DGX - Want Growing Passive Income? Consider Buying This Stock
2023-05-24 05:48:00 ET
The most reliable dividend-paying stocks all have one major trait in common: They all aim to meet the needs of the patients or customers whom they serve. As one of the largest diagnostic companies in the United States, Quest Diagnostics (NYSE: DGX) is vitally important to the healthcare sector.
Even with a major challenge to its business in the near term, the diagnostics company appears to be a buy for dividend growth investors. Here are three reasons why.
Prior to the pandemic, Quest Diagnostics was already an impressive company, serving 1-in-3 American adults and half of the hospitals in the U.S. Thanks to its commitment to innovation, the company was able to quickly respond to the pandemic by launching five different types of COVID-19 tests. This provided a temporary boost to its growth prospects: Full-year revenue surged 14.3% in 2021 to $10.8 billion, and adjusted diluted earnings per share (EPS) soared 27.4% for the year to $14.24.
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Want Growing Passive Income? Consider Buying This Stock