Quest Diagnostics Increases Dividend 7.6% To $0.71 Per Quarter; Announces $1 Billion Increase in Share Repurchase Authorization

Rhea-AI Summary

On February 2, 2023, Quest Diagnostics (NYSE: DGX) announced a 7.6% increase in its quarterly dividend, raising it from $0.66 to $0.71 per share, effective for shareholders on record as of April 10, 2023. This elevates the annual dividend to $2.84 per share. The company has consistently raised its dividend since 2011.
Additionally, Quest's Board of Directors approved a $1 billion increase in its share repurchase authorization, supplementing the $311 million available as of December 31, 2022.

Positive

• 7.6% increase in quarterly dividend enhances shareholder value.
• Annual dividend now stands at $2.84 per share, reflecting strong financial performance.
• Continuous dividend increase since 2011 indicates stability and commitment to returning value to shareholders.
• Additional $1 billion share repurchase authorization may boost stock price and confidence among investors.

Negative

• None.

News Market Reaction

-2.13%

1 alert

-2.13% News Effect

On the day this news was published, DGX declined 2.13%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SECAUCUS, N.J., Feb. 2, 2023 /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 7.6% increase in its quarterly dividend from $0.66 to $0.71 per share. The increase is effective with the dividend payable on April 24, 2023 to shareholders of record of Quest Diagnostics common stock on April 10, 2023. With the increase, the annual dividend will be $2.84 per share. The company has raised its dividend annually 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 $311 million that was available as of December 31, 2022 under the Company's share repurchase program.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/quest-diagnostics-increases-dividend-7-6-to-0-71-per-quarter-announces-1-billion-increase-in-share-repurchase-authorization-301736635.html

SOURCE Quest Diagnostics

FAQ

What is the new dividend amount for Quest Diagnostics?

The new dividend amount for Quest Diagnostics is $0.71 per share.

When will the new dividend be paid?

The new dividend will be payable on April 24, 2023, to shareholders of record on April 10, 2023.

How much has Quest Diagnostics increased its share repurchase authorization?

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

What is the total dividend per share for Quest Diagnostics now?

The total annual dividend per share for Quest Diagnostics is now $2.84.

Since when has Quest Diagnostics been increasing its dividend?

Quest Diagnostics has been increasing its dividend annually since 2011.