Quest Diagnostics

Quest Diagnostics is one of the two largest clinical laboratory operators in the United States, processing billions of tests a year for physicians, hospitals and employers. Its national network of labs and patient service centers, combined with scale in routine and specialized diagnostics, gives it a defensive position in a healthcare system that relies heavily on lab data. Quest has paid and increased its dividend for more than two decades, funding it from steady demand for diagnostic testing that holds up well across economic cycles. The yield is modest and the company also uses cash for buybacks and acquisitions, but the long record of increases and resilient earnings support a dependable, healthcare-backed income profile.