Quest Diagnostics Inc (DGX) Trading Up 6% After Strong Earnings
Quest Diagnostics Inc (NYSE:DGX) shares were up 6% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $104.17 and last traded at $104.03, with a volume of 3,329,954 shares. The stock had previously closed at $98.11.
The medical research company reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.15. Quest Diagnostics had a return on equity of 14.61% and a net margin of 8.56%. The business earned $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the business earned $1.12 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 19th. Stockholders of record on Wednesday, April 5th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Monday, April 3rd. Quest Diagnostics’s dividend payout ratio (DPR) is presently 40.00%.
Several equities research analysts have recently commented on DGX shares. Zacks Investment Research upgraded Quest Diagnostics from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a research note on Monday, January 16th. Canaccord Genuity set a $90.00 price target on Quest Diagnostics and gave the stock a “buy” rating in a research note on Tuesday, January 17th. Deutsche Bank AG restated a “buy” rating and set a $108.00 price target on shares of Quest Diagnostics in a research note on Wednesday, January 18th. Jefferies Group LLC upped their price target on Quest Diagnostics from $86.00 to $96.00 and gave the stock a “hold” rating in a research note on Friday, January 27th. Finally, Barclays PLC upped their price target on Quest Diagnostics from $92.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 7th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $98.46.
In other Quest Diagnostics news, SVP Michael E. Prevoznik sold 440 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $97.39, for a total value of $42,851.60. Following the sale, the senior vice president now owns 41,734 shares of the company’s stock, valued at $4,064,474.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Catherine T. Doherty sold 7,162 shares of the company’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $98.28, for a total value of $703,881.36. Following the completion of the sale, the senior vice president now directly owns 87,809 shares in the company, valued at approximately $8,629,868.52. The disclosure for this sale can be found here. Insiders have sold 101,589 shares of company stock worth $9,391,833 in the last ninety days. 1.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of DGX. Norges Bank purchased a new stake in Quest Diagnostics during the fourth quarter valued at $150,523,000. Victory Capital Management Inc. raised its stake in Quest Diagnostics by 42.1% in the third quarter. Victory Capital Management Inc. now owns 1,788,803 shares of the medical research company’s stock valued at $151,386,000 after buying an additional 530,043 shares during the period. Russell Investments Group Ltd. purchased a new stake in Quest Diagnostics during the fourth quarter valued at $43,286,000. State Street Corp raised its stake in Quest Diagnostics by 7.4% in the fourth quarter. State Street Corp now owns 6,738,210 shares of the medical research company’s stock valued at $619,233,000 after buying an additional 462,214 shares during the period. Finally, Janus Capital Management LLC raised its stake in Quest Diagnostics by 86.0% in the fourth quarter. Janus Capital Management LLC now owns 997,531 shares of the medical research company’s stock valued at $91,674,000 after buying an additional 461,187 shares during the period. 87.71% of the stock is currently owned by institutional investors.
The stock has a market cap of $14.30 billion, a P/E ratio of 23.07 and a beta of 0.68. The firm’s 50 day moving average is $98.48 and its 200-day moving average is $91.44.
TRADEMARK VIOLATION WARNING: This piece was originally reported by Watch List News and is owned by of Watch List News. If you are viewing this piece on another website, it was illegally stolen and reposted in violation of US & international trademark and copyright law. The correct version of this piece can be read at http://www.watchlistnews.com/quest-diagnostics-inc-dgx-trading-up-6-after-strong-earnings/1206317.html.
About Quest Diagnostics
Quest Diagnostics Incorporated is a provider of diagnostic information services. The Company operates through two businesses: Diagnostic Information Services and Diagnostic Solutions. The Diagnostic Information Services business develops and delivers diagnostic testing information and services, providing insights that empower and enable a range of customers, including patients, clinicians, hospitals, integrated delivery networks (IDNs), health plans, employers and accountable care organizations (ACOs).
Receive News & Ratings for Quest Diagnostics Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quest Diagnostics Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.