William Blair Comments on Quest Diagnostics Incorporated’s Q2 2024 Earnings (NYSE:DGX)

Quest Diagnostics Incorporated (NYSE:DGX) – Equities researchers at William Blair increased their Q2 2024 EPS estimates for Quest Diagnostics in a note issued to investors on Tuesday, April 23rd. William Blair analyst A. Brackmann now expects that the medical research company will post earnings of $2.32 per share for the quarter, up from their prior 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, topping analysts’ consensus estimates of $1.86 by $0.18. Quest Diagnostics had a net margin of 9.11% and a return on equity of 15.52%. The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the previous year, the company posted $2.04 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year.

A number of other analysts have also issued reports on DGX. StockNews.com upgraded shares of Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Thursday. Barclays lifted their price target on shares of Quest Diagnostics from $138.00 to $144.00 and gave the stock an “equal weight” rating in a research note on Thursday. SVB Leerink assumed coverage on shares of Quest Diagnostics in a research note on Monday, February 26th. They issued a “market perform” rating and a $135.00 price target for the company. UBS Group boosted their target price on shares of Quest Diagnostics from $139.00 to $146.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Mizuho boosted their target price on shares of Quest Diagnostics from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Quest Diagnostics has an average rating of “Hold” and an average target price of $146.17.

Quest Diagnostics Stock Down 1.5 %

Shares of NYSE:DGX opened at $135.47 on Friday. The company has a current ratio of 0.97, a quick ratio of 1.20 and a debt-to-equity ratio of 0.59. The company has a fifty day simple moving average of $128.89 and a 200 day simple moving average of $131.11. The firm has a market cap of $15.05 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91. Quest Diagnostics has a 12-month low of $119.59 and a 12-month high of $147.96.

Quest Diagnostics Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Stockholders of record on Monday, April 8th were given a dividend of $0.75 per share. 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 a positive change 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 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 transaction of $706,312.68. Following the completion of the transaction, the senior vice president now owns 38,478 shares in the company, valued at $4,843,610.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Michael E. Prevoznik sold 661 shares of the company’s 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 sale, 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 the SEC website. Also, 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 transaction of $706,312.68. Following the completion of the sale, the senior vice president now directly owns 38,478 shares of the company’s stock, valued at $4,843,610.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,150 shares of company stock worth $1,913,202. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Quest Diagnostics

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James & Associates lifted its holdings in Quest Diagnostics by 103.3% in the 4th quarter. Raymond James & Associates now owns 148,251 shares of the medical research company’s stock valued at $20,441,000 after acquiring an additional 75,315 shares during the last quarter. CHURCHILL MANAGEMENT Corp acquired a new stake in Quest Diagnostics in the 4th quarter valued at about $1,483,000. Wellington Management Group LLP lifted its holdings in Quest Diagnostics by 14.6% in 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 last quarter. Pacer Advisors Inc. raised its holdings in Quest Diagnostics by 201.5% during the 4th quarter. Pacer Advisors Inc. now owns 31,912 shares of the medical research company’s stock worth $4,400,000 after buying an additional 21,327 shares during the period. Finally, Strs Ohio raised its holdings in Quest Diagnostics by 7.6% during the 4th quarter. Strs Ohio now owns 16,270 shares of the medical research company’s stock worth $2,243,000 after buying an additional 1,150 shares during the period. 88.06% of the stock is owned by institutional investors and hedge funds.

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.