Quest Diagnostics (DGX) Announces $500M Stock Buyback

Quest Diagnostics Incorporated (NYSE: DGX) announced that its Board of Directors has increased the company's share repurchase authorization by $500 million.

The $500 million authorization announced today is an increase to the $522 million that was available as of Sept. 30, 2015 under the company's share repurchase authorization program. Fourth quarter repurchases will be reported when quarterly earnings are announced Jan. 28, 2016.

"The increase in our share repurchase authorization is consistent with our long-term disciplined capital deployment strategy, which includes returning the majority of our free cash flow to shareholders through dividends and stock repurchases," said Steve Rusckowski, President and CEO.