Short Interest in Quest Diagnostics Incorporated (NYSE:DGX) Decreases By 5.1%

Quest Diagnostics Incorporated (NYSE:DGX) was the recipient of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 2,420,000 shares, a decrease of 5.1% from the August 31st total of 2,550,000 shares. Approximately 2.2% of the company’s shares are sold short. Based on an average daily volume of 840,000 shares, the days-to-cover ratio is currently 2.9 days.

Quest Diagnostics Stock Performance

Shares of DGX stock traded up $0.45 during mid-day trading on Monday, hitting $155.25. The stock had a trading volume of 934,251 shares, compared to its average volume of 938,340. The firm has a market cap of $17.25 billion, a PE ratio of 20.80, a PEG ratio of 2.80 and a beta of 0.89. The company’s 50-day simple moving average is $151.29 and its 200-day simple moving average is $141.97. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.00 and a quick ratio of 0.91. Quest Diagnostics has a fifty-two week low of $119.59 and a fifty-two week high of $159.36.

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

Quest Diagnostics Dividend Announcement

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 issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, October 4th. Quest Diagnostics’s dividend payout ratio is presently 40.38%.

Insider Activity at Quest Diagnostics

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

Institutional Investors Weigh In On Quest Diagnostics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Legacy Financial Advisors Inc. grew its stake in shares of Quest Diagnostics by 1.6% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 4,697 shares of the medical research company’s stock worth $643,000 after purchasing an additional 72 shares during the period. Arkadios Wealth Advisors grew its holdings in shares of Quest Diagnostics by 1.6% in the 1st quarter. Arkadios Wealth Advisors now owns 4,933 shares of the medical research company’s stock worth $657,000 after acquiring an additional 77 shares during the period. New England Capital Financial Advisors LLC increased its stake in Quest Diagnostics by 24.7% in the 1st quarter. New England Capital Financial Advisors LLC now owns 389 shares of the medical research company’s stock valued at $52,000 after purchasing an additional 77 shares in the last quarter. Meeder Advisory Services Inc. increased its stake in Quest Diagnostics by 4.9% in the 2nd quarter. Meeder Advisory Services Inc. now owns 1,795 shares of the medical research company’s stock valued at $246,000 after purchasing an additional 84 shares in the last quarter. Finally, Keudell Morrison Wealth Management boosted its position in Quest Diagnostics by 3.8% during the first quarter. Keudell Morrison Wealth Management now owns 2,312 shares of the medical research company’s stock worth $308,000 after purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 88.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Piper Sandler boosted their price target on shares of Quest Diagnostics from $145.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. StockNews.com upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Truist Financial upped their target price on Quest Diagnostics from $150.00 to $158.00 and gave the company a “hold” rating in a research report on Monday, July 15th. Barclays raised their price target on Quest Diagnostics from $144.00 to $154.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 27th. Finally, Citigroup upgraded Quest Diagnostics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $165.00 in a research note on Wednesday, July 10th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $154.33.

Quest Diagnostics Company Profile

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.