Quest Diagnostics (NYSE:DGX) Sets New 52-Week High on Strong Earnings

Quest Diagnostics Incorporated (NYSE:DGXGet Free Report) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $166.39 and last traded at $166.58, with a volume of 265412 shares. The stock had previously closed at $155.44.

The medical research company reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.82% and a return on equity of 15.25%.

Quest Diagnostics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.95%. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s payout ratio is presently 40.32%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays upped their price target on shares of Quest Diagnostics from $154.00 to $168.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Mizuho increased their target price on Quest Diagnostics from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Piper Sandler raised their target price on Quest Diagnostics from $150.00 to $165.00 and gave the company a “neutral” rating in a report on Monday, October 28th. Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Robert W. Baird upgraded shares of Quest Diagnostics from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $157.00 to $182.00 in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Quest Diagnostics has an average rating of “Moderate Buy” and an average target price of $172.15.

Read Our Latest Stock Analysis on DGX

Insider Buying and Selling

In related news, CAO Michael J. Deppe sold 18,755 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $154.05, for a total transaction of $2,889,207.75. Following the completion of the transaction, the chief accounting officer now owns 34,941 shares of the company’s stock, valued at $5,382,661.05. This trade represents a 34.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Quest Diagnostics

Large investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans increased its stake in Quest Diagnostics by 2.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 9,571 shares of the medical research company’s stock worth $1,310,000 after purchasing an additional 244 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Quest Diagnostics by 68.8% during 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 acquiring an additional 1,759 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Quest Diagnostics by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 126,117 shares of the medical research company’s stock valued at $17,263,000 after acquiring an additional 1,053 shares in the last quarter. Creative Planning boosted its stake in Quest Diagnostics by 20.4% in the 2nd quarter. Creative Planning now owns 11,407 shares of the medical research company’s stock worth $1,561,000 after purchasing an additional 1,929 shares during the period. Finally, NewEdge Advisors LLC grew its position in Quest Diagnostics by 11.8% during the 2nd quarter. NewEdge Advisors LLC now owns 7,188 shares of the medical research company’s stock worth $984,000 after purchasing an additional 757 shares in the last quarter. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Performance

The company has a market capitalization of $18.30 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 2.36 and a beta of 0.90. The firm’s 50 day simple moving average is $155.42 and its 200-day simple moving average is $153.43. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.17 and a current ratio of 1.25.

Quest Diagnostics Company Profile

(Get Free Report)

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.

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