Quest Diagnostics (NYSE:DGX) Releases FY24 Earnings Guidance

Quest Diagnostics (NYSE:DGX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $8.72-$8.97 for the period, compared to the consensus earnings per share estimate of $8.75. The company issued revenue guidance of $9.40-$9.48 billion, compared to the consensus revenue estimate of $9.40 billion. Quest Diagnostics also updated its FY 2024 guidance to 8.720-8.970 EPS.

Quest Diagnostics Trading Up 1.2 %

Shares of NYSE:DGX traded up $1.59 during midday trading on Wednesday, hitting $138.29. The company had a trading volume of 494,820 shares, compared to its average volume of 1,049,981. The firm has a fifty day simple moving average of $128.50 and a 200 day simple moving average of $131.03. The company has a current ratio of 1.31, a quick ratio of 1.20 and a debt-to-equity ratio of 0.70. The stock has a market cap of $15.36 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.81 and a beta of 0.91. Quest Diagnostics has a 12 month low of $119.59 and a 12 month high of $148.62.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.86 by $0.18. Quest Diagnostics had a net margin of 9.23% and a return on equity of 15.79%. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. On average, analysts predict that Quest Diagnostics will post 8.75 EPS for the current year.

Quest Diagnostics Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Stockholders 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 an increase from Quest Diagnostics’s previous quarterly dividend of $0.71. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.17%. Quest Diagnostics’s dividend payout ratio (DPR) is 37.92%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of Quest Diagnostics from a buy rating to a hold rating in a report on Wednesday, April 17th. Leerink Partnrs restated a market perform rating on shares of Quest Diagnostics in a report on Monday, February 26th. Barclays began coverage on shares of Quest Diagnostics in a report on Wednesday, January 3rd. They set an equal weight rating and a $145.00 target price on the stock. Jefferies Financial Group raised shares of Quest Diagnostics from a hold rating to a buy rating and lifted their price objective for the stock from $140.00 to $155.00 in a research report on Wednesday, February 7th. Finally, SVB Leerink started coverage on shares of Quest Diagnostics in a research report on Monday, February 26th. They set a market perform rating and a $135.00 price objective for the company. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $145.50.

Insiders Place Their Bets

In related news, SVP Michael E. Prevoznik sold 5,611 shares of the stock in a transaction 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 transaction, the senior vice president now directly owns 38,478 shares in the company, valued at approximately $4,843,610.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Vicky B. Gregg sold 2,500 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $126.64, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael E. Prevoznik sold 5,611 shares of Quest Diagnostics stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $125.88, for a total value of $706,312.68. Following the completion of the sale, the senior vice president now directly owns 38,478 shares of the company’s stock, valued at approximately $4,843,610.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,150 shares of company stock worth $1,913,202. Corporate insiders own 0.79% of the company’s stock.

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.