Quest Diagnostics Incorporated (NYSE:DGX) Position Cut by CIBC Asset Management Inc

CIBC Asset Management Inc trimmed its holdings in Quest Diagnostics Incorporated (NYSE:DGXGet Rating) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,647 shares of the medical research company’s stock after selling 2,307 shares during the quarter. CIBC Asset Management Inc’s holdings in Quest Diagnostics were worth $4,057,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DGX. Mystic Asset Management Inc. bought a new position in Quest Diagnostics in the 4th quarter worth approximately $25,000. Sandy Cove Advisors LLC acquired a new stake in Quest Diagnostics in the first quarter worth approximately $28,000. Wagner Wealth Management LLC acquired a new stake in Quest Diagnostics in the fourth quarter worth approximately $35,000. Anfield Capital Management LLC lifted its position in Quest Diagnostics by 1,077.8% in the fourth quarter. Anfield Capital Management LLC now owns 212 shares of the medical research company’s stock worth $37,000 after purchasing an additional 194 shares during the period. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Quest Diagnostics in the fourth quarter worth approximately $38,000. 89.89% of the stock is owned by institutional investors.

Quest Diagnostics Trading Up 1.0 %

NYSE DGX opened at $139.38 on Friday. Quest Diagnostics Incorporated has a 1-year low of $125.33 and a 1-year high of $174.16. The company has a current ratio of 1.54, a quick ratio of 1.42 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $16.25 billion, a PE ratio of 11.60 and a beta of 1.00. The firm’s fifty day simple moving average is $135.08 and its 200-day simple moving average is $136.18.

Quest Diagnostics (NYSE:DGXGet Rating) last posted its quarterly earnings results 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. Quest Diagnostics had a net margin of 14.02% and a return on equity of 24.62%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the business posted $3.18 earnings per share. Quest Diagnostics’s revenue for the quarter was down 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Quest Diagnostics Incorporated will post 9.69 earnings per share for the current fiscal year.

Quest Diagnostics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 20th. Stockholders of record on Wednesday, July 6th were paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Tuesday, July 5th. Quest Diagnostics’s dividend payout ratio (DPR) is presently 21.96%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DGX. Bank of America cut their target price on Quest Diagnostics from $166.00 to $163.00 and set a “buy” rating for the company in a research report on Friday, April 22nd. StockNews.com upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Thursday, July 7th. Wells Fargo & Company upped their target price on Quest Diagnostics from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Monday, April 25th. Finally, UBS Group upped their target price on Quest Diagnostics from $139.00 to $150.00 in a research report on Sunday, April 24th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $150.33.

Insider Transactions at Quest Diagnostics

In other Quest Diagnostics news, Director Timothy M. Ring sold 2,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $136.04, for a total transaction of $272,080.00. Following the transaction, the director now directly owns 23,933 shares of the company’s stock, valued at $3,255,845.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Quest Diagnostics news, CEO Stephen H. Rusckowski sold 282,408 shares of the stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $140.12, for a total transaction of $39,571,008.96. Following the transaction, the chief executive officer now directly owns 334,833 shares of the company’s stock, valued at $46,916,799.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the director now directly owns 23,933 shares in the company, valued at $3,255,845.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 337,012 shares of company stock valued at $47,193,071. 1.70% of the stock is owned by insiders.

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

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