Analysts at Citigroup Inc. initiated coverage on Quest Diagnostics Inc. (NYSE: DGX) stock, rating the company at Neutral. As a means of comparison, a number of other analysts have commented on the shares recently, and the company has secured a consensus one-year price target of $82.65, lower than the opening price of $83.34. Quest Diagnostics Inc.stock has a 52-week high of $86.85.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile, U.S. markets saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.
The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.
The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.
Stocks were not alone in declines on Friday.
Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.
Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Quest Diagnostics Inc. (NYSE: DGX) opened at $83.34 and traded in a range between, $80.92 and $83.35 on Friday, and last traded at $80.92, which represents a change of $ -3.21 over the previous closing price.
Quest Diagnostics Inc. (NYSE: DGX) currently has a market cap of 11.25B
The stocks average daily volume is 1,233,570 shares out of a total float 138,551,000 of and some 1,114,293 shares crossed the trading desk yesterday, 36 percent lower than normal. Look for trading volume to pick up in the coming days as investors often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
With that in mind Quest Diagnostics Inc. (NYSE: DGX) now has a 50-day MA is $84.58 and 200-day MA is $77.55, and it has traded in a 52-week range between $59.66 – 86.85 and today’s last price is -6.83 percent off the 52 week high.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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