Quest Diagnostics (NYSE:DGX) Updates FY 2024 Earnings Guidance

Quest Diagnostics (NYSE:DGX) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 8.720-8.970 for the period, compared to the consensus EPS estimate of 8.750. The company issued revenue guidance of $9.4 billion-$9.5 billion, compared to the consensus revenue estimate of $9.4 billion. Quest Diagnostics also updated its FY24 guidance to $8.72-$8.97 EPS.

Quest Diagnostics Stock Up 2.4 %

Shares of Quest Diagnostics stock opened at $133.20 on Tuesday. The firm has a market cap of $14.79 billion, a price-to-earnings ratio of 17.37, a P/E/G ratio of 2.77 and a beta of 0.91. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.31 and a quick ratio of 1.20. Quest Diagnostics has a 52-week low of $119.59 and a 52-week high of $148.62. The stock has a 50-day simple moving average of $128.32 and a 200-day simple moving average of $130.95.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Thursday, February 1st. The medical research company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.04. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. Quest Diagnostics had a return on equity of 15.79% and a net margin of 9.23%. The firm’s revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.98 EPS. On average, equities research analysts expect that Quest Diagnostics will post 8.75 earnings per share for the current fiscal year.

Quest Diagnostics Increases Dividend

The company 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 annualized dividend and a dividend yield of 2.25%. 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 payout ratio is currently 37.92%.

Analyst Ratings Changes

A number of brokerages recently weighed in on DGX. SVB Leerink began coverage on Quest Diagnostics in a research note on Monday, February 26th. They issued a market perform rating and a $135.00 price objective on the stock. TheStreet downgraded Quest Diagnostics from a b- rating to a c rating in a research note on Monday, February 5th. Jefferies Financial Group raised Quest Diagnostics from a hold rating to a buy rating and lifted their price target for the stock from $140.00 to $155.00 in a research report on Wednesday, February 7th. StockNews.com downgraded Quest Diagnostics from a buy rating to a hold rating in a research report on Wednesday, April 17th. Finally, Truist Financial reaffirmed a hold rating and issued a $145.00 price target on shares of Quest Diagnostics in a research report on Wednesday, March 20th. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $144.18.

Insider Activity

In other news, SVP Michael E. Prevoznik sold 5,611 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $125.88, for a total transaction of $706,312.68. Following the sale, the senior vice president now directly owns 38,478 shares in the company, valued at $4,843,610.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Vicky B. Gregg sold 2,500 shares of the business’s stock in a transaction 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 sale, the director now owns 16,329 shares of the company’s stock, valued at approximately $2,067,904.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael E. Prevoznik sold 5,611 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $125.88, for a total value of $706,312.68. Following the completion of the sale, the senior vice president now directly owns 38,478 shares in the company, 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 worth $1,913,202. Company insiders own 0.79% of the company’s stock.

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.