Quest Diagnostics Incorporated (NYSE:DGX) Sees Large Decline in Short Interest

Quest Diagnostics Incorporated (NYSE:DGX) saw a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 2,360,000 shares, a decline of 10.9% from the May 31st total of 2,650,000 shares. Based on an average daily volume of 914,800 shares, the short-interest ratio is presently 2.6 days. Currently, 2.1% of the company’s stock are sold short.

Quest Diagnostics Stock Performance

Shares of DGX stock traded up $4.26 on Wednesday, hitting $140.90. The company had a trading volume of 808,361 shares, compared to its average volume of 989,989. The company has a 50-day moving average price of $139.29 and a 200-day moving average price of $133.79. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.59. The firm has a market cap of $15.65 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 2.97 and a beta of 0.89. Quest Diagnostics has a twelve month low of $119.59 and a twelve month high of $145.62.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings data on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.18. Quest Diagnostics had a net margin of 9.11% and a return on equity of 15.52%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Quest Diagnostics will post 8.79 earnings per share for the current fiscal year.

Quest Diagnostics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 22nd. Stockholders of record on Monday, July 8th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Monday, July 8th. Quest Diagnostics’s payout ratio is 40.38%.

Insider Buying and Selling at Quest Diagnostics

In other news, SVP Karthik Kuppusamy sold 1,760 shares of Quest Diagnostics stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $140.00, for a total value of $246,400.00. Following the transaction, the senior vice president now owns 13,435 shares of the company’s stock, valued at approximately $1,880,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DGX. Czech National Bank grew its position in Quest Diagnostics by 0.4% in the fourth quarter. Czech National Bank now owns 19,692 shares of the medical research company’s stock worth $2,715,000 after acquiring an additional 75 shares during the period. Mendota Financial Group LLC grew its holdings in shares of Quest Diagnostics by 6.2% during the 4th quarter. Mendota Financial Group LLC now owns 1,296 shares of the medical research company’s stock worth $179,000 after purchasing an additional 76 shares during the period. Arkadios Wealth Advisors increased its position in shares of Quest Diagnostics by 1.6% during the 1st quarter. Arkadios Wealth Advisors now owns 4,933 shares of the medical research company’s stock worth $657,000 after purchasing an additional 77 shares during the last quarter. New England Capital Financial Advisors LLC raised its holdings in Quest Diagnostics by 24.7% in the 1st quarter. New England Capital Financial Advisors LLC now owns 389 shares of the medical research company’s stock valued at $52,000 after buying an additional 77 shares during the period. Finally, Montecito Bank & Trust lifted its position in Quest Diagnostics by 4.7% in the fourth quarter. Montecito Bank & Trust now owns 1,909 shares of the medical research company’s stock valued at $263,000 after buying an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 88.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. StockNews.com lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. upped their price objective on shares of Quest Diagnostics from $152.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Mizuho lifted their target price on shares of Quest Diagnostics from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Barclays upped their price target on shares of Quest Diagnostics from $138.00 to $144.00 and gave the company an “equal weight” rating in a research note on Thursday, April 25th. Finally, Citigroup lifted their price objective on shares of Quest Diagnostics from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Ten research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $146.67.

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.