Q3 2024 Earnings Forecast for Quest Diagnostics Incorporated Issued By Leerink Partnrs (NYSE:DGX)

Quest Diagnostics Incorporated (NYSE:DGX) – Stock analysts at Leerink Partnrs cut their Q3 2024 EPS estimates for Quest Diagnostics in a research note issued to investors on Tuesday, April 23rd. Leerink Partnrs analyst M. Cherny now forecasts that the medical research company will earn $2.18 per share for the quarter, down from their previous forecast of $2.35. Leerink Partnrs has a “Market Perform” rating on the stock. The consensus estimate for Quest Diagnostics’ current full-year earnings is $8.74 per share. Leerink Partnrs also issued estimates for Quest Diagnostics’ FY2024 earnings at $8.37 EPS, FY2026 earnings at $10.05 EPS, FY2027 earnings at $10.98 EPS and FY2028 earnings at $11.97 EPS.

Quest Diagnostics (NYSE:DGX) last released its quarterly earnings data on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.18. The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Quest Diagnostics had a net margin of 9.11% and a return on equity of 15.52%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS.

Other equities analysts have also issued research reports about the stock. Truist Financial raised their price objective on shares of Quest Diagnostics from $145.00 to $150.00 and gave the company a “hold” rating in a research report on Wednesday. Citigroup increased their price target on Quest Diagnostics from $135.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday. UBS Group raised their price objective on shares of Quest Diagnostics from $139.00 to $146.00 and gave the stock a “neutral” rating in a research note on Wednesday. Jefferies Financial Group upgraded shares of 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 note on Wednesday, February 7th. Finally, StockNews.com raised Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $146.17.

Quest Diagnostics Stock Performance

Shares of DGX opened at $134.26 on Thursday. Quest Diagnostics has a 52-week low of $119.59 and a 52-week high of $146.85. The company has a quick ratio of 1.20, a current ratio of 0.97 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $129.09 and a 200 day moving average price of $131.17. The firm has a market capitalization of $14.91 billion, a PE ratio of 18.07, a P/E/G ratio of 2.97 and a beta of 0.91.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its stake in Quest Diagnostics by 4.6% in the third quarter. State of Alaska Department of Revenue now owns 28,431 shares of the medical research company’s stock valued at $3,464,000 after buying an additional 1,250 shares in the last quarter. Impact Partnership Wealth LLC acquired a new stake in Quest Diagnostics during the third quarter worth approximately $40,000. KFG Wealth Management LLC grew its stake in Quest Diagnostics by 6.3% in the third quarter. KFG Wealth Management LLC now owns 1,692 shares of the medical research company’s stock valued at $206,000 after acquiring an additional 100 shares during the period. Exchange Traded Concepts LLC grew its stake in Quest Diagnostics by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 4,417 shares of the medical research company’s stock valued at $538,000 after acquiring an additional 84 shares during the period. Finally, Occidental Asset Management LLC grew its stake in Quest Diagnostics by 1.3% in the third quarter. Occidental Asset Management LLC now owns 19,057 shares of the medical research company’s stock valued at $2,322,000 after acquiring an additional 247 shares during the period. 88.06% of the stock is owned by institutional investors and hedge funds.

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 that occurred 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 in the company, valued at approximately $2,067,904.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Catherine T. Doherty sold 821 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $126.14, for a total value of $103,560.94. Following the sale, the executive vice president now owns 70,800 shares in the company, valued at approximately $8,930,712. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vicky B. Gregg sold 2,500 shares of the company’s stock in a transaction on 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 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. In the last three months, insiders sold 15,150 shares of company stock worth $1,913,202. 0.79% of the stock is owned by company insiders.

Quest Diagnostics Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were given a dividend of $0.75 per share. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.71. This represents a $3.00 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, April 5th. Quest Diagnostics’s payout ratio is presently 38.22%.

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.