Quest Diagnostics Inc. (DGX) Issues FY16 Earnings Guidance
Quest Diagnostics Inc. (NYSE:DGX) updated its FY16 earnings guidance on Friday. The company provided EPS guidance of $5.07-5.12 for the period, compared to the Thomson Reuters consensus EPS estimate of $5.10. The company issued revenue guidance of $7.51 billion, compared to the consensus revenue estimate of $7.51 billion.
A number of brokerages have issued reports on DGX. Mizuho reiterated a neutral rating and set a $86.00 price target on shares of Quest Diagnostics in a research note on Tuesday, September 13th. Citigroup Inc. began coverage on shares of Quest Diagnostics in a research note on Friday, September 9th. They set a neutral rating and a $86.00 price target on the stock. Zacks Investment Research upgraded shares of Quest Diagnostics from a hold rating to a buy rating and set a $93.00 price target on the stock in a research note on Wednesday, September 21st. Evercore ISI reiterated a hold rating and set a $89.50 price target (up from $78.50) on shares of Quest Diagnostics in a research note on Sunday, July 24th. Finally, Canaccord Genuity set a $90.00 price target on shares of Quest Diagnostics and gave the stock a buy rating in a research note on Wednesday, September 14th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. Quest Diagnostics currently has an average rating of Hold and an average price target of $82.65.
Shares of Quest Diagnostics Inc. (NYSE:DGX) opened at 81.46 on Monday. Quest Diagnostics Inc. has a 12-month low of $59.66 and a 12-month high of $86.85. The stock has a 50 day moving average price of $82.97 and a 200 day moving average price of $81.40. The firm has a market capitalization of $11.29 billion, a P/E ratio of 17.29 and a beta of 0.62.
Quest Diagnostics (NYSE:DGX) last released its quarterly earnings data on Thursday, October 20th. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.53 billion. Quest Diagnostics had a return on equity of 14.57% and a net margin of 9.01%. The company’s revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.28 EPS. Equities analysts anticipate that Quest Diagnostics Inc. will post $5.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Tuesday, January 10th will be paid a $0.45 dividend. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.21%. Quest Diagnostics’s payout ratio is currently 34.04%.
In other news, Director Jenne K. Britell sold 4,000 shares of Quest Diagnostics stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $84.76, for a total value of $339,040.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.50% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Cognios Capital LLC raised its position in Quest Diagnostics by 0.3% in the second quarter. Cognios Capital LLC now owns 2,929 shares of the company’s stock valued at $238,000 after buying an additional 10 shares during the period. Pacer Advisors Inc. raised its position in Quest Diagnostics by 1.5% in the second quarter. Pacer Advisors Inc. now owns 2,458 shares of the company’s stock valued at $200,000 after buying an additional 36 shares during the period. Baird Financial Group Inc. raised its position in Quest Diagnostics by 1.2% in the second quarter. Baird Financial Group Inc. now owns 3,271 shares of the company’s stock valued at $267,000 after buying an additional 40 shares during the period. Thrivent Financial for Lutherans raised its position in Quest Diagnostics by 4.5% in the second quarter. Thrivent Financial for Lutherans now owns 4,420 shares of the company’s stock valued at $360,000 after buying an additional 190 shares during the period. Finally, Freestone Capital Holdings LLC raised its position in Quest Diagnostics by 3.9% in the second quarter. Freestone Capital Holdings LLC now owns 11,739 shares of the company’s stock valued at $956,000 after buying an additional 442 shares during the period. 91.72% of the stock is currently owned by hedge funds and other institutional investors.
Quest Diagnostics Company Profile
Quest Diagnostics Incorporated is a provider of diagnostic information services. The Company operates through two businesses: Diagnostic Information Services and Diagnostic Solutions. The Company’s Diagnostic Information Services business develops and delivers diagnostic testing information and services to patients, physicians, health plans, hospitals, accountable care organizations (ACOs), integrated delivery networks (IDNs), other commercial laboratories, employers and others.
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