Quest Diagnostics Incorporated (NYSE:DGX) Short Interest Up 6.3% in December

Quest Diagnostics Incorporated (NYSE:DGX) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 2,030,000 shares, an increase of 6.3% from the December 15th total of 1,910,000 shares. Approximately 1.8% of the company’s stock are sold short. Based on an average daily trading volume, of 819,800 shares, the days-to-cover ratio is presently 2.5 days.

Insider Activity

In other news, CAO Michael J. Deppe sold 18,755 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $154.05, for a total value of $2,889,207.75. Following the sale, the chief accounting officer now directly owns 34,941 shares of the company’s stock, valued at approximately $5,382,661.05. This represents a 34.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karthik Kuppusamy sold 1,775 shares of Quest Diagnostics stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $156.92, for a total value of $278,533.00. Following the transaction, the senior vice president now owns 9,734 shares of the company’s stock, valued at $1,527,459.28. The trade was a 15.42 % decrease in their position. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake 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 worth $38,000 after acquiring an additional 194 shares in the last quarter. First Financial Corp IN bought a new stake in shares of Quest Diagnostics during the 4th quarter valued at approximately $38,000. Sunbelt Securities Inc. acquired a new position in Quest Diagnostics during the 2nd quarter worth approximately $40,000. Global Trust Asset Management LLC bought a new position in Quest Diagnostics in the 4th quarter valued at approximately $49,000. Finally, Quarry LP acquired a new stake in Quest Diagnostics in the second quarter valued at approximately $74,000. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DGX has been the subject of several research reports. UBS Group raised their price target on Quest Diagnostics from $165.00 to $166.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Bank of America lifted their target price on shares of Quest Diagnostics from $179.00 to $182.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Piper Sandler increased their price target on shares of Quest Diagnostics from $150.00 to $165.00 and gave the company a “neutral” rating in a report on Monday, October 28th. Citigroup boosted their price objective on Quest Diagnostics from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Baird R W upgraded Quest Diagnostics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd. Seven 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $172.15.

Quest Diagnostics Price Performance

Shares of NYSE:DGX traded down $0.35 during trading on Friday, reaching $151.31. 760,037 shares of the company traded hands, compared to its average volume of 600,221. The firm has a market capitalization of $16.89 billion, a PE ratio of 20.34, a PEG ratio of 2.37 and a beta of 0.90. Quest Diagnostics has a 52 week low of $123.04 and a 52 week high of $165.32. The company has a quick ratio of 1.17, a current ratio of 1.25 and a debt-to-equity ratio of 0.83. The company’s 50 day moving average is $156.40 and its two-hundred day moving average is $152.76.

Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings data on Tuesday, October 22nd. The medical research company reported $2.30 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.04. Quest Diagnostics had a net margin of 8.82% and a return on equity of 15.25%. The business had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the prior year, the business posted $2.22 earnings per share. Quest Diagnostics’s revenue was up 8.5% compared to the same quarter last year. As a group, sell-side analysts predict that Quest Diagnostics will post 8.9 earnings per share for the current year.

Quest Diagnostics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 14th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, January 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.98%. Quest Diagnostics’s dividend payout ratio (DPR) is 40.32%.

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.