Point72 Asset Management L.P. Boosts Holdings in Quest Diagnostics Incorporated (NYSE:DGX)

Point72 Asset Management L.P. lifted its position in shares of Quest Diagnostics Incorporated (NYSE:DGX) by 222.0% in the second quarter, Holdings Channel reports. The institutional investor owned 299,740 shares of the medical research company’s stock after acquiring an additional 206,640 shares during the quarter. Point72 Asset Management L.P.’s holdings in Quest Diagnostics were worth $41,028,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Quest Diagnostics by 58.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 21,205 shares of the medical research company’s stock worth $2,903,000 after purchasing an additional 7,781 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Quest Diagnostics during the second quarter worth $2,131,000. Integral Health Asset Management LLC purchased a new position in shares of Quest Diagnostics during the second quarter worth $13,688,000. Public Sector Pension Investment Board grew its stake in shares of Quest Diagnostics by 68.8% in the second quarter. Public Sector Pension Investment Board now owns 4,315 shares of the medical research company’s stock valued at $591,000 after buying an additional 1,759 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in Quest Diagnostics by 115.9% during the 2nd quarter. ProShare Advisors LLC now owns 32,674 shares of the medical research company’s stock worth $4,472,000 after acquiring an additional 17,541 shares in the last quarter. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Quest Diagnostics Stock Performance

Quest Diagnostics stock opened at $152.49 on Thursday. The company has a market capitalization of $16.98 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 2.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 1.00. The stock has a fifty day moving average of $150.96 and a two-hundred day moving average of $141.54. Quest Diagnostics Incorporated has a fifty-two week low of $119.59 and a fifty-two week high of $159.36.

Quest Diagnostics (NYSE:DGX) last posted its earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. Quest Diagnostics had a net margin of 8.99% and a return on equity of 15.35%. The company’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.30 EPS. On average, analysts anticipate that Quest Diagnostics Incorporated will post 8.89 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Friday, October 4th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $3.00 annualized dividend and a yield of 1.97%. Quest Diagnostics’s dividend payout ratio (DPR) is 40.38%.

Analysts Set New Price Targets

A number of brokerages have issued reports on DGX. Barclays boosted their price target on shares of Quest Diagnostics from $144.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 27th. Citigroup raised Quest Diagnostics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $165.00 in a research note on Wednesday, July 10th. Robert W. Baird boosted their target price on shares of Quest Diagnostics from $153.00 to $154.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Evercore ISI assumed coverage on Quest Diagnostics in a research report on Wednesday, August 28th. They issued an “in-line” rating and a $165.00 target price for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Quest Diagnostics from $152.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $154.33.

Insider Buying and Selling

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total value of $304,987.40. Following the completion of the transaction, the senior vice president now directly owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Quest Diagnostics news, SVP Mark E. Delaney sold 420 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $143.08, for a total value of $60,093.60. Following the transaction, the senior vice president now owns 5,019 shares in the company, valued at approximately $718,118.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Karthik Kuppusamy sold 1,990 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total transaction of $304,987.40. Following the transaction, the senior vice president now directly owns 11,459 shares in the company, valued at approximately $1,756,206.34. The disclosure for this sale can be found here. 0.79% of the stock is owned by company insiders.

About Quest Diagnostics

Quest Diagnostics Incorporated provides diagnostic testing and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.