Quest Diagnostics Incorporated (NYSE:DGX) experienced a significant boost in its holdings as a result of ETF Managers Group LLC’s recent investment. According to their latest Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now owns 15,988 shares of Quest Diagnostics’ stock after purchasing an additional 4,241 shares during the first quarter. This increased stake is valued at $2,262,000, as reported in the most recent SEC filing.
On April 27th, Quest Diagnostics (NYSE:DGX) announced its quarterly earnings data. The medical research company surpassed market expectations by reporting earnings per share of $2.04 for the quarter—$0.07 higher than the consensus estimate of $1.97. Additionally, they generated $2.33 billion in revenue during this period, outperforming analysts’ predictions of $2.20 billion.
Despite a 10.7% decline in quarterly revenue compared to the same period last year, Quest Diagnostics maintained a return on equity of 16.51% and a net margin of 8.26%. It should be noted that during the previous year’s corresponding period, the company reported EPS (earnings per share) of $3.22.
Looking ahead to June 28, 2023, equities analysts project that Quest Diagnostics Incorporated will achieve an earnings per share figure of 8.73 for this fiscal year.
As a prominent player in the diagnostic industry, Quest Diagnostics offers an extensive range of services both domestically and internationally. Their primary focus is on providing diagnostic testing information and services to customers worldwide.
The company excels not only in routine testing but also offers non-routine and advanced clinical testing options along with anatomic pathology testing services. These robust offerings enable Quest Diagnostics to deliver comprehensive diagnostic information solutions for healthcare professionals and patients alike.
As part of their commitment to driving innovation in diagnostic testing, Quest Diagnostics constantly strives to enhance the accuracy and efficiency of their services. By investing in cutting-edge technologies and advanced research, the company remains at the forefront of the industry.
With its solid financial performance and dedication to advancing diagnostic testing capabilities, Quest Diagnostics continues to consolidate its position as a leading provider of high-quality diagnostic information services.
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Institutional Investors Show Interest in Quest Diagnostics as Stock Value Increases
Quest Diagnostics Incorporated, a leading provider of diagnostic testing, information, and services both in the United States and internationally, has been making waves in the investment market as several institutional investors have recently bought and sold shares of its stock.
One notable investor is Norges Bank, who acquired a new stake in Quest Diagnostics during the fourth quarter of last year. The investment from Norges Bank was valued at an impressive $157,412,000. Another significant investor is Price T Rowe Associates Inc. MD, whose holdings in Quest Diagnostics increased by 548.7% during the second quarter. Price T Rowe Associates now owns 1,125,530 shares of Quest Diagnostics’ stock with a value of $149,673,000.
Vanguard Group Inc., a renowned investment management company, has also shown interest in Quest Diagnostics by increasing its holdings in the medical research company by 4.8% during the first quarter. Vanguard Group now owns a staggering 14,014,030 shares of Quest Diagnostics’ stock with a total value of $1,917,961,000.
In addition to these institutions, Point72 Asset Management L.P. and AEGON ASSET MANAGEMENT UK Plc joined the list of investors buying shares of Quest Diagnostics. Point72 Asset Management made their move during the fourth quarter with an investment worth $83,101,000. AEGON ASSET MANAGEMENT UK Plc entered the scene as well during the fourth quarter with an investment valued at $42,358,000.
These recent investments from institutional investors and hedge funds contribute to the fact that they now own an astounding 87.39% of Quest Diagnostics’ stock.
Shares of Quest Diagnostics (NYSE:DGX) opened at $142.56 on June 28th and are currently available for purchase on the New York Stock Exchange (NYSE). With a market capitalization of $15.97 billion, a P/E ratio of 21.03, and a beta of 0.95, Quest Diagnostics has established itself as a valuable company in the market. Its stock has reached a 1-year high of $158.34 and a 1-year low of $120.40.
The financial health of Quest Diagnostics is robust, with the company boasting a current ratio of 1.34 and a quick ratio of 1.20. Moreover, its debt-to-equity ratio stands at an acceptable level of 0.65.
Quest Diagnostics operates in the field of diagnostic testing by providing routine testing services, non-routine and advanced clinical testing, anatomic pathology testing, and other related diagnostic information services. This comprehensive range of services positions the company as a leader in its industry.
As an additional sign of its stability and attractiveness to investors, Quest Diagnostics recently announced that it will be paying a quarterly dividend on Tuesday, July 25th. Stockholders who held shares on Tuesday, July 11th will receive a dividend payout of $0.71 per share. With an ex-dividend date set for Monday, July 10th, this dividend represents an annualized amount of $2.84 per share and offers shareholders an attractive dividend yield of 1.99%.
Analysts have been closely following Quest Diagnostics’ performance and have provided ratings based on their findings. Mizuho reaffirmed their “buy” rating for the company’s stock with a price target set at $165.00 back in March this year.
Truist Financial also expressed their opinion by adjusting the price objective from $170 to $160 while maintaining their “hold” rating for Quest Diagnostics’ stock.
StockNews.com initiated coverage on Quest Diagnostics by assigning a “hold” rating to the stock in May this year.
Citigroup upgraded Quest Diagnostics from a “sell” rating to a “neutral” rating and increased their price target from $125.00 to $142.00 at the beginning of April this year.
Bank of America, however, downgraded Quest Diagnostics from a “buy” rating to a “neutral” rating and lowered their price target from $166.00 to $148.00 on May 2nd.
Presently, nine research analysts have given Quest Diagnostics’ stock a hold rating, while two have issued a buy rating for the company’s stock. Based on data from Bloomberg, the consensus among these analysts is that Quest Diagnostics’ stock is poised for stability.
Quest Diagnostics has undoubtedly gained attention from institutional investors due to its strong financial position, well-rounded range of services, and positive ratings from renowned analysts. These factors combine to make it an attractive investment option with significant growth potential in the medical research sector.