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

Shares of Quest Diagnostics Incorporated (NYSE:DGX) hit a new 52-week high during trading on Wednesday . The company 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.

Analyst Upgrades and Downgrades

DGX has been the topic of a number of recent research reports. Bank of America upped their price target on shares of Quest Diagnostics from $179.00 to $182.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Jefferies Financial Group restated a “buy” rating and set a $185.00 price target (up from $175.00) on shares of Quest Diagnostics in a research note on Tuesday, December 10th. Morgan Stanley upgraded shares of Quest Diagnostics from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $145.00 to $172.00 in a research note on Tuesday, December 17th. Truist Financial upped their price target on shares of Quest Diagnostics from $172.00 to $182.00 and gave the company a “hold” rating in a research note on Friday, January 31st. Finally, Citigroup upped their price target on shares of Quest Diagnostics from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $177.69.

Quest Diagnostics Price Performance

The business’s 50 day moving average price is $156.35 and its 200 day moving average price is $155.31. The stock 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 current ratio of 1.10 and a quick ratio of 1.02.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Thursday, January 30th. The medical research company reported $2.23 EPS for the quarter, topping 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%. Sell-side analysts forecast that Quest Diagnostics Incorporated will post 9.7 EPS for the current year.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors 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 yield of 1.86%. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, April 7th. Quest Diagnostics’s payout ratio is 39.01%.

Insider Buying and Selling at Quest Diagnostics

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

Hedge Funds Weigh In On Quest Diagnostics

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

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.