Quest Diagnostics Incorporated to Post Q3 2024 Earnings of $2.28 Per Share, William Blair Forecasts (NYSE:DGX)

Quest Diagnostics Incorporated (NYSE:DGX) – William Blair reduced their Q3 2024 earnings estimates for shares of Quest Diagnostics in a research note issued on Tuesday, July 23rd. William Blair analyst A. Brackmann now anticipates that the medical research company will earn $2.28 per share for the quarter, down from their prior forecast of $2.31. The consensus estimate for Quest Diagnostics’ current full-year earnings is $8.89 per share. William Blair also issued estimates for Quest Diagnostics’ FY2024 earnings at $8.90 EPS, Q1 2025 earnings at $2.32 EPS, Q2 2025 earnings at $2.53 EPS and FY2025 earnings at $9.70 EPS.

Quest Diagnostics (NYSE:DGX) last issued its earnings results on Tuesday, July 23rd. The medical research company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Quest Diagnostics had a return on equity of 15.35% and a net margin of 8.99%. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the business earned $2.30 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis.

A number of other brokerages have also recently issued reports on DGX. JPMorgan Chase & Co. boosted their target price on Quest Diagnostics from $152.00 to $155.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. UBS Group upped their price target on Quest Diagnostics from $139.00 to $146.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. StockNews.com upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a report on Tuesday. Truist Financial upped their price target on Quest Diagnostics from $150.00 to $158.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Finally, Mizuho upped their price target on Quest Diagnostics from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $149.38.

Quest Diagnostics Stock Up 0.9 %

Shares of NYSE:DGX opened at $145.59 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.89 and a current ratio of 1.00. Quest Diagnostics has a 1 year low of $119.59 and a 1 year high of $150.59. The stock has a market capitalization of $16.17 billion, a P/E ratio of 19.59, a PEG ratio of 3.05 and a beta of 0.89. The stock has a 50-day simple moving average of $141.12 and a 200-day simple moving average of $134.49.

Institutional Investors Weigh In On Quest Diagnostics

Several large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position in Quest Diagnostics by 3.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 6,045 shares of the medical research company’s stock worth $827,000 after buying an additional 222 shares during the period. State of Michigan Retirement System increased its position in Quest Diagnostics by 0.3% in the second quarter. State of Michigan Retirement System now owns 33,117 shares of the medical research company’s stock worth $4,533,000 after buying an additional 100 shares during the period. Cypress Capital Group increased its position in Quest Diagnostics by 75.4% in the second quarter. Cypress Capital Group now owns 3,834 shares of the medical research company’s stock worth $525,000 after buying an additional 1,648 shares during the period. Waterway Wealth Management LLC increased its position in Quest Diagnostics by 10.6% in the second quarter. Waterway Wealth Management LLC now owns 3,851 shares of the medical research company’s stock worth $527,000 after buying an additional 370 shares during the period. Finally, EdgeRock Capital LLC acquired a new position in shares of Quest Diagnostics during the second quarter valued at $35,000. 88.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Mark E. Delaney sold 420 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $143.08, for a total transaction of $60,093.60. Following the sale, the senior vice president now directly owns 5,019 shares of the company’s stock, valued at approximately $718,118.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Karthik Kuppusamy sold 1,760 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $140.00, for a total transaction of $246,400.00. Following the sale, the senior vice president now directly owns 13,435 shares of the company’s stock, valued at approximately $1,880,900. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Mark E. Delaney sold 420 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $143.08, for a total value of $60,093.60. Following the completion of the sale, the senior vice president now directly owns 5,019 shares in the company, valued at $718,118.52. The disclosure for this sale can be found here. Company insiders own 0.79% of the company’s stock.

Quest Diagnostics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 22nd. Stockholders of record on Monday, July 8th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, July 8th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 40.38%.

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.