Quest Diagnostics (NYSE:DGX) Releases 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 (EPS) guidance of 8.720-8.970 for the period, compared to the consensus 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 Price Performance

Shares of DGX traded up $1.06 during trading hours on Wednesday, hitting $137.76. The stock had a trading volume of 616,988 shares, compared to its average volume of 1,051,843. The company’s fifty day moving average is $128.50 and its two-hundred day moving average is $131.03. 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 has a 52 week low of $119.59 and a 52 week high of $148.62. The stock has a market capitalization of $15.30 billion, a price-to-earnings ratio of 18.39, a P/E/G ratio of 2.81 and a beta of 0.91.

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

Quest Diagnostics Increases Dividend

The business also recently disclosed 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 was Friday, April 5th. This represents a $3.00 dividend on an annualized basis and a yield of 2.18%. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.71. Quest Diagnostics’s dividend payout ratio is currently 37.92%.

Analyst Ratings Changes

A number of equities research analysts have commented on DGX shares. StockNews.com lowered shares of Quest Diagnostics from a buy rating to a hold rating in a report on Wednesday, April 17th. Truist Financial increased their price objective on shares of Quest Diagnostics from $145.00 to $150.00 and gave the stock a hold rating in a report on Wednesday. TheStreet lowered shares of Quest Diagnostics from a b- rating to a c rating in a research note on Monday, February 5th. Jefferies Financial Group upgraded shares of Quest Diagnostics from a hold rating to a buy rating and increased their price target for the company from $140.00 to $155.00 in a research report on Wednesday, February 7th. Finally, Barclays started coverage on shares of Quest Diagnostics in a research report on Wednesday, January 3rd. They issued an equal weight rating and a $145.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Quest Diagnostics has a consensus rating of Hold and a consensus price target of $146.25.

Insider Activity at Quest Diagnostics

In related news, SVP Michael E. Prevoznik sold 5,611 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were 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 $4,843,610.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $83,378.54. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael E. Prevoznik sold 5,611 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $125.88, for a total value of $706,312.68. Following the completion of the transaction, 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. Over 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.

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.