Contravisory Investment Management Inc. has acquired a new position in Quest Diagnostics Incorporated, according to a recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,064 shares of the medical research company’s stock, valued at approximately $431,000. This acquisition highlights the growing interest in Quest Diagnostics from institutional investors.
Several other hedge funds and institutional investors have also recently bought and sold shares of Quest Diagnostics. Sandy Spring Bank increased its position in the company by 100.0% during the fourth quarter, while Chilton Capital Management LLC acquired a new stake in the first quarter. Compagnie Lombard Odier SCmA and Thompson Siegel & Walmsley LLC both acquired new stakes in the fourth quarter. Creative Financial Designs Inc. ADV increased its position in the company by 3,310.0% during the first quarter. Overall, institutional investors and hedge funds currently own 87.76% of Quest Diagnostics’ stock.
Wall Street analysts have weighed in on the stock, with Morgan Stanley reiterating an “equal weight” rating and setting a price target of $145.00. Piper Sandler began coverage with a “neutral” rating, and StockNews.com issued a “hold” rating for the company. Ten analysts have rated the stock as “hold,” while two have rated it as “buy,” giving it an average rating of “Hold” and a consensus price target of $149.90.
Quest Diagnostics, which provides diagnostic testing, information, and services, has a market capitalization of $14.12 billion. The company reported earnings per share (EPS) of $2.30 for the most recent quarter, beating analysts’ estimates of $2.23. Quest Diagnostics had revenue of $2.34 billion during the quarter, compared to a consensus estimate of $2.25 billion.
In addition to its financial performance, Quest Diagnostics also declared a quarterly dividend of $0.71 per share, which will be paid on October 23rd to stockholders of record on October 6th. The ex-dividend date is October 5th.
As institutional interest in Quest Diagnostics continues to grow, the company’s stock performance and financial outlook will be closely watched by investors and analysts.
Source: This article is based on information from a 13F filing with the Securities & Exchange Commission and various equities research analysts’ reports.
– 13F filing: A 13F filing is a report required by the Securities and Exchange Commission (SEC) that must be filed by every institutional investment manager with assets in excess of $100 million. It discloses the manager’s investment holdings, including the number of shares and market value, as required by the SEC.
– Institutional investors: Entities that pool together funds on behalf of others and invest those funds in various financial instruments, such as stocks, bonds, and real estate. Examples of institutional investors include pension funds, insurance companies, and hedge funds.
– Hedge funds: Investment funds that pool together money from multiple investors and use various strategies to generate high returns. Hedge funds often invest in a wide range of assets, from stocks and bonds to commodities and derivatives.
– Market capitalization: The market value of a company’s outstanding shares of stock, calculated by multiplying the current price per share by the number of shares outstanding. It provides an estimate of the company’s total value in the stock market.
– Earnings per share (EPS): A financial measure that indicates the profitability of a company. It represents the portion of a company’s profit that is allocated to each outstanding share of common stock.
– Dividend: A payment made by a company to its shareholders, usually in cash, as a share of the company’s profits.
– Ex-dividend date: The date on which a stock begins trading without the dividend. Investors who purchase the stock on or after this date will not receive the upcoming dividend payment.
– Quarterly dividend: A dividend that is paid out by a company every quarter, or four times a year. It represents a portion of the company’s profits that is distributed to its shareholders on a regular basis.