Quest Diagnostics (NYSE:DGX) Issues FY 2024 Earnings Guidance

Quest Diagnostics (NYSE:DGX) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 8.720-8.970 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. TheStreet cut shares of Quest Diagnostics from a b- rating to a c rating in a research report on Monday, February 5th. Citigroup upped their price objective on Quest Diagnostics from $135.00 to $145.00 and gave the company a neutral rating in a research report on Wednesday. SVB Leerink initiated coverage on shares of Quest Diagnostics in a report on Monday, February 26th. They issued a market perform rating and a $135.00 price target for the company. Mizuho raised their target price on shares of Quest Diagnostics from $150.00 to $155.00 and gave the stock a buy rating in a report on Wednesday. Finally, Barclays lifted their price objective on shares of Quest Diagnostics from $138.00 to $144.00 and gave the company an equal weight rating in a report on Thursday. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Quest Diagnostics has a consensus rating of Hold and an average target price of $146.17.

Quest Diagnostics Stock Performance

NYSE:DGX traded up $0.21 during trading hours on Friday, reaching $135.63. 48,607 shares of the company’s stock were exchanged, compared to its average volume of 1,050,998. The company has a 50-day moving average of $128.89 and a 200 day moving average of $131.11. 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 market capitalization of $15.06 billion, a price-to-earnings 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 $146.85.

Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings data on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.18. Quest Diagnostics had a return on equity of 15.52% and a net margin of 9.11%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the business earned $2.04 EPS. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Research analysts anticipate that Quest Diagnostics will post 8.74 EPS for the current year.

Quest Diagnostics Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, April 5th. This represents a $3.00 annualized dividend and a dividend yield of 2.21%. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.71. Quest Diagnostics’s dividend payout ratio is currently 38.22%.

Insider Transactions at Quest Diagnostics

In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 661 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $126.14, for a total value of $83,378.54. Following the sale, the senior vice president now owns 40,206 shares in the company, valued at approximately $5,071,584.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 661 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $126.14, for a total transaction of $83,378.54. Following the transaction, the senior vice president now owns 40,206 shares of the company’s stock, valued at $5,071,584.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $316,600.00. Following 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. In the last three months, insiders sold 15,150 shares of company stock worth $1,913,202. 0.79% of the stock is currently owned by corporate insiders.

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.