Quest Diagnostics (NYSE:DGX) Releases Earnings Results, Beats Expectations By $0.18 EPS

Quest Diagnostics (NYSE:DGX) released its earnings results on Tuesday. The medical research company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.86 by $0.18, Briefing.com reports. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.29 billion. Quest Diagnostics had a return on equity of 15.79% and a net margin of 9.23%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 EPS. Quest Diagnostics updated its FY24 guidance to $8.72-$8.97 EPS and its FY 2024 guidance to 8.720-8.970 EPS.

Quest Diagnostics Trading Up 0.7 %

Shares of NYSE DGX traded up $0.92 during trading on Wednesday, reaching $137.62. The company had a trading volume of 562,952 shares, compared to its average volume of 1,051,003. The company’s fifty day moving average price is $128.50 and its 200-day moving average price is $131.03. Quest Diagnostics has a 12 month low of $119.59 and a 12 month high of $148.62. The stock has a market cap of $15.28 billion, a P/E ratio of 18.40, a PEG ratio of 2.81 and a beta of 0.91. The company has a quick ratio of 1.20, a current ratio of 1.31 and a debt-to-equity ratio of 0.70.

Quest Diagnostics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 8th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Friday, April 5th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.71. Quest Diagnostics’s payout ratio is 37.92%.

Insider Buying and Selling at Quest Diagnostics

In other Quest Diagnostics news, Director Vicky B. Gregg sold 2,500 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $126.64, for a total value of $316,600.00. Following the sale, the director now owns 16,329 shares in the company, valued at approximately $2,067,904.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 5,611 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $125.88, for a total value of $706,312.68. Following the transaction, the senior vice president now owns 38,478 shares in the company, valued at $4,843,610.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vicky B. Gregg sold 2,500 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $126.64, for a total value of $316,600.00. Following the completion of the sale, the director now directly owns 16,329 shares of the company’s stock, valued at $2,067,904.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,150 shares of company stock worth $1,913,202. Insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on DGX shares. Jefferies Financial Group upgraded Quest Diagnostics from a “hold” rating to a “buy” rating and upped their target price for the company from $140.00 to $155.00 in a research report on Wednesday, February 7th. Barclays initiated coverage on Quest Diagnostics in a research report on Wednesday, January 3rd. They set an “equal weight” rating and a $145.00 target price for the company. TheStreet cut Quest Diagnostics from a “b-” rating to a “c” rating in a report on Monday, February 5th. Truist Financial boosted their price target on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Mizuho boosted their price target on Quest Diagnostics from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $146.25.

Quest Diagnostics Company Profile

Quest Diagnostics Incorporated provides diagnostic testing and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.