Quest Diagnostics (NYSE:DGX) Hits New 12-Month High – Here’s What Happened

Quest Diagnostics Incorporated (NYSE:DGX) reached a new 52-week high during trading on Tuesday . The stock traded as high as $175.89 and last traded at $173.99, with a volume of 1008385 shares trading hands. The stock had previously closed at $172.24.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on DGX shares. StockNews.com lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Piper Sandler reissued a “neutral” rating and issued a $180.00 price target (up from $165.00) on shares of Quest Diagnostics in a research note on Monday, February 3rd. JPMorgan Chase & Co. upped their price objective on shares of Quest Diagnostics from $173.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Bank of America raised their target price on shares of Quest Diagnostics from $179.00 to $182.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.23.

Quest Diagnostics Price Performance

The stock has a 50-day simple moving average of $157.99 and a 200 day simple moving average of $156.17. The company has a market cap of $19.31 billion, a PE ratio of 22.63, a P/E/G ratio of 2.16 and a beta of 0.91. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82.

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

Quest Diagnostics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be issued a $0.80 dividend. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Monday, April 7th. Quest Diagnostics’s dividend payout ratio is currently 41.61%.

Insider Buying and Selling

In related news, SVP Mark E. Delaney sold 403 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $164.30, for a total transaction of $66,212.90. Following the transaction, the senior vice president now owns 4,624 shares of the company’s stock, valued at approximately $759,723.20. This represents a 8.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vicky B. Gregg sold 1,250 shares of Quest Diagnostics stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $164.57, for a total value of $205,712.50. Following the completion of the transaction, the director now directly owns 16,867 shares of the company’s stock, valued at approximately $2,775,802.19. This represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,792 shares of company stock valued at $465,998. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Quest Diagnostics

Several large investors have recently added to or reduced their stakes in the business. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Quest Diagnostics by 1.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,843 shares of the medical research company’s stock worth $580,000 after purchasing an additional 60 shares in the last quarter. Net Worth Advisory Group increased its position in Quest Diagnostics by 1.0% during the 4th quarter. Net Worth Advisory Group now owns 6,495 shares of the medical research company’s stock worth $980,000 after purchasing an additional 62 shares during the period. Bessemer Group Inc. increased its position in Quest Diagnostics by 0.3% during the 4th quarter. Bessemer Group Inc. now owns 20,811 shares of the medical research company’s stock worth $3,140,000 after purchasing an additional 65 shares during the period. Brooklyn Investment Group raised its stake in shares of Quest Diagnostics by 5.5% during the 4th quarter. Brooklyn Investment Group now owns 1,315 shares of the medical research company’s stock worth $198,000 after buying an additional 68 shares in the last quarter. Finally, Avestar Capital LLC lifted its holdings in shares of Quest Diagnostics by 1.1% in the 3rd quarter. Avestar Capital LLC now owns 6,288 shares of the medical research company’s stock valued at $976,000 after buying an additional 71 shares during the period. 88.06% of the stock is owned by hedge funds and other institutional investors.

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.