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

Quest Diagnostics (NYSE:DGX) released its earnings results on Tuesday. The medical research company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.86 by $0.18, Briefing.com reports. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Quest Diagnostics had a return on equity of 15.52% and a net margin of 9.11%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period last year, the firm 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 Stock Performance

DGX stock opened at $135.47 on Friday. The business’s 50-day moving average price is $128.89 and its two-hundred day moving average price is $131.11. The company has a current ratio of 0.97, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59. The firm has a market cap of $15.05 billion, a PE ratio of 18.23, a P/E/G ratio of 2.97 and a beta of 0.91. Quest Diagnostics has a 1-year low of $119.59 and a 1-year high of $147.96.

Quest Diagnostics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 8th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, April 5th. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.71. This represents a $3.00 annualized dividend and a yield of 2.21%. Quest Diagnostics’s payout ratio is currently 38.22%.

Insiders Place Their Bets

In related news, Director Vicky B. Gregg sold 2,500 shares of the firm’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 owns 16,329 shares of the company’s stock, valued at $2,067,904.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Catherine T. Doherty sold 821 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $126.14, for a total value of $103,560.94. Following the completion of the transaction, the executive vice president now owns 70,800 shares in the company, valued at approximately $8,930,712. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $316,600.00. Following the completion of the transaction, the director now owns 16,329 shares of the company’s stock, valued at approximately $2,067,904.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,150 shares of company stock worth $1,913,202. Corporate insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on DGX shares. TheStreet cut Quest Diagnostics from a “b-” rating to a “c” rating in a research note on Monday, February 5th. Truist Financial lifted their target price on Quest Diagnostics from $145.00 to $150.00 and gave the company a “hold” rating in a research note on Wednesday. Mizuho lifted their price objective on Quest Diagnostics from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup lifted their price objective on Quest Diagnostics from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, UBS Group lifted their price objective on Quest Diagnostics from $139.00 to $146.00 and gave the stock a “neutral” rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $146.17.

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.