Short Interest in Quest Diagnostics Incorporated (NYSE:DGX) Declines By 6.4%

Quest Diagnostics Incorporated (NYSE:DGX) was the recipient of a significant decline in short interest in December. As of December 15th, there was short interest totalling 1,910,000 shares, a decline of 6.4% from the November 30th total of 2,040,000 shares. Based on an average trading volume of 828,200 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.7% of the shares of the stock are short sold.

Insiders Place Their Bets

In related news, SVP Karthik Kuppusamy sold 1,775 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $156.92, for a total transaction of $278,533.00. Following the sale, the senior vice president now owns 9,734 shares of the company’s stock, valued at $1,527,459.28. This trade represents a 15.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Michael J. Deppe sold 18,755 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $154.05, for a total value of $2,889,207.75. Following the completion of the transaction, the chief accounting officer now directly owns 34,941 shares of the company’s stock, valued at approximately $5,382,661.05. The trade was a 34.93 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Quest Diagnostics

A number of hedge funds have recently added to or reduced their stakes in DGX. Principal Financial Group Inc. lifted its holdings in shares of Quest Diagnostics by 18.6% in the 3rd quarter. Principal Financial Group Inc. now owns 438,977 shares of the medical research company’s stock worth $68,144,000 after purchasing an additional 68,844 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Quest Diagnostics by 45.8% in the third quarter. Franklin Resources Inc. now owns 54,897 shares of the medical research company’s stock valued at $8,180,000 after buying an additional 17,240 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Quest Diagnostics in the 3rd quarter worth about $201,000. Sanctuary Advisors LLC raised its holdings in shares of Quest Diagnostics by 85.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 17,969 shares of the medical research company’s stock worth $2,940,000 after acquiring an additional 8,282 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co lifted its position in Quest Diagnostics by 13.1% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 34,708 shares of the medical research company’s stock valued at $5,388,000 after acquiring an additional 4,024 shares in the last quarter. Institutional investors and hedge funds own 88.06% of the company’s stock.

Quest Diagnostics Stock Performance

Shares of DGX stock opened at $150.86 on Thursday. The firm has a 50 day moving average of $157.23 and a 200-day moving average of $151.45. The company has a market cap of $16.84 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 2.69 and a beta of 0.89. The company has a quick ratio of 1.17, a current ratio of 1.25 and a debt-to-equity ratio of 0.83. Quest Diagnostics has a 52 week low of $123.04 and a 52 week high of $165.32.

Quest Diagnostics (NYSE:DGX) last issued its earnings results on Tuesday, October 22nd. The medical research company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.04. Quest Diagnostics had a net margin of 8.82% and a return on equity of 15.25%. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm earned $2.22 earnings per share. Quest Diagnostics’s revenue was up 8.5% on a year-over-year basis. On average, equities analysts forecast that Quest Diagnostics will post 8.9 earnings per share for the current year.

Quest Diagnostics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 14th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Tuesday, January 14th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 40.32%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $185.00 price objective (up previously from $175.00) on shares of Quest Diagnostics in a research note on Tuesday, December 10th. Piper Sandler raised their price target on shares of Quest Diagnostics from $150.00 to $165.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Mizuho increased their price objective on Quest Diagnostics from $160.00 to $174.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. UBS Group lifted their target price on Quest Diagnostics from $165.00 to $166.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, Citigroup increased their price target on Quest Diagnostics from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $169.15.

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.