Quest Diagnostics Incorporated (NYSE:DGX) Short Interest Update

Quest Diagnostics Incorporated (NYSE:DGX) saw a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 2,420,000 shares, a decline of 5.1% from the August 31st total of 2,550,000 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average daily volume of 840,000 shares, the days-to-cover ratio is currently 2.9 days.

Insider Activity at Quest Diagnostics

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total value of $304,987.40. Following the completion of the transaction, the senior vice president now owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, SVP Mark E. Delaney sold 420 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $143.08, for a total transaction of $60,093.60. Following the sale, the senior vice president now owns 5,019 shares of the company’s stock, valued at approximately $718,118.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Karthik Kuppusamy sold 1,990 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total value of $304,987.40. Following the completion of the transaction, the senior vice president now directly owns 11,459 shares of the company’s stock, valued at approximately $1,756,206.34. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quest Diagnostics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gryphon Financial Partners LLC increased its position in Quest Diagnostics by 10.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 2,260 shares of the medical research company’s stock valued at $314,000 after buying an additional 223 shares in the last quarter. TD Asset Management Inc raised its position in shares of Quest Diagnostics by 6.5% during the fourth quarter. TD Asset Management Inc now owns 40,099 shares of the medical research company’s stock worth $5,529,000 after purchasing an additional 2,431 shares during the period. Dorsey & Whitney Trust CO LLC bought a new position in shares of Quest Diagnostics in the 4th quarter worth $229,000. Bank of Nova Scotia grew its position in Quest Diagnostics by 31.7% in the 4th quarter. Bank of Nova Scotia now owns 14,615 shares of the medical research company’s stock valued at $2,015,000 after purchasing an additional 3,521 shares during the period. Finally, California State Teachers Retirement System increased its stake in Quest Diagnostics by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 177,183 shares of the medical research company’s stock valued at $24,430,000 after purchasing an additional 2,101 shares in the last quarter. 88.06% of the stock is owned by institutional investors.

Quest Diagnostics Stock Performance

DGX stock opened at $153.91 on Wednesday. The firm has a market cap of $17.10 billion, a PE ratio of 20.71, a price-to-earnings-growth ratio of 2.80 and a beta of 0.89. The company has a current ratio of 1.00, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average price of $151.45 and a 200-day moving average price of $142.17. Quest Diagnostics has a 1-year low of $119.59 and a 1-year high of $159.36.

Quest Diagnostics (NYSE:DGX) last issued its earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. Quest Diagnostics had a return on equity of 15.35% and a net margin of 8.99%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.30 earnings per share. As a group, equities research analysts expect that Quest Diagnostics will post 8.89 earnings per share for the current year.

Quest Diagnostics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Friday, October 4th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Friday, October 4th. Quest Diagnostics’s payout ratio is 40.38%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Robert W. Baird upped their price objective on Quest Diagnostics from $153.00 to $154.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Evercore ISI initiated coverage on shares of Quest Diagnostics in a research report on Wednesday, August 28th. They issued an “in-line” rating and a $165.00 price target for the company. Barclays lifted their price target on shares of Quest Diagnostics from $144.00 to $154.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 27th. StockNews.com raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Finally, Citigroup raised Quest Diagnostics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $165.00 in a research report on Wednesday, July 10th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Quest Diagnostics has a consensus rating of “Hold” and a consensus price target of $154.33.

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.