Quest Diagnostics (NYSE:DGX) Reaches New 1-Year High – Here’s What Happened

Shares of Quest Diagnostics Incorporated (NYSE:DGX) reached a new 52-week high on Tuesday . The stock traded as high as $167.49 and last traded at $166.94, with a volume of 171795 shares trading hands. The stock had previously closed at $165.19.

Wall Street Analyst Weigh In

DGX has been the subject of several recent research reports. Piper Sandler reiterated a “neutral” rating and set a $180.00 target price (up previously from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. Robert W. Baird upgraded shares of Quest Diagnostics from a “neutral” rating to an “outperform” rating and increased their price target for the company from $157.00 to $182.00 in a report on Wednesday, October 23rd. Truist Financial upped their target price on Quest Diagnostics from $172.00 to $182.00 and gave the company a “hold” rating in a report on Friday, January 31st. Mizuho increased their target price on Quest Diagnostics from $177.00 to $178.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Quest Diagnostics from $173.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $177.69.

Quest Diagnostics Stock Up 1.6 %

The company has a market cap of $18.74 billion, a price-to-earnings ratio of 21.80, a price-to-earnings-growth ratio of 2.04 and a beta of 0.91. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.10 and a quick ratio of 1.02. The firm’s 50-day moving average price is $155.51 and its 200-day moving average price is $154.49.

Quest Diagnostics (NYSE:DGX) last posted its earnings results on Thursday, January 30th. The medical research company reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. Sell-side analysts forecast that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, April 7th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s payout ratio is 39.01%.

Insider Buying and Selling

In other news, SVP Mark E. Delaney sold 403 shares of Quest Diagnostics stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total value of $66,212.90. Following the completion of the transaction, the senior vice president now directly owns 4,624 shares of the company’s stock, valued at approximately $759,723.20. The trade was a 8.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Vicky B. Gregg sold 1,250 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $164.57, for a total transaction of $205,712.50. Following the completion of the transaction, the director now directly owns 16,867 shares in the company, valued at $2,775,802.19. This represents a 6.90 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new position in Quest Diagnostics during the 4th quarter valued at about $67,447,000. Mizuho Securities USA LLC lifted its position in Quest Diagnostics by 5,168.5% in the third quarter. Mizuho Securities USA LLC now owns 451,403 shares of the medical research company’s stock worth $70,080,000 after purchasing an additional 442,835 shares during the period. BNP Paribas Financial Markets boosted its stake in Quest Diagnostics by 25.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 747,298 shares of the medical research company’s stock valued at $116,018,000 after purchasing an additional 151,365 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Quest Diagnostics by 14.8% during the 4th quarter. Bank of New York Mellon Corp now owns 881,764 shares of the medical research company’s stock valued at $133,023,000 after purchasing an additional 113,956 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Quest Diagnostics by 535.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 128,440 shares of the medical research company’s stock valued at $19,376,000 after acquiring an additional 108,224 shares during the last quarter. Institutional investors own 88.06% of the company’s stock.

About Quest Diagnostics

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.