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 earnings per share guidance of 8.720-8.970 for the period, compared to the consensus earnings per share 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 Trading Up 4.4 %

DGX traded up $5.72 during trading hours on Tuesday, reaching $135.81. The company’s stock had a trading volume of 509,104 shares, compared to its average volume of 1,036,864. Quest Diagnostics has a fifty-two week low of $119.59 and a fifty-two week high of $148.62. The stock has a market cap of $15.08 billion, a PE ratio of 17.37, a P/E/G ratio of 2.77 and a beta of 0.91. The business’s 50-day moving average is $128.32 and its 200-day moving average is $130.95. 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 (NYSE:DGX) last released its quarterly earnings data on Thursday, February 1st. The medical research company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.04. Quest Diagnostics had a return on equity of 15.79% and a net margin of 9.23%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the prior year, the firm posted $1.98 earnings per share. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, equities research analysts predict that Quest Diagnostics will post 8.75 earnings per share for the current fiscal year.

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. The ex-dividend date of this dividend was Friday, April 5th. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.71. This represents a $3.00 dividend on an annualized basis and a yield of 2.21%. Quest Diagnostics’s dividend payout ratio is currently 37.92%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays assumed coverage on Quest Diagnostics in a research note on Wednesday, January 3rd. They set an equal weight rating and a $145.00 price target on the stock. Leerink Partnrs restated a market perform rating on shares of Quest Diagnostics in a research note on Monday, February 26th. StockNews.com cut Quest Diagnostics from a buy rating to a hold rating in a research note on Wednesday, April 17th. Truist Financial restated a hold rating and set a $145.00 price target on shares of Quest Diagnostics in a research note on Wednesday, March 20th. Finally, SVB Leerink started coverage on Quest Diagnostics in a research note on Monday, February 26th. They set a market perform rating and a $135.00 price target on the stock. Ten analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s 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 Transactions at Quest Diagnostics

In other news, SVP Michael E. Prevoznik sold 661 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $126.14, for a total transaction of $83,378.54. Following the completion of the sale, the senior vice president now owns 40,206 shares in the company, valued at $5,071,584.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Catherine T. Doherty sold 821 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $126.14, for a total value of $103,560.94. Following the completion of the sale, the executive vice president now owns 70,800 shares in the company, valued at $8,930,712. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Michael E. Prevoznik sold 661 shares of the stock in a transaction dated Thursday, February 22nd. The shares were 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 directly owns 40,206 shares of the company’s stock, valued at $5,071,584.84. The disclosure for this sale can be found here. Over the last quarter, insiders 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.