B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Quest Diagnostics Incorporated (NYSE:DGX) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 16,087 shares of the medical research company’s stock, valued at approximately $1,949,000.
Several other hedge funds have also recently bought and sold shares of DGX. Public Sector Pension Investment Board raised its holdings in shares of Quest Diagnostics by 25.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 16,234 shares of the medical research company’s stock valued at $1,859,000 after buying an additional 3,300 shares during the period. ExodusPoint Capital Management LP increased its holdings in Quest Diagnostics by 6.1% during the 3rd quarter. ExodusPoint Capital Management LP now owns 11,250 shares of the medical research company’s stock worth $1,288,000 after purchasing an additional 642 shares during the period. Intrua Financial LLC increased its holdings in Quest Diagnostics by 2.4% during the 3rd quarter. Intrua Financial LLC now owns 3,827 shares of the medical research company’s stock worth $465,000 after purchasing an additional 90 shares during the period. Kiwi Wealth Investments Limited Partnership purchased a new stake in Quest Diagnostics during the 3rd quarter worth about $2,241,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Quest Diagnostics during the 3rd quarter worth about $228,000. Hedge funds and other institutional investors own 85.71% of the company’s stock.
In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 1,188 shares of the stock in a transaction that occurred on Wednesday, February 24th. The stock was sold at an average price of $116.95, for a total transaction of $138,936.60. Following the completion of the sale, the senior vice president now directly owns 42,596 shares of the company’s stock, valued at approximately $4,981,602.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael E. Prevoznik sold 5,574 shares of the stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $120.47, for a total value of $671,499.78. 1.49% of the stock is owned by corporate insiders.
Quest Diagnostics (NYSE:DGX) last announced its earnings results on Thursday, February 4th. The medical research company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.28 by $0.20. The firm had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Quest Diagnostics had a return on equity of 19.23% and a net margin of 13.22%. The business’s revenue was up 55.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 EPS. Sell-side analysts anticipate that Quest Diagnostics Incorporated will post 10.95 earnings per share for the current year.
Quest Diagnostics announced that its board has authorized a share repurchase program on Thursday, February 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical research company to purchase up to 6.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 21st. Investors of record on Wednesday, April 7th will be given a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, April 6th. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.56. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.94%. Quest Diagnostics’s dividend payout ratio is 34.15%.
DGX has been the topic of several recent research reports. Citigroup upped their price target on Quest Diagnostics from $151.00 to $158.00 in a report on Friday, January 29th. Robert W. Baird restated a “neutral” rating and set a $137.00 price target on shares of Quest Diagnostics in a report on Thursday, March 18th. Finally, Morgan Stanley upped their price target on Quest Diagnostics from $130.00 to $136.00 and gave the stock an “equal weight” rating in a report on Thursday, March 18th. Ten analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Quest Diagnostics has an average rating of “Hold” and an average price target of $128.94.
Quest Diagnostics Company Profile
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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