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 guidance of $8.85-$8.95 for the period, compared to the consensus earnings per share 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

DGX traded up $1.26 during midday trading on Wednesday, hitting $158.73. 80,759 shares of the company traded hands, compared to its average volume of 918,131. The company has a quick ratio of 0.91, a current ratio of 1.00 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $17.63 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 2.45 and a beta of 0.89. The company’s 50-day moving average is $152.74 and its 200 day moving average is $144.39. Quest Diagnostics has a 52 week low of $120.87 and a 52 week high of $159.94.

Quest Diagnostics (NYSE:DGX) last released its earnings results on Tuesday, October 22nd. The medical research company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.04. Quest Diagnostics had a net margin of 8.99% and a return on equity of 15.35%. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm posted $2.22 EPS. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, research analysts expect that Quest Diagnostics will post 8.89 EPS for the current year.

Quest Diagnostics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Friday, October 4th were given a $0.75 dividend. The ex-dividend date was Friday, October 4th. This represents a $3.00 dividend on an annualized basis and a yield of 1.89%. Quest Diagnostics’s dividend payout ratio is presently 40.38%.

Wall Street Analyst Weigh In

DGX has been the subject of several recent research reports. Truist Financial lifted their target price on Quest Diagnostics from $158.00 to $165.00 and gave the company a “hold” rating in a research note on Monday, October 7th. Citigroup boosted their price target on Quest Diagnostics from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler boosted their price target on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Evercore ISI started coverage on Quest Diagnostics in a research note on Wednesday, August 28th. They set an “in-line” rating and a $165.00 price target on the stock. Finally, StockNews.com upgraded Quest Diagnostics from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Quest Diagnostics currently has an average rating of “Hold” and a consensus price target of $160.08.

Insider Activity at Quest Diagnostics

In other Quest Diagnostics news, SVP Karthik Kuppusamy sold 1,990 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $153.26, for a total value of $304,987.40. Following the completion of the sale, the senior vice president now directly owns 11,459 shares of the company’s stock, valued at $1,756,206.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.79% of the stock is owned by corporate insiders.

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.