CreativeOne Wealth LLC grew its stake in Quest Diagnostics Incorporated (NYSE:DGX – Get Rating) by 241.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,854 shares of the medical research company’s stock after buying an additional 7,673 shares during the quarter. CreativeOne Wealth LLC’s holdings in Quest Diagnostics were worth $1,332,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. lifted its holdings in shares of Quest Diagnostics by 10.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 95,620 shares of the medical research company’s stock valued at $11,749,000 after buying an additional 9,225 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings in Quest Diagnostics by 2.7% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 57,264 shares of the medical research company’s stock worth $7,026,000 after purchasing an additional 1,521 shares during the period. Aviva PLC raised its holdings in Quest Diagnostics by 14.9% in the 3rd quarter. Aviva PLC now owns 130,784 shares of the medical research company’s stock worth $16,046,000 after purchasing an additional 17,002 shares during the period. UBS Asset Management Americas Inc. raised its holdings in Quest Diagnostics by 4.2% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 1,202,164 shares of the medical research company’s stock worth $147,494,000 after purchasing an additional 48,392 shares during the period. Finally, Horizon Investments LLC raised its holdings in Quest Diagnostics by 18.7% in the 3rd quarter. Horizon Investments LLC now owns 2,308 shares of the medical research company’s stock worth $282,000 after purchasing an additional 363 shares during the period. Institutional investors and hedge funds own 88.79% of the company’s stock.
Insider Buying and Selling
In related news, SVP Michael E. Prevoznik sold 1,415 shares of Quest Diagnostics stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $141.42, for a total transaction of $200,109.30. Following the transaction, the senior vice president now owns 39,440 shares in the company, valued at $5,577,604.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.70% of the stock is currently owned by company insiders.
Quest Diagnostics Price Performance
Quest Diagnostics (NYSE:DGX – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The medical research company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.08. Quest Diagnostics had a return on equity of 18.84% and a net margin of 9.57%. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the business posted $3.33 earnings per share. The firm’s revenue was down 15.0% compared to the same quarter last year. Equities research analysts anticipate that Quest Diagnostics Incorporated will post 8.69 earnings per share for the current fiscal year.
Quest Diagnostics announced that its board has approved a share buyback plan on Thursday, February 2nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical research company to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Quest Diagnostics Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 24th. Investors of record on Monday, April 10th will be given a dividend of $0.71 per share. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Thursday, April 6th. This represents a $2.84 dividend on an annualized basis and a yield of 2.12%. Quest Diagnostics’s dividend payout ratio (DPR) is presently 33.33%.
Analyst Upgrades and Downgrades
DGX has been the subject of a number of analyst reports. Citigroup cut Quest Diagnostics from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $145.00 to $125.00 in a report on Thursday, November 17th. Morgan Stanley upped their price target on Quest Diagnostics from $146.00 to $158.00 and gave the stock an “equal weight” rating in a report on Friday, January 6th. StockNews.com cut Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Friday, February 3rd. Robert W. Baird boosted their price objective on Quest Diagnostics from $143.00 to $154.00 and gave the stock a “neutral” rating in a research note on Thursday, January 12th. Finally, Evercore ISI began coverage on Quest Diagnostics in a research note on Monday, January 23rd. They set an “inline” rating and a $159.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $150.00.
Quest Diagnostics Company Profile
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.
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