Quest Diagnostics (NYSE:DGX) Shares Gap Up After Better-Than-Expected Earnings

Shares of Quest Diagnostics Incorporated (NYSE:DGX) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $147.37, but opened at $151.33. Quest Diagnostics shares last traded at $155.20, with a volume of 257,710 shares.

The medical research company reported $2.30 EPS for the quarter, beating the consensus estimate of $2.26 by $0.04. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.43 billion. Quest Diagnostics had a return on equity of 15.35% and a net margin of 8.99%. The company’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business posted $2.22 EPS.

Quest Diagnostics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Friday, October 4th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, October 4th. This represents a $3.00 annualized dividend and a dividend yield of 1.91%. Quest Diagnostics’s payout ratio is currently 40.38%.

Analyst Ratings Changes

Several brokerages recently commented on DGX. Citigroup raised their target price on Quest Diagnostics from $165.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial raised their target price on Quest Diagnostics from $158.00 to $165.00 and gave the company a “hold” rating in a report on Monday, October 7th. StockNews.com downgraded Quest Diagnostics from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays lifted their price objective on Quest Diagnostics from $154.00 to $168.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Piper Sandler lifted their price objective on Quest Diagnostics from $145.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Quest Diagnostics currently has an average rating of “Hold” and an average target price of $161.75.

Insider Activity

In other news, SVP Karthik Kuppusamy sold 1,990 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $1,756,206.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Quest Diagnostics

Institutional investors have recently made changes to their positions in the company. Rothschild Investment LLC bought a new stake in shares of Quest Diagnostics in the 2nd quarter valued at approximately $26,000. Larson Financial Group LLC increased its holdings in shares of Quest Diagnostics by 77.5% in the 2nd quarter. Larson Financial Group LLC now owns 229 shares of the medical research company’s stock valued at $31,000 after acquiring an additional 100 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Quest Diagnostics in the 2nd quarter valued at approximately $31,000. TruNorth Capital Management LLC bought a new stake in shares of Quest Diagnostics in the 2nd quarter valued at approximately $33,000. Finally, Riverview Trust Co acquired a new position in Quest Diagnostics during the 1st quarter valued at approximately $33,000. 88.06% of the stock is currently owned by institutional investors.

Quest Diagnostics Stock Down 0.2 %

The firm has a market cap of $17.45 billion, a price-to-earnings ratio of 21.15, a price-to-earnings-growth ratio of 2.45 and a beta of 0.89. The stock has a 50-day moving average of $152.88 and a 200-day moving average of $144.48. The company has a current ratio of 1.00, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57.

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.