Form 4: Quest Diagnostics Executive Sells Shares to Cover Tax Obligations

Catherine T. Doherty, an executive at Quest Diagnostics, sold shares of company stock to cover tax obligations arising from vesting restricted share units and also executed sales under a pre-arranged 10b5-1 plan.

Summary

• Catherine T. Doherty, an EVP at Quest Diagnostics, filed a Form 4 detailing changes in her beneficial ownership of the company's stock.
• On February 28, 2024, she sold 644 shares and 557 shares to satisfy tax obligations related to vesting restricted share units at a price of $126.36 per share.
• Additionally, she sold 5,557 shares on February 28, 2024, and 1,187 shares on February 29, 2024, at prices of $126.57 and $125.88 respectively, under a Rule 10b5-1 sales plan.
• Following these transactions, Doherty directly owns 68,412 shares of Quest Diagnostics common stock.
• She also indirectly owns 4,349 shares through the company's 401(k)/SDCP.

Sentiment

Score: 5

Explanation: The document reflects routine transactions related to executive compensation and pre-planned stock sales, indicating a neutral sentiment.

Industry Context

Executive stock sales are a common occurrence and are often related to compensation and tax planning. The use of a 10b5-1 plan allows insiders to sell shares without being accused of trading on inside information.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the impact is likely to be minimal given the relatively small number of shares sold.

Key Dates