Quest Diagnostics (NYSE:DGX) Updates FY24 Earnings Guidance

Quest Diagnostics (NYSE:DGX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $8.85-$8.95 for the period, compared to the consensus estimate of $8.89. The company issued revenue guidance of $9.80-$9.85 billion, compared to the consensus revenue estimate of $9.68 billion. Quest Diagnostics also updated its FY 2024 guidance to 8.850-8.950 EPS.

Quest Diagnostics Stock Performance

Shares of DGX traded up $2.12 during midday trading on Thursday, hitting $159.24. 118,343 shares of the stock traded hands, compared to its average volume of 920,873. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 1.00. Quest Diagnostics has a 1-year low of $121.60 and a 1-year high of $159.94. The business’s 50 day moving average price is $152.88 and its two-hundred day moving average price is $144.48. The firm has a market capitalization of $17.69 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 2.45 and a beta of 0.89.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings data on Tuesday, October 22nd. The medical research company reported $2.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.04. The business had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Quest Diagnostics had a net margin of 8.99% and a return on equity of 15.35%. The company’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.22 earnings per share. Equities research analysts predict that Quest Diagnostics will post 8.89 EPS for the current fiscal year.

Quest Diagnostics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Friday, October 4th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, October 4th. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.38%.

Analysts Set New Price Targets

A number of brokerages have commented on DGX. StockNews.com lowered Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Wednesday. Mizuho upped their price target on Quest Diagnostics from $160.00 to $174.00 and gave the stock an “outperform” rating in a report on Thursday. Piper Sandler boosted their price target on Quest Diagnostics from $145.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Evercore ISI began coverage on shares of Quest Diagnostics in a report on Wednesday, August 28th. They set an “in-line” rating and a $165.00 price objective for the company. Finally, UBS Group increased their target price on shares of Quest Diagnostics from $165.00 to $166.00 and gave the stock a “neutral” rating in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $163.33.

Insider Activity

In related news, SVP Karthik Kuppusamy sold 1,990 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $153.26, for a total transaction of $304,987.40. Following the transaction, the senior vice president now owns 11,459 shares in the company, valued at $1,756,206.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.