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

Quest Diagnostics Incorporated (NYSE:DGX) – Research analysts at William Blair raised their Q2 2024 EPS estimates for Quest Diagnostics in a note issued to investors on Tuesday, April 23rd. William Blair analyst A. Brackmann now forecasts 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 $8.78 per share. William Blair also issued estimates for Quest Diagnostics’ Q3 2024 earnings at $2.31 EPS and FY2024 earnings at $8.85 EPS.

A number of other research firms also recently issued reports on DGX. TheStreet downgraded shares of Quest Diagnostics from a “b-” rating to a “c” rating in a report on Monday, February 5th. Citigroup upped their price objective on Quest Diagnostics from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays lifted their target price on Quest Diagnostics from $138.00 to $144.00 and gave the company an “equal weight” rating in a report on Thursday. Truist Financial upped their price target on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Mizuho lifted their price objective on 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $146.17.

Quest Diagnostics Stock Down 0.9 %

DGX opened at $134.26 on Friday. Quest Diagnostics has a 12 month low of $119.59 and a 12 month high of $146.85. The business has a 50-day moving average of $129.09 and a two-hundred day moving average of $131.23. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.97 and a quick ratio of 1.20. The stock has a market capitalization of $14.91 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 2.94 and a beta of 0.91.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Tuesday, April 23rd. The medical research company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.18. The company 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%. The business’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 EPS.

Quest Diagnostics Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 22nd. Investors of record on Monday, April 8th were paid a dividend of $0.75 per share. This is an increase from Quest Diagnostics’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, April 5th. This represents a $3.00 annualized dividend and a yield of 2.23%. Quest Diagnostics’s payout ratio is 38.22%.

Insiders Place Their Bets

In other news, Director Vicky B. Gregg sold 2,500 shares of Quest Diagnostics stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $126.64, for a total transaction of $316,600.00. Following the sale, the director now directly owns 16,329 shares of the company’s stock, valued at $2,067,904.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Vicky B. Gregg sold 2,500 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $126.64, for a total transaction of $316,600.00. Following the completion of the transaction, the director now directly owns 16,329 shares in the company, valued at approximately $2,067,904.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Catherine T. Doherty sold 5,557 shares of Quest Diagnostics stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $126.57, for a total transaction of $703,349.49. Following the completion of the sale, the executive vice president now owns 69,599 shares of the company’s stock, valued at approximately $8,809,145.43. The disclosure for this sale can be found here. Insiders have sold 15,150 shares of company stock worth $1,913,202 in the last quarter. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Riverwater Partners LLC raised its position in shares of Quest Diagnostics by 53.3% during the 1st quarter. Riverwater Partners LLC now owns 10,235 shares of the medical research company’s stock worth $1,362,000 after purchasing an additional 3,559 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Quest Diagnostics by 12.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,546 shares of the medical research company’s stock valued at $11,121,000 after purchasing an additional 9,541 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in Quest Diagnostics by 17.2% in the first quarter. V Square Quantitative Management LLC now owns 3,114 shares of the medical research company’s stock worth $415,000 after purchasing an additional 456 shares during the period. Simplicity Wealth LLC bought a new position in Quest Diagnostics in the 1st quarter valued at about $243,000. Finally, Silver Lake Advisory LLC acquired a new position in Quest Diagnostics during the 1st quarter valued at about $269,000. Institutional investors and hedge funds own 88.06% of the company’s stock.

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.