Quest Diagnostics Incorporated Declares Quarterly Dividend of $0.80 (NYSE:DGX)

Quest Diagnostics Incorporated (NYSE:DGX) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Investors of record on Monday, July 7th will be given a dividend of 0.80 per share by the medical research company on Monday, July 21st. This represents a $3.20 annualized dividend and a yield of 1.81%. The ex-dividend date is Monday, July 7th.

Quest Diagnostics has raised its dividend payment by an average of 6.9% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Quest Diagnostics has a dividend payout ratio of 30.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Quest Diagnostics to earn $10.49 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 30.5%.

Quest Diagnostics Trading Up 2.2%

NYSE:DGX opened at $176.31 on Friday. Quest Diagnostics has a one year low of $135.47 and a one year high of $180.38. 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 company’s 50-day simple moving average is $169.84 and its 200 day simple moving average is $163.39. The firm has a market capitalization of $19.68 billion, a P/E ratio of 22.93, a PEG ratio of 2.16 and a beta of 0.52.

Quest Diagnostics (NYSE:DGX) last issued its earnings results on Tuesday, April 22nd. The medical research company reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.06. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.63 billion. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. As a group, analysts forecast that Quest Diagnostics will post 9.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Redburn Partners set a $195.00 target price on shares of Quest Diagnostics in a research note on Wednesday, April 2nd. Citigroup lowered shares of Quest Diagnostics from a “buy” rating to a “neutral” rating and set a $185.00 target price for the company. in a research note on Tuesday, March 4th. UBS Group increased their price target on Quest Diagnostics from $166.00 to $170.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Piper Sandler lifted their price objective on Quest Diagnostics from $180.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, April 28th. Finally, Redburn Atlantic began coverage on Quest Diagnostics in a report on Wednesday, April 2nd. They issued a “buy” rating and a $195.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Quest Diagnostics currently has an average rating of “Moderate Buy” and an average price target of $185.73.

Insider Transactions at Quest Diagnostics

In related news, SVP Michael E. Prevoznik sold 528 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $172.61, for a total transaction of $91,138.08. Following the completion of the transaction, the senior vice president now directly owns 39,031 shares of the company’s stock, valued at approximately $6,737,140.91. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Mark E. Delaney sold 874 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $175.72, for a total transaction of $153,579.28. Following the transaction, the senior vice president now directly owns 8,372 shares of the company’s stock, valued at $1,471,127.84. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,124 shares of company stock valued at $9,341,875 over the last three months. Corporate insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Quest Diagnostics

A hedge fund recently bought a new stake in Quest Diagnostics stock. Brighton Jones LLC acquired a new stake in shares of Quest Diagnostics Incorporated (NYSE:DGX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,144 shares of the medical research company’s stock, valued at approximately $323,000. Hedge funds and other 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.