Quest Diagnostics Incorporated $DGX Stock: Illinois Municipal Retirement Fund Cuts Position

Illinois Municipal Retirement Fund decreased its holdings in Quest Diagnostics Incorporated (NYSE:DGX) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,779 shares of the medical research company’s stock after selling 1,932 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Quest Diagnostics were worth $6,941,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in DGX. BlackRock Inc. purchased a new stake in Quest Diagnostics during the second quarter valued at approximately $1,965,923,000. EdgePoint Investment Group Inc. raised its stake in Quest Diagnostics by 35.1% during the 1st quarter. EdgePoint Investment Group Inc. now owns 2,243,869 shares of the medical research company’s stock valued at $439,753,000 after purchasing an additional 582,797 shares during the period. Bank of America Corp DE purchased a new position in Quest Diagnostics in the 2nd quarter worth approximately $410,151,000. Dimensional Fund Advisors LP boosted its stake in Quest Diagnostics by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,949,535 shares of the medical research company’s stock worth $382,085,000 after purchasing an additional 17,987 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Quest Diagnostics by 11.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 942,407 shares of the medical research company’s stock worth $199,743,000 after purchasing an additional 95,804 shares during the period. Institutional investors own 88.06% of the company’s stock.

Quest Diagnostics Stock Performance

Quest Diagnostics stock opened at $259.21 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.70 and a quick ratio of 1.58. The firm has a market capitalization of $28.52 billion, a P/E ratio of 23.43, a price-to-earnings-growth ratio of 2.32 and a beta of 0.55. Quest Diagnostics Incorporated has a 1-year low of $171.18 and a 1-year high of $262.00. The company’s 50-day moving average is $240.83 and its 200 day moving average is $215.21.

Quest Diagnostics (NYSE:DGX) last announced its earnings results on Thursday, October 22nd. The medical research company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.13. The business had revenue of $3.10 billion during the quarter, compared to analyst estimates of $3.05 billion. Quest Diagnostics had a return on equity of 16.21% and a net margin of 9.53%. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.60 earnings per share. Research analysts forecast that Quest Diagnostics Incorporated will post 11.29 EPS for the current year.

Quest Diagnostics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 27th. Investors of record on Tuesday, January 12th will be paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, January 12th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 34.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on DGX shares. Jefferies Financial Group restated a “buy” rating and set a $245.00 price target on shares of Quest Diagnostics in a report on Thursday, July 23rd. Wall Street Zen upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Tuesday, July 28th. Robert W. Baird set a $262.00 price target on Quest Diagnostics in a report on Friday, October 23rd. Argus set a $260.00 price target on Quest Diagnostics in a research report on Wednesday, July 29th. Finally, Barclays lifted their price objective on shares of Quest Diagnostics from $250.00 to $260.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $248.70.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 22,677 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $243.11, for a total value of $5,513,005.47. Following the sale, the senior vice president owned 37,557 shares in the company, valued at $9,130,482.27. This trade represents a 37.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Patrick Plewman sold 11,717 shares of Quest Diagnostics stock in a transaction on Monday, November 9th. The stock was sold at an average price of $257.34, for a total value of $3,015,252.78. Following the sale, the senior vice president owned 14,684 shares of the company’s stock, valued at approximately $3,778,780.56. This trade represents a 44.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 67,702 shares of company stock worth $16,730,269 over the last quarter. 0.88% of the stock is owned by insiders.

Quest Diagnostics Company Profile

Quest Diagnostics (NYSE: DGX) is a provider of diagnostic information services, conducting laboratory tests that help physicians and other health care professionals diagnose, monitor and manage medical conditions. Its services include routine blood and other clinical laboratory testing, anatomic pathology, and specialized molecular and genetic testing. The company serves patients, physicians, hospitals, health plans, employers and government organizations. In addition to testing performed through its laboratories and patient service centers, Quest offers services such as workplace drug testing and diagnostic support for clinical research.