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

Quest Diagnostics (NYSE:DGX) released its quarterly 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 business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.29 billion. Quest Diagnostics had a net margin of 9.23% and a return on equity of 15.79%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period last 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 Price Performance

Shares of Quest Diagnostics stock traded up $0.84 on Wednesday, hitting $137.54. 466,919 shares of the company traded hands, compared to its average volume of 1,049,981. Quest Diagnostics has a 52 week low of $119.59 and a 52 week high of $148.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.20 and a current ratio of 1.31. The business has a 50-day simple moving average of $128.50 and a 200 day simple moving average of $131.03. 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.

Quest Diagnostics Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.18%. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.71. The ex-dividend date was Friday, April 5th. Quest Diagnostics’s dividend payout ratio (DPR) is presently 37.92%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Jefferies Financial Group raised Quest Diagnostics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $140.00 to $155.00 in a report on Wednesday, February 7th. Leerink Partnrs reissued a “market perform” rating on shares of Quest Diagnostics in a report on Monday, February 26th. Truist Financial boosted their price target on shares of Quest Diagnostics from $145.00 to $150.00 and gave the company a “hold” rating in a report on Wednesday. TheStreet cut shares of Quest Diagnostics from a “b-” rating to a “c” rating in a research note on Monday, February 5th. Finally, StockNews.com cut shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $145.50.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, Director Vicky B. Gregg sold 2,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were 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 approximately $2,067,904.56. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 5,611 shares of the firm’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 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Vicky B. Gregg sold 2,500 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $126.64, for a total transaction of $316,600.00. Following the completion of the transaction, the director now directly owns 16,329 shares in the company, valued at $2,067,904.56. The disclosure for this sale can be found here. Insiders have sold a total of 15,150 shares of company stock valued at $1,913,202 over the last 90 days. 0.79% of the stock is owned by corporate insiders.

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.