Quest Diagnostics (NYSE:DGX) Hits New 52-Week High – Time to Buy?

Shares of Quest Diagnostics Incorporated (NYSE:DGX) reached a new 52-week high on Wednesday . The stock traded as high as $171.68 and last traded at $171.56, with a volume of 89396 shares trading hands. The stock had previously closed at $169.65.

Analysts Set New Price Targets

Several research analysts have issued reports on DGX shares. Robert W. Baird upgraded Quest Diagnostics from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $157.00 to $182.00 in a research report on Wednesday, October 23rd. UBS Group raised their price objective on Quest Diagnostics from $166.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Piper Sandler restated a “neutral” rating and issued a $180.00 price objective (up from $165.00) on shares of Quest Diagnostics in a report on Monday, February 3rd. Jefferies Financial Group restated a “buy” rating and issued a $185.00 price objective (up from $175.00) on shares of Quest Diagnostics in a report on Tuesday, December 10th. Finally, Barclays raised their price objective on Quest Diagnostics from $168.00 to $175.00 and gave the stock an “equal weight” rating in a report on Friday, January 31st. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $177.69.

Quest Diagnostics Stock Performance

The firm has a market capitalization of $19.22 billion, a P/E ratio of 22.39, a price-to-earnings-growth ratio of 2.12 and a beta of 0.91. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.02 and a current ratio of 1.10. The stock has a 50-day moving average of $156.35 and a 200 day moving average of $155.31.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.04. Quest Diagnostics had a return on equity of 15.07% and a net margin of 8.80%. On average, research analysts anticipate that Quest Diagnostics Incorporated will post 9.7 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 7th will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Monday, April 7th. Quest Diagnostics’s payout ratio is presently 39.01%.

Insider Activity

In related news, Director Vicky B. Gregg sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $164.57, for a total transaction of $205,712.50. Following the completion of the sale, the director now owns 16,867 shares of the company’s stock, valued at $2,775,802.19. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Mark E. Delaney sold 403 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $164.30, for a total transaction of $66,212.90. Following the sale, the senior vice president now owns 4,624 shares of the company’s stock, valued at $759,723.20. This trade represents a 8.02 % decrease in their position. The disclosure for this sale can be found here. 0.79% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quest Diagnostics

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

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.