Q2 2024 EPS Estimates for Quest Diagnostics Incorporated (NYSE:DGX) Raised by William Blair

Quest Diagnostics Incorporated (NYSE:DGX) – Equities researchers at William Blair raised their Q2 2024 earnings per share (EPS) estimates for Quest Diagnostics in a research note issued to investors on Tuesday, April 23rd. William Blair analyst A. Brackmann now forecasts that the medical research company will earn $2.32 per share for the quarter, up from their previous forecast of $2.22. The consensus estimate for Quest Diagnostics’ current full-year earnings is $8.74 per share. William Blair also issued estimates for Quest Diagnostics’ Q3 2024 earnings at $2.31 EPS and FY2024 earnings at $8.85 EPS.

Quest Diagnostics (NYSE:DGX) last posted its earnings results on Tuesday, April 23rd. The medical research company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.86 by $0.18. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.29 billion. Quest Diagnostics had a return on equity of 15.52% and a net margin of 9.11%. Quest Diagnostics’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 earnings per share.

DGX has been the topic of several other research reports. Leerink Partnrs reissued a “market perform” rating on shares of Quest Diagnostics in a report on Monday, February 26th. Truist Financial raised their price objective on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “hold” rating in a report on Wednesday. SVB Leerink started coverage on Quest Diagnostics in a report on Monday, February 26th. They set a “market perform” rating and a $135.00 price objective on the stock. Barclays raised their price objective on Quest Diagnostics from $138.00 to $144.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Jefferies Financial Group raised Quest Diagnostics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $140.00 to $155.00 in a report on Wednesday, February 7th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $146.17.

Quest Diagnostics Stock Performance

NYSE:DGX opened at $134.26 on Friday. The firm has a market capitalization of $14.91 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91. The business’s fifty day moving average price is $129.09 and its 200 day moving average price is $131.17. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.97 and a quick ratio of 1.20. Quest Diagnostics has a 12 month low of $119.59 and a 12 month high of $146.85.

Institutional Investors Weigh In On Quest Diagnostics

Hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates lifted its position in Quest Diagnostics by 103.3% in the fourth quarter. Raymond James & Associates now owns 148,251 shares of the medical research company’s stock valued at $20,441,000 after purchasing an additional 75,315 shares during the period. CHURCHILL MANAGEMENT Corp acquired a new stake in shares of Quest Diagnostics during the 4th quarter valued at approximately $1,483,000. Wellington Management Group LLP lifted its position in shares of Quest Diagnostics by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,613,793 shares of the medical research company’s stock valued at $318,517,000 after acquiring an additional 333,947 shares during the period. Pacer Advisors Inc. lifted its position in shares of Quest Diagnostics by 201.5% during the 4th quarter. Pacer Advisors Inc. now owns 31,912 shares of the medical research company’s stock valued at $4,400,000 after acquiring an additional 21,327 shares during the period. Finally, Strs Ohio lifted its position in shares of Quest Diagnostics by 7.6% during the 4th quarter. Strs Ohio now owns 16,270 shares of the medical research company’s stock valued at $2,243,000 after acquiring an additional 1,150 shares during the period. Institutional investors and hedge funds own 88.06% of the company’s stock.

Insider Buying and Selling

In related news, SVP Michael E. Prevoznik sold 5,611 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $125.88, for a total transaction of $706,312.68. Following the transaction, the senior vice president now owns 38,478 shares of the company’s stock, valued at $4,843,610.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Michael E. Prevoznik sold 5,611 shares of the firm’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 completion of the sale, the senior vice president now owns 38,478 shares in the company, valued at $4,843,610.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 transaction of $316,600.00. Following the completion of the sale, 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. Insiders have sold a total of 15,150 shares of company stock valued at $1,913,202 over the last quarter. 0.79% of the stock is currently owned by insiders.

Quest Diagnostics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Investors 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 dividend yield of 2.23%. This is a positive change from Quest Diagnostics’s previous quarterly dividend of $0.71. Quest Diagnostics’s dividend payout ratio (DPR) is currently 38.22%.

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.