Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is listed and traded on the New York Stock Exchange under the symbol “DGX.” As of February 1, 2023, we had approximately 2,225 record holders of our common stock; we believe that the number of beneficial holders of our common stock exceeds the number of record holders.
The table below sets forth the information with respect to purchases made by or on behalf of the Company of its common stock during the fourth quarter of 2022.
ISSUER PURCHASES OF EQUITY SECURITIES
Period Total Number of
Shares
Purchased Average Price
Paid per Share Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs Approximate
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans
or Programs
(in thousands)
October 1, 2022 – October 31, 2022
Share Repurchase Program (A) 457,049 $ 142.22 457,049 $ 680,909
Employee Transactions (B) — $ — N/A N/A
November 1, 2022 – November 30, 2022
Share Repurchase Program (A) 1,332,783 $ 147.01 1,332,783 $ 484,973
Employee Transactions (B) 691 $ 145.44 N/A N/A
December 1, 2022 – December 31, 2022
Share Repurchase Program (A) 1,151,247 $ 151.20 1,151,247 $ 310,909
Employee Transactions (B) — $ — N/A N/A
Total
Share Repurchase Program (A) 2,941,079 $ 147.90 2,941,079 $ 310,909
Employee Transactions (B) 691 $ 145.44 N/A N/A
(A) In February 2022, our Board of Directors increased the size of our share repurchase program by $1 billion. As of December 31, 2022, $ 0.3 billion remained available under our share repurchase authorization. In February 2023, we announced that our Board of Directors authorized us to repurchase an additional $ 1 billion of our common stock. Since the share repurchase program's inception in May 2003, our Board of Directors has authorized $13 billion of share repurchases of our common stock, including the $1 billion increase in February 2023. The share repurchase authorization has no set expiration or termination date.
(B) Includes: (1) shares delivered or attested to in satisfaction of the exercise price and/or tax withholding obligations by holders of stock options (granted under the Company's Amended and Restated Employee Long-Term Incentive Plan) who exercised options; and (2) shares withheld (under the terms of grants under the Amended and Restated Employee Long-Term Incentive Plan) to offset tax withholding obligations that occur upon the delivery of outstanding common shares underlying restricted share units and performance share units.
45
Table of Contents
Performance Graph
Set forth below is a line graph comparing the cumulative total shareholder return on Quest Diagnostics' common stock since December 31, 2017 based on the market price of the Company's common stock and assuming reinvestment of dividends, with the cumulative total shareholder return of companies on the Standard & Poor's (S&P) 500 Stock Index and the S&P 500 Health Care (Sector) Index.
Closing DGX Price Total Shareholder Return Performance Graph Values
Date DGX S&P 500 S&P 500 Health Care (Sector) DGX S&P 500 S&P 500 Health Care (Sector)
12/31/2018 $ 83.27 (13.84) % (4.38) % 6.47 % $ 86.16 $ 95.62 $ 106.47
12/31/2019 $ 106.79 31.15 % 31.49 % 20.82 % $ 113.00 $ 125.72 $ 128.64
12/31/2020 $ 119.17 14.04 % 18.40 % 13.45 % $ 128.86 $ 148.85 $ 145.93
12/31/2021 $ 173.01 47.86 % 28.71 % 26.13 % $ 190.52 $ 191.58 $ 184.07
12/30/2022 $ 156.44 (7.79) % (18.13) % (1.95) % $ 175.68 $ 156.85 $ 180.47
Item 6 [Reserved]
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
See page 58 .
46
Table of Contents
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
See Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 8. Financial Statements and Supplementary Data
See Item 15(a)1 and Item 15(a)2.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.