Mirae Asset Global Investments Co. Ltd. Makes New $6.95 Million Investment in Quest Diagnostics Incorporated $DGX

Mirae Asset Global Investments Co. Ltd. purchased a new position in Quest Diagnostics Incorporated (NYSE:DGX) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 29,825 shares of the medical research company’s stock, valued at approximately $6,951,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Quest Diagnostics during the second quarter valued at about $1,965,923,000. EdgePoint Investment Group Inc. raised its holdings in Quest Diagnostics by 35.1% in the first quarter. EdgePoint Investment Group Inc. now owns 2,243,869 shares of the medical research company’s stock worth $439,753,000 after purchasing an additional 582,797 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Quest Diagnostics by 0.9% in the first 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 in the last quarter. Bank of America Corp DE bought a new position in Quest Diagnostics in the second quarter worth about $410,151,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Quest Diagnostics by 11.3% during the second 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 valued at $199,743,000 after buying an additional 95,804 shares during the last quarter. 88.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DGX has been the subject of several analyst reports. Wall Street Zen raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. lifted their price objective on shares of Quest Diagnostics from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Barclays boosted 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. UBS Group reissued a “neutral” rating and set a $250.00 target price on shares of Quest Diagnostics in a research report on Monday, October 19th. Finally, Robert W. Baird set a $262.00 target price on shares of Quest Diagnostics in a research report on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $248.70.

Insiders Place Their Bets

In other news, SVP Michael E. Prevoznik sold 22,677 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $243.11, for a total transaction of $5,513,005.47. Following the transaction, the senior vice president owned 37,557 shares in the company, valued at $9,130,482.27. This represents a 37.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Catherine T. Doherty sold 22,105 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $248.02, for a total transaction of $5,482,482.10. Following the completion of the transaction, the executive vice president directly owned 71,949 shares of the company’s stock, valued at $17,844,790.98. The trade was a 23.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 55,985 shares of company stock worth $13,715,017 over the last ninety days. Insiders own 0.88% of the company’s stock.

Quest Diagnostics Stock Down 0.5%

Quest Diagnostics stock opened at $254.53 on Friday. Quest Diagnostics Incorporated has a 1-year low of $171.18 and a 1-year high of $259.00. The business has a fifty day moving average price of $239.12 and a 200-day moving average price of $213.35. 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 stock has a market capitalization of $28.00 billion, a price-to-earnings ratio of 23.16, a PEG ratio of 2.29 and a beta of 0.55.

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. Quest Diagnostics had a return on equity of 16.21% and a net margin of 9.53%. The company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same period in the prior year, the company posted $2.60 EPS. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. Equities research analysts forecast that Quest Diagnostics Incorporated will post 11.29 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 21st. Stockholders of record on Tuesday, October 6th were paid a dividend of $0.86 per share. The ex-dividend date was Tuesday, October 6th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.4%. Quest Diagnostics’s payout ratio is presently 34.26%.

Quest Diagnostics Profile

Quest Diagnostics Incorporated (NYSE: DGX) is a provider of diagnostic information services. The company performs laboratory testing that helps physicians, hospitals and other healthcare providers diagnose, treat and monitor diseases and health conditions. Its services include routine blood and other specimen testing, pathology, molecular and genetic testing, and specialized diagnostic services.

Quest Diagnostics serves a broad range of customers, including hospitals, physician practices, health plans, employers, government agencies and individual consumers.