Q2 2024 EPS Estimates for Quest Diagnostics Incorporated (NYSE:DGX) Reduced by Leerink Partnrs

Quest Diagnostics Incorporated (NYSE:DGX) – Leerink Partnrs reduced their Q2 2024 earnings per share estimates for shares of Quest Diagnostics in a report released on Tuesday, April 23rd. Leerink Partnrs analyst M. Cherny now anticipates that the medical research company will earn $2.23 per share for the quarter, down from their previous estimate of $2.29. Leerink Partnrs currently has a “Market Perform” rating on the stock. The consensus estimate for Quest Diagnostics’ current full-year earnings is $8.74 per share. Leerink Partnrs also issued estimates for Quest Diagnostics’ Q4 2024 earnings at $1.92 EPS and FY2025 earnings at $9.31 EPS.

Quest Diagnostics (NYSE:DGX) last released its earnings results on Tuesday, April 23rd. The medical research company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.86 by $0.18. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Quest Diagnostics had a return on equity of 15.52% and a net margin of 9.11%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.04 EPS.

Other equities research analysts have also issued reports about the company. Truist Financial upped their price target on Quest Diagnostics from $145.00 to $150.00 and gave the company a “hold” rating in a research report on Wednesday. TheStreet lowered Quest Diagnostics from a “b-” rating to a “c” rating in a research report on Monday, February 5th. Citigroup upped their price target on Quest Diagnostics from $135.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday. SVB Leerink started coverage on Quest Diagnostics in a research report on Monday, February 26th. They set a “market perform” rating and a $135.00 price target on the stock. Finally, Jefferies Financial Group raised Quest Diagnostics from a “hold” rating to a “buy” rating and increased their target price for the stock from $140.00 to $155.00 in a research report on Wednesday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Quest Diagnostics has an average rating of “Hold” and a consensus price target of $146.17.

Quest Diagnostics Stock Performance

DGX stock opened at $135.47 on Friday. The company has a current ratio of 0.97, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59. The firm has a market cap of $15.05 billion, a P/E ratio of 18.23, a P/E/G ratio of 2.97 and a beta of 0.91. Quest Diagnostics has a 12-month low of $119.59 and a 12-month high of $147.96. The stock’s 50 day simple moving average is $128.89 and its 200 day simple moving average is $131.11.

Hedge Funds Weigh In On Quest Diagnostics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Altshuler Shaham Ltd acquired a new position in shares of Quest Diagnostics in the 4th quarter valued at $26,000. NBC Securities Inc. acquired a new position in shares of Quest Diagnostics in the 3rd quarter valued at $25,000. BKM Wealth Management LLC acquired a new position in shares of Quest Diagnostics in the 4th quarter valued at $29,000. VisionPoint Advisory Group LLC boosted its position in shares of Quest Diagnostics by 100.0% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 218 shares of the medical research company’s stock valued at $27,000 after purchasing an additional 109 shares during the period. Finally, Spartan Planning & Wealth Management acquired a new position in shares of Quest Diagnostics in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 88.06% of the company’s stock.

Insider Activity

In related news, SVP Michael E. Prevoznik sold 661 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $126.14, for a total transaction of $83,378.54. Following the completion of the transaction, the senior vice president now owns 40,206 shares of the company’s stock, valued at $5,071,584.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Michael E. Prevoznik sold 661 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $126.14, for a total transaction of $83,378.54. Following the completion of the transaction, the senior vice president now owns 40,206 shares of the company’s stock, valued at $5,071,584.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael E. Prevoznik sold 5,611 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $125.88, for a total value of $706,312.68. Following the transaction, the senior vice president now directly owns 38,478 shares of the company’s stock, valued at approximately $4,843,610.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,150 shares of company stock valued at $1,913,202. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.21%. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, April 5th. Quest Diagnostics’s dividend payout ratio (DPR) is 38.22%.

About Quest Diagnostics

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.