Short Interest in Quest Diagnostics Incorporated (NYSE:DGX) Rises By 6.3%

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Barclays raised their target price on shares of Quest Diagnostics from $168.00 to $175.00 and gave the company an “equal weight” rating in a research note on Friday. Leerink Partners upgraded shares of Quest Diagnostics from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $169.00 to $174.00 in a research note on Monday, January 6th. Jefferies Financial Group restated a “buy” rating and set a $185.00 price objective (up previously from $175.00) on shares of Quest Diagnostics in a research report on Tuesday, December 10th. Finally, UBS Group boosted their target price on Quest Diagnostics from $166.00 to $170.00 and gave the stock a “neutral” rating in a research report on Monday. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.69.

Insider Buying and Selling

In other Quest Diagnostics news, CAO Michael J. Deppe sold 18,755 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $154.05, for a total transaction 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 $5,382,661.05. This trade represents a 34.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 modified their holdings of the business. Sierra Ocean LLC purchased a new position in Quest Diagnostics during the 4th quarter valued at $33,000. Versant Capital Management Inc boosted its stake in shares of 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 period. First Financial Corp IN purchased a new stake in shares of Quest Diagnostics during the fourth quarter valued at $38,000. Sunbelt Securities Inc. bought a new position in shares of Quest Diagnostics in the second quarter worth about $40,000. Finally, FPC Investment Advisory Inc. purchased a new position in Quest Diagnostics in the 4th quarter worth about $45,000. 88.06% of the stock is currently owned by hedge funds and other institutional investors.

Quest Diagnostics Trading Up 1.3 %

Shares of NYSE DGX traded up $2.18 during trading hours on Tuesday, hitting $164.65. 198,919 shares of the company traded hands, compared to its average volume of 1,000,902. The company’s 50 day moving average price is $155.40 and its 200 day moving average price is $153.70. Quest Diagnostics has a 12 month low of $123.18 and a 12 month high of $167.08. The stock has a market capitalization of $18.38 billion, a price-to-earnings ratio of 21.44, a price-to-earnings-growth ratio of 2.54 and a beta of 0.91. The company has a current ratio of 1.10, a quick ratio of 1.02 and a debt-to-equity ratio of 0.82.

Quest Diagnostics (NYSE:DGX) last posted its quarterly earnings data on Thursday, January 30th. The medical research company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.19 by $0.04. Quest Diagnostics had a net margin of 8.80% and a return on equity of 15.07%. On average, equities research analysts anticipate that Quest Diagnostics will post 9.71 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, April 7th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. Quest Diagnostics’s payout ratio is 39.01%.

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.