14.54 billion, a P/E ratio of 10.38 and a beta of 1.01. Quest Diagnostics Incorporated has a one year low of $123.32 and a one year high of $174.16. The stock has a 50 day moving average price of $132.82 and a 200-day moving average price of $135.69.

Quest Diagnostics (NYSE:DGXGet Rating) last posted its earnings results on Thursday, July 21st. The medical research company reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.10. Quest Diagnostics had a return on equity of 24.62% and a net margin of 14.02%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the company earned $3.18 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, equities analysts predict that Quest Diagnostics Incorporated will post 9.68 EPS for the current fiscal year.

Quest Diagnostics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Investors of record on Tuesday, October 4th will be issued a dividend of $0.66 per share. The ex-dividend date is Monday, October 3rd. This represents a $2.64 annualized dividend and a yield of 2.12%. Quest Diagnostics’s payout ratio is presently 21.96%.

Insider Activity at Quest Diagnostics

In related news, Director Timothy M. Ring sold 2,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $136.04, for a total transaction of $272,080.00. Following the sale, the director now owns 23,933 shares in the company, valued at approximately $3,255,845.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $142.00 target price on shares of Quest Diagnostics in a report on Monday, August 22nd. StockNews.com downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Quest Diagnostics has an average rating of “Hold” and an average target price of $148.50.

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.

See Also

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Institutional Ownership by Quarter for Quest Diagnostics (NYSE:DGX)

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