Quest Diagnostics Incorporated (NYSE:DGX) Short Interest Update

Quest Diagnostics Incorporated (NYSE:DGX) saw a large 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 daily volume of 1,000,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 2.3% of the shares of the company are sold short.

Analyst Ratings Changes

DGX has been the subject of a number of research analyst reports. Piper Sandler restated a “neutral” rating and set a $180.00 price objective (up previously from $165.00) on shares of Quest Diagnostics in a research report on Monday, February 3rd. Bank of America lifted their price target on Quest Diagnostics from $179.00 to $182.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Robert W. Baird lifted their price target on Quest Diagnostics from $190.00 to $191.00 and gave the stock an “outperform” rating in a research report on Thursday. Leerink Partnrs upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Finally, Morgan Stanley raised shares of Quest Diagnostics from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $145.00 to $172.00 in a report on Tuesday, December 17th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Quest Diagnostics currently has an average rating of “Moderate Buy” and an average target price of $178.38.

Insider Buying and Selling

In other news, SVP Mark E. Delaney sold 403 shares of the firm’s 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 completion of the transaction, the senior vice president now owns 4,624 shares in the company, valued at $759,723.20. This trade represents a 8.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Catherine T. Doherty sold 5,370 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $174.13, for a total value of $935,078.10. Following the transaction, the executive vice president now 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,157 shares of company stock valued at $2,423,755. 0.79% of the stock is owned by company insiders.

Institutional Trading of Quest Diagnostics

Hedge funds have recently bought and sold shares of the company. Sierra Ocean LLC acquired a new position in shares of Quest Diagnostics in the 4th quarter worth approximately $33,000. Versant Capital Management Inc lifted its stake in shares of Quest Diagnostics by 340.4% in the fourth quarter. Versant Capital Management Inc now owns 251 shares of the medical research company’s stock worth $38,000 after buying an additional 194 shares during the last quarter. First Financial Corp IN acquired a new stake in shares of Quest Diagnostics in the fourth quarter worth $38,000. FPC Investment Advisory Inc. bought a new position in Quest Diagnostics during the fourth quarter worth $45,000. Finally, Global Trust Asset Management LLC bought a new position in Quest Diagnostics during the fourth quarter worth $49,000. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Price Performance

Shares of NYSE DGX traded down $1.59 during midday trading on Thursday, hitting $166.42. The company had a trading volume of 388,157 shares, compared to its average volume of 870,629. The company has a quick ratio of 1.02, a current ratio of 1.10 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $18.47 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 2.16 and a beta of 0.92. The business has a 50-day simple moving average of $164.63 and a two-hundred day simple moving average of $158.48. Quest Diagnostics has a twelve month low of $125.42 and a twelve month high of $178.87.

Quest Diagnostics (NYSE:DGX) last issued its quarterly 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%. Equities research analysts anticipate that Quest Diagnostics will post 9.7 earnings per share for the current 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 issued a $0.80 dividend. The ex-dividend date of this dividend is Monday, April 7th. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a yield of 1.92%. Quest Diagnostics’s dividend payout ratio is currently 41.61%.

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.