Quest Diagnostics Inc. (DGX) will raise its quarterly dividend by 10.7 percent to 62 cents per share in 2021. This follows a dividend hike of 5.7 percent to $0.56 per share in the first quarter of 2020.

This also marks the 11th consecutive year of annualized dividend increases by the clinical lab results database provider.

The increased dividend is payable on April 21, 2021 to shareholders of record of Quest Diagnostics common stock on April 7, 2021. A new annualized dividend rate of $2.48 per share yields 2.0% at a stock price of $121.79. This dividend increase is the company's 10th since 2011.

Quest Diagnostics Incorporated is a provider of diagnostic information services. Quest Diagnostics ows the world's largest database of clinical lab results and the company's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. DGX's services are provided under the Quest Diagnostics brand, but it also provides services under other brands, including AmeriPath, Dermpath Diagnostics, Focus Diagnostics, Athena Diagnostics, ExamOne, Quanum and Care360.