Quest Diagnostics Incorporated (NYSE:DGX) has seen a significant increase in holdings by Daymark Wealth Partners LLC, according to the latest filing with the Securities and Exchange Commission. During the second quarter, Daymark Wealth Partners LLC increased its holdings in Quest Diagnostics by an impressive 778.4%, acquiring an additional 14,742 shares and bringing their total ownership of the medical research company’s stock to 16,636 shares. At the end of the reporting period, Daymark Wealth Partners LLC’s holdings were valued at $2,338,000.
This news reflects a strong vote of confidence from Daymark Wealth Partners LLC in Quest Diagnostics’ potential for growth and success in the future. As an institutional investor, their decision to increase their stake in Quest Diagnostics demonstrates faith in the company’s financial performance and market position.
In recent news, Quest Diagnostics announced their quarterly earnings results on July 26th. The medical research company reported earnings per share (EPS) of $2.30 for the quarter, surpassing analysts’ consensus estimates of $2.23 by $0.07. Additionally, Quest Diagnostics recorded revenue of $2.34 billion for the quarter, exceeding analyst estimates of $2.25 billion.
Despite a decrease in quarterly revenue compared to the same period last year (-4.7%), Quest Diagnostics showcased strong profitability indicators such as a net margin of 8.37% and a return on equity of 16.32%. These figures indicate that Quest Diagnostics remains competitive within its industry despite challenging market conditions.
Looking ahead, research analysts anticipate that Quest Diagnostics Incorporated will post an EPS of 8.7 for the current fiscal year as a group consensus forecast.
Investors and industry observers may find further valuable insights on DGX by referring to our latest research report on this medical research company.
Overall, with Daymark Wealth Partners LLC increasing its holdings in Quest Diagnostics and the company’s solid quarterly performance, Quest Diagnostics seems to be well-positioned for continued growth and success in the future.
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Institutional Investors Continue to Increase Stakes in Quest Diagnostics
Institutional investors, including hedge funds, continue to make strategic moves regarding their stakes in Quest Diagnostics. Vanguard Group Inc., for example, recently grew its stake in the medical research company by 4.8% during the first quarter of this year. The firm now owns over 14 million shares of Quest Diagnostics’ stock, with a value of $1.9 billion.
Providence Capital Advisors LLC also increased its holdings in Quest Diagnostics by a staggering 14,887.6% during the same time period. This move allowed Providence to acquire over 4 million additional shares of the company’s stock, with a total value of $30.6 million.
Furthermore, Victory Capital Management Inc. raised its position in Quest Diagnostics by 1.1% in the fourth quarter, resulting in an additional 34,947 shares being added to its portfolio. Similarly, American Century Companies Inc. boosted its stake in the medical research company by 62.2%, acquiring over 1 million shares worth $386 million.
Wellington Management Group LLP joined the fray as well and experienced significant growth in its holdings of Quest Diagnostics’ shares during the first quarter. The firm now owns almost 2 million shares valued at $270.9 million—a staggering increase of 46,022.7%.
Overall, institutional investors own a substantial majority—87.76%—of Quest Diagnostics’ stock.
As for market performance and key financial indicators, shares of NYSE:DGX opened at $123.33 on September 30th and currently have a market cap of $13.84 billion. The price-to-earnings ratio stands at approximately 17.95 while the beta measures around 0.95—a reflection of relatively average volatility compared to the market and sector.
Quest Diagnostics has seen its share price fluctuate between a low of $122.05 and a high of $158.34 over the past year. As of now, the company’s fifty-day simple moving average sits at $131.56, and its 200-day simple moving average stands at $135.74.
Looking forward to October 23rd, Quest Diagnostics recently announced that it will pay a quarterly dividend on that date. Shareholders of record as of October 6th will receive a dividend amounting to $0.71 per share. This translates to an annualized dividend of $2.84 and a yield of 2.30%. The ex-dividend date is set for October 5th.
Various brokerages have provided their assessments of Quest Diagnostics’ stock performance as well. StockNews.com initiated coverage with a “hold” rating, while Piper Sandler classified it as “neutral.” Morgan Stanley maintained its “equal weight” rating and an associated target price of $145.00.
Overall, analysts appear divided in their opinions on Quest Diagnostics’ stock, with ten giving a hold rating and two suggesting a buy rating based on Bloomberg data. The current average rating for the company’s stock is “Hold,” with an average price target of approximately $149.90.
Investors in both institutional and retail capacities can refer to these recent developments and analyses when making decisions regarding Quest Diagnostics’ shares in order to act prudently in this perplexing financial landscape.
