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

Quest Diagnostics (NYSE:DGX) posted its quarterly earnings data on Tuesday. The medical research company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.18, Briefing.com reports. The firm had revenue of $2.37 billion for 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 business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $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 Stock Performance

Shares of NYSE DGX traded up $0.84 during trading on Wednesday, reaching $137.54. 466,919 shares of the stock traded hands, compared to its average volume of 1,049,981. The stock has a market capitalization of $15.28 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 2.81 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. The company has a 50-day moving average of $128.50 and a 200-day moving average of $131.03. Quest Diagnostics has a 52-week low of $119.59 and a 52-week high of $148.62.

Quest Diagnostics Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 8th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.18%. 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 is 37.92%.

Wall Street Analysts Forecast Growth

DGX has been the subject of several recent research reports. Leerink Partnrs reiterated a “market perform” rating on shares of Quest Diagnostics in a research report on Monday, February 26th. Truist Financial upped their price objective on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday. Jefferies Financial Group raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating and lifted their price objective 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 report on Wednesday, January 3rd. They set an “equal weight” rating and a $145.00 price target for the company. Finally, SVB Leerink initiated coverage on Quest Diagnostics in a report on Monday, February 26th. They set a “market perform” rating and a $135.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Quest Diagnostics currently has an average rating of “Hold” and an average target price of $145.50.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, EVP Catherine T. Doherty sold 821 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $126.14, for a total transaction of $103,560.94. Following the sale, the executive vice president now owns 70,800 shares of the company’s stock, valued at approximately $8,930,712. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Michael E. Prevoznik sold 5,611 shares of the 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 sale, the senior vice president now directly owns 38,478 shares of the company’s stock, valued at $4,843,610.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Catherine T. Doherty sold 821 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $126.14, for a total transaction of $103,560.94. Following the completion of the transaction, the executive vice president now directly owns 70,800 shares of the company’s stock, valued at $8,930,712. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,150 shares of company stock worth $1,913,202. 0.79% of the stock is owned by corporate insiders.

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.