Quest Diagnostics (NYSE:DGX) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of Quest Diagnostics (NYSE:DGX – Get Rating) in a research note published on Thursday. The firm issued a hold rating on the medical research company’s stock.

Several other analysts also recently weighed in on DGX. Mizuho lifted their target price on shares of Quest Diagnostics from $160.00 to $165.00 and gave the company a buy rating in a report on Wednesday, December 14th. Robert W. Baird lifted their target price on shares of Quest Diagnostics from $143.00 to $154.00 and gave the company a neutral rating in a report on Thursday, January 12th. Wells Fargo & Company lifted their target price on shares of Quest Diagnostics from $135.00 to $140.00 and gave the company an equal weight rating in a report on Friday, February 3rd. Citigroup downgraded shares of Quest Diagnostics from a neutral rating to a sell rating and decreased their price objective for the stock from $145.00 to $125.00 in a report on Thursday, November 17th. Finally, Morgan Stanley boosted their price objective on shares of Quest Diagnostics from $146.00 to $158.00 and gave the stock an equal weight rating in a report on Friday, January 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Quest Diagnostics currently has a consensus rating of Hold and an average price target of $150.91.

Quest Diagnostics Trading Down 1.8 %

NYSE DGX opened at $131.53 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.10 and a current ratio of 1.22. The firm has a market cap of $14.64 billion, a PE ratio of 16.61 and a beta of 0.95. Quest Diagnostics has a one year low of $120.40 and a one year high of $158.34. The firm’s fifty day moving average is $143.40 and its two-hundred day moving average is $141.15.

Quest Diagnostics (NYSE:DGX – Get Rating) last issued its earnings results on Thursday, February 2nd. The medical research company reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.08. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.26 billion. Quest Diagnostics had a net margin of 9.57% and a return on equity of 18.84%. The business’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.33 earnings per share. Analysts expect that Quest Diagnostics will post 8.69 earnings per share for the current year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 24th. Shareholders of record on Monday, April 10th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, April 6th. This represents a $2.84 dividend on an annualized basis and a yield of 2.16%. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.66. Quest Diagnostics’s payout ratio is presently 33.33%.

Quest Diagnostics declared that its Board of Directors has initiated a share repurchase program on Thursday, February 2nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical research company to buy up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 1,415 shares of Quest Diagnostics stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $141.42, for a total transaction of $200,109.30. Following the completion of the transaction, the senior vice president now owns 39,440 shares in the company, valued at $5,577,604.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Quest Diagnostics

A number of institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new position in shares of Quest Diagnostics in the fourth quarter valued at approximately $245,000. Claro Advisors LLC acquired a new position in shares of Quest Diagnostics in the fourth quarter valued at approximately $224,000. Voya Investment Management LLC raised its position in shares of Quest Diagnostics by 550.5% in the fourth quarter. Voya Investment Management LLC now owns 299,690 shares of the medical research company’s stock valued at $46,884,000 after buying an additional 253,620 shares during the last quarter. Natixis raised its position in shares of Quest Diagnostics by 68.8% in the fourth quarter. Natixis now owns 119,029 shares of the medical research company’s stock valued at $18,621,000 after buying an additional 48,501 shares during the last quarter. Finally, Benchmark Investment Advisors LLC raised its position in shares of Quest Diagnostics by 2.9% in the fourth quarter. Benchmark Investment Advisors LLC now owns 6,175 shares of the medical research company’s stock valued at $966,000 after buying an additional 175 shares during the last quarter. Institutional investors and hedge funds own 88.79% of the company’s stock.

Quest Diagnostics Company Profile

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Quest Diagnostics, Inc engages in the provision of diagnostic testing, information and services. It operates through the Diagnostic Information Services (DIS) and All Other segments. The DIS segment offers diagnostic information services to patients, clinicians, hospitals, health plans, and employers.