Wall Street brokerages forecast that Quest Diagnostics Inc (NYSE:DGX) will post $1.95 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Quest Diagnostics’ earnings, with estimates ranging from $1.94 billion to $1.98 billion. Quest Diagnostics reported sales of $1.93 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1%. The company is expected to issue its next earnings report on Thursday, October 18th.
On average, analysts expect that Quest Diagnostics will report full-year sales of $7.70 billion for the current financial year, with estimates ranging from $7.67 billion to $7.73 billion. For the next year, analysts expect that the firm will report sales of $7.99 billion per share, with estimates ranging from $7.76 billion to $8.09 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Quest Diagnostics.
Quest Diagnostics (NYSE:DGX) last announced its quarterly earnings results on Tuesday, July 24th. The medical research company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.01). The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Quest Diagnostics had a net margin of 10.56% and a return on equity of 15.45%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.55 EPS.
DGX has been the topic of several research reports. Zacks Investment Research upgraded Quest Diagnostics from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research note on Tuesday, May 22nd. Mizuho restated a “buy” rating on shares of Quest Diagnostics in a research note on Friday, May 25th. Credit Suisse Group raised their price target on Quest Diagnostics from $118.00 to $121.00 and gave the company an “outperform” rating in a research note on Friday, May 25th. Barclays restated a “hold” rating and set a $120.00 price target on shares of Quest Diagnostics in a research note on Monday, May 28th. Finally, Morgan Stanley upgraded Quest Diagnostics from an “equal weight” rating to an “overweight” rating and set a $120.00 price target on the stock in a research note on Tuesday, May 29th. Twelve analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $110.00.
In related news, SVP Everett Cunningham sold 40,328 shares of the firm’s stock in a transaction dated Tuesday, July 10th. The stock was sold at an average price of $112.00, for a total transaction of $4,516,736.00. Following the sale, the senior vice president now owns 78,589 shares of the company’s stock, valued at $8,801,968. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.79% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of DGX. Summit Trail Advisors LLC boosted its holdings in Quest Diagnostics by 11,477.8% in the first quarter. Summit Trail Advisors LLC now owns 1,769,084 shares of the medical research company’s stock worth $1,769,000 after acquiring an additional 1,753,804 shares in the last quarter. Fiduciary Management Inc. WI raised its stake in shares of Quest Diagnostics by 76.5% in the first quarter. Fiduciary Management Inc. WI now owns 3,669,715 shares of the medical research company’s stock worth $368,072,000 after purchasing an additional 1,590,069 shares during the last quarter. BlackRock Inc. raised its stake in shares of Quest Diagnostics by 7.4% in the first quarter. BlackRock Inc. now owns 15,582,475 shares of the medical research company’s stock worth $1,562,924,000 after purchasing an additional 1,071,083 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Quest Diagnostics by 1,914.6% in the second quarter. Marshall Wace LLP now owns 743,856 shares of the medical research company’s stock worth $81,780,000 after purchasing an additional 706,933 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Quest Diagnostics by 57.3% in the second quarter. Bank of New York Mellon Corp now owns 1,781,373 shares of the medical research company’s stock worth $195,845,000 after purchasing an additional 648,706 shares during the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.
Shares of Quest Diagnostics stock traded up $0.12 during trading on Friday, hitting $109.45. 483,600 shares of the stock traded hands, compared to its average volume of 952,735. The firm has a market cap of $15.03 billion, a P/E ratio of 20.27, a P/E/G ratio of 2.09 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.05 and a debt-to-equity ratio of 0.65. Quest Diagnostics has a 52-week low of $90.10 and a 52-week high of $116.49.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 22nd. Investors of record on Friday, October 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, October 4th. Quest Diagnostics’s payout ratio is currently 37.04%.
Quest Diagnostics Company Profile
Quest Diagnostics Incorporated provides diagnostic testing information and services in the United States and internationally. The company's Diagnostic Information Services business segment develops and delivers diagnostic testing information and services, such as routine testing, non-routine and advanced clinical testing, gene-based and esoteric testing, anatomic pathology, and other diagnostic information services.
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