Quest Diagnostics Increases Dividend 10.7% To $0.62 Per Quarter; Announces $1 Billion Increase in Share Repurchase Authorization

Rhea-AI Summary

Quest Diagnostics (DGX) announced a 10.7% increase in its quarterly dividend, raising it from $0.56 to $0.62 per share, effective April 21, 2021. This marks the Company's tenth dividend increase since 2011, bringing the annual dividend total to $2.48 per share. In addition, the Board authorized a $1 billion increase in the Company's share repurchase program, supplementing the $917 million still available as of December 31, 2020. Quest repurchased 2.0 million shares for $250 million in the last quarter.

Positive

• 10.7% dividend increase enhances shareholder value.
• Total annual dividend rises to $2.48 per share.
• Increased share repurchase authorization by $1 billion indicates confidence in stock.

Negative

• None.

SECAUCUS, N.J., Feb. 4, 2021 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic information services, announced today the Company's Board of Directors has authorized a 10.7% increase in its quarterly dividend from $0.56 to $0.62 per share. The increase is effective with the dividend payable on April 21, 2021 to shareholders of record of Quest Diagnostics common stock on April 7, 2021. With the increase, the annual dividend will be $2.48 per share. This dividend increase is the Company's tenth since 2011.

Additionally, the Board of Directors has increased the Company's share repurchase authorization by $1 billion. The increased authority is in addition to the $917 million that was available as of December 31, 2020 under the Company's share repurchase program. For the three months ended December 31, 2020, the Company repurchased 2.0 million shares of its common stock for $250 million.

Quest will hold its quarterly conference call to discuss results for the Fourth Quarter and Full Year 2020 at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, using the passcode: "7895081." The earnings release and live webcast will be posted on www.QuestDiagnostics.com/investor. The Company suggests participants dial in approximately 10 minutes before the call.

About Quest Diagnostics

Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our nearly 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.

SOURCE Quest Diagnostics

 

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SOURCE Quest Diagnostics

FAQ

What is the new quarterly dividend for Quest Diagnostics (DGX)?

The new quarterly dividend for Quest Diagnostics is $0.62 per share, representing a 10.7% increase.

When is the dividend payable for Quest Diagnostics (DGX)?

The dividend is payable on April 21, 2021, to shareholders of record on April 7, 2021.

How much has Quest Diagnostics (DGX) increased its share repurchase program by?

Quest Diagnostics has increased its share repurchase authorization by $1 billion.

What is the total annual dividend amount after the increase for Quest Diagnostics (DGX)?

The total annual dividend amount after the increase is $2.48 per share.