Quest Diagnostics Inc (NYSE:DGX) Should You Buy More?

[Zacks] Quest Diagnostics Inc (NYSE:DGX) (TREND ANALYSIS) Is the Great Fall of China worrying you? Well, there is reason to. Even the International Monetary Fund (IMF) anticipates the recent slump in the Chinese market will have greater-than-expected cross-border repercussions, especially in the emerging markets (according to BBC News).

This has already been reflected in the weakening of commodity and stock prices across countries. In fact, in a recently held Group of 20 (G20) finance chiefs’ meeting, the IMF blamed the dwindling Chinese market and other factors (like capital flow reversals) to have put global economic growth at risk, over the near term.

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Quest Diagnostics Inc (NYSE:DGX) stock is currently trading 26.29% below its 52-week-high, 16.58% above its 52-week-low. The 1-year stock price history is in the range of $56.27 – $89. Quest Diagnostics Inc (DGX) has a price to earnings ratio of 19.21 versus Healthcare sector average of 53.82. DGX stock price has outperformed the S&P 500 by 3.3%. The Medical Labs & Testing Services company is currently valued at $9.42 billion and its share price closed the last trading session at $65.6. The stock has a 50-day moving average of $70.93 and a 200-day moving average of $72.88.

Quest Diagnostics Inc (DGX) current short interest stands at 11.65 million shares. It has decreased by 3% from the same period of last month. Around 9% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1 million shares, the number of days required to cover the short positions stand at 11.7 days.

The company is expected to announce next quarter earnings on October 22, at consensus estimate of $1.27. Quest Diagnostics Inc (DGX) reported last quarter earnings on July 23. The Medical Labs & Testing Services company announced earnings per share of $1.25 against a consensus Street estimate of $1.24, beating the average estimate by $0.01. This corresponds to an increase of $0.16 compared to the same quarter of the previous fiscal year.

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There are currently twenty-four analysts that cover Quest Diagnostics Inc stock. Of those twenty-four, two have a Buy rating, nineteen have a Hold rating and three have a Sell rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $75.59.

A recent analyst activity consisted of CanaccordGenuity reiterating their Buy stance on August 3. CanaccordGenuity decreased price target from $85 to $82. This corresponds to a 25% upside from the last closing price. On the date of report, the stock closed at $74.2.

Goldman Sachs downgraded their Buy rating to Neutral on June 23. On the date of report, the stock closed at $71.72.

Another research firm was KeyBanc who initiated their coverage on the stock with Sector Weight rating on June 16. On the date of report, the stock closed at $72.19.

Company profile

Quest Diagnostics Incorporated provides diagnostic testing, information, and services. The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers. Quest Diagnostics provides esoteric testing, routine medical testing, drugs of abuse testing, and non-hospital-based anatomicpathology testing.

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