Quest Diagnostics (NYSE:DGX) Posts Earnings Results, Beats Estimates By $0.30 EPS

Quest Diagnostics (NYSE:DGXGet Rating) announced its earnings results on Thursday. The medical research company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.30, MarketWatch Earnings reports. Quest Diagnostics had a return on equity of 28.50% and a net margin of 18.49%. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the previous year, the company earned $3.76 earnings per share. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. Quest Diagnostics updated its FY 2022 guidance to $9.000-$9.500 EPS and its FY22 guidance to $9.00-9.50 EPS.

Shares of NYSE:DGX traded up $4.43 on Thursday, hitting $142.88. The company’s stock had a trading volume of 39,766 shares, compared to its average volume of 1,276,579. The company has a market capitalization of $16.83 billion, a price-to-earnings ratio of 9.13 and a beta of 1.12. The stock’s 50-day moving average is $136.66 and its two-hundred day moving average is $145.00. Quest Diagnostics has a 12 month low of $125.77 and a 12 month high of $174.16. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.44 and a current ratio of 1.56.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 20th. Investors of record on Wednesday, April 6th were given a $0.66 dividend. This is a boost from Quest Diagnostics’s previous quarterly dividend of $0.62. This represents a $2.64 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend was Tuesday, April 5th. Quest Diagnostics’s dividend payout ratio (DPR) is currently 16.97%.

In related news, SVP Catherine T. Doherty sold 2,750 shares of the company’s stock in a transaction dated Thursday, February 24th. The shares were sold at an average price of $126.26, for a total value of $347,215.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Michael E. Prevoznik sold 6,228 shares of the stock in a transaction dated Tuesday, March 8th. The stock was sold at an average price of $135.21, for a total transaction of $842,087.88. The disclosure for this sale can be found here. Company insiders own 1.45% of the company’s stock.

Large investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC raised its stake in Quest Diagnostics by 5.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 3,143 shares of the medical research company’s stock valued at $544,000 after buying an additional 171 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in Quest Diagnostics by 13.2% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 1,807 shares of the medical research company’s stock valued at $313,000 after purchasing an additional 211 shares during the last quarter. Horizon Investments LLC boosted its position in Quest Diagnostics by 7.5% during the fourth quarter. Horizon Investments LLC now owns 3,449 shares of the medical research company’s stock worth $594,000 after purchasing an additional 241 shares during the period. Zullo Investment Group Inc. bought a new position in shares of Quest Diagnostics in the fourth quarter valued at about $48,000. Finally, Tobam grew its position in shares of Quest Diagnostics by 76.1% during the 4th quarter. Tobam now owns 805 shares of the medical research company’s stock worth $139,000 after purchasing an additional 348 shares in the last quarter. Institutional investors and hedge funds own 86.45% of the company’s stock.

Several research analysts have commented on DGX shares. Wells Fargo & Company cut their price target on Quest Diagnostics from $160.00 to $145.00 and set an “equal weight” rating on the stock in a research report on Friday, February 4th. Morgan Stanley dropped their price objective on shares of Quest Diagnostics from $159.00 to $145.00 and set an “equal weight” rating for the company in a research note on Monday, February 14th. Deutsche Bank Aktiengesellschaft cut Quest Diagnostics from a “buy” rating to a “hold” rating and lowered their target price for the company from $190.00 to $129.00 in a report on Friday, January 28th. UBS Group cut Quest Diagnostics from a “buy” rating to a “neutral” rating and cut their price target for the stock from $160.00 to $139.00 in a report on Wednesday, February 23rd. Finally, Truist Financial decreased their price objective on Quest Diagnostics from $170.00 to $160.00 in a research note on Wednesday, January 19th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $148.58.

About Quest Diagnostics (Get Rating)

Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic information services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.

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Earnings History for Quest Diagnostics (NYSE:DGX)

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