Quest Diagnostics Incorporated (NYSE:DGX) Short Interest Down 13.2% in February

Quest Diagnostics Incorporated (NYSE:DGX) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 2,570,000 shares, a drop of 13.2% from the February 13th total of 2,960,000 shares. Based on an average trading volume of 1,000,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.3% of the shares of the stock are sold short.

Quest Diagnostics Stock Down 3.6 %

Shares of DGX stock traded down $6.23 during trading hours on Wednesday, reaching $166.22. 504,760 shares of the company’s stock were exchanged, compared to its average volume of 1,103,870. The stock’s 50 day moving average is $164.35 and its 200-day moving average is $158.41. The company has a market cap of $18.45 billion, a price-to-earnings ratio of 21.62, a P/E/G ratio of 2.16 and a beta of 0.92. The company has a current ratio of 1.10, a quick ratio of 1.02 and a debt-to-equity ratio of 0.82. Quest Diagnostics has a fifty-two week low of $125.42 and a fifty-two week high of $178.87.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, beating 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%. Analysts predict that Quest Diagnostics will post 9.7 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.93%. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, April 7th. Quest Diagnostics’s dividend payout ratio is presently 41.61%.

Wall Street Analysts Forecast Growth

DGX has been the subject of several recent analyst reports. Citigroup lowered Quest Diagnostics from a “buy” rating to a “neutral” rating and set a $185.00 target price for the company. in a research report on Tuesday, March 4th. Piper Sandler reiterated a “neutral” rating and issued a $180.00 price target (up previously from $165.00) on shares of Quest Diagnostics in a report on Monday, February 3rd. Barclays boosted their price target on Quest Diagnostics from $168.00 to $175.00 and gave the company an “equal weight” rating in a report on Friday, January 31st. Robert W. Baird set a $189.00 price target on Quest Diagnostics in a report on Friday, January 31st. Finally, StockNews.com lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $178.23.

Insider Buying and Selling at Quest Diagnostics

In other news, EVP Catherine T. Doherty sold 5,370 shares of Quest Diagnostics stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $174.13, for a total value of $935,078.10. Following the sale, the executive vice president now directly owns 68,068 shares of the company’s stock, valued at approximately $11,852,680.84. The trade was a 7.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vicky B. Gregg sold 1,250 shares of Quest Diagnostics stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $164.57, for a total value of $205,712.50. Following the completion of the sale, the director now directly owns 16,867 shares in the company, valued at $2,775,802.19. This trade represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,514 shares of company stock valued at $1,634,445 over the last ninety days. 0.79% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quest Diagnostics

Several hedge funds have recently added to or reduced their stakes in the business. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Quest Diagnostics by 1.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,843 shares of the medical research company’s stock valued at $580,000 after purchasing an additional 60 shares during the last quarter. Net Worth Advisory Group boosted its stake in shares of 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 acquiring an additional 62 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of 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 acquiring an additional 65 shares in the last quarter. Brooklyn Investment Group boosted 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 acquiring an additional 68 shares in the last quarter. Finally, Avestar Capital LLC boosted its stake in shares of Quest Diagnostics by 1.1% during the 3rd quarter. Avestar Capital LLC now owns 6,288 shares of the medical research company’s stock worth $976,000 after acquiring an additional 71 shares in the last quarter. 88.06% of the stock is owned by hedge funds and other institutional investors.

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.