Zacks: Analysts Expect Quest Diagnostics Inc (NYSE:DGX) Will Post Quarterly Sales of $1.94 Billion

Equities analysts expect Quest Diagnostics Inc (NYSE:DGX) to post sales of $1.94 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Quest Diagnostics’ earnings, with estimates ranging from $1.92 billion to $1.97 billion. Quest Diagnostics reported sales of $1.92 billion in the same quarter last year, which would suggest a positive year over year growth rate of 1%. The company is scheduled to report its next earnings report before the market opens on Tuesday, July 23rd.

According to Zacks, analysts expect that Quest Diagnostics will report full year sales of $7.69 billion for the current year, with estimates ranging from $7.67 billion to $7.75 billion. For the next year, analysts expect that the business will post sales of $7.91 billion, with estimates ranging from $7.83 billion to $8.00 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Quest Diagnostics.

Quest Diagnostics (NYSE:DGX) last issued its quarterly earnings results on Tuesday, April 23rd. The medical research company reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.04. Quest Diagnostics had a return on equity of 14.99% and a net margin of 9.59%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the business posted $152.00 EPS. Quest Diagnostics’s revenue for the quarter was up .4% compared to the same quarter last year.

DGX has been the subject of a number of analyst reports. Credit Suisse Group downgraded shares of Quest Diagnostics from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $101.00 to $91.00 in a report on Monday, March 18th. Jefferies Financial Group raised shares of Quest Diagnostics from a “hold” rating to a “buy” rating and increased their price target for the company from $93.00 to $107.00 in a report on Tuesday, April 2nd. Wolfe Research initiated coverage on shares of Quest Diagnostics in a report on Tuesday, April 2nd. They issued an “underperform” rating for the company. Canaccord Genuity increased their price target on shares of Quest Diagnostics from $97.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, Citigroup increased their price target on shares of Quest Diagnostics from $93.00 to $102.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $101.75.

In other news, Chairman Stephen H. Rusckowski sold 244,565 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $100.00, for a total transaction of $24,456,500.00. Following the transaction, the chairman now directly owns 457,614 shares of the company’s stock, valued at $45,761,400. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP J. E. Davis sold 47,574 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $95.00, for a total transaction of $4,519,530.00. Following the transaction, the executive vice president now directly owns 84,108 shares in the company, valued at $7,990,260. The disclosure for this sale can be found here. In the last three months, insiders sold 365,144 shares of company stock valued at $36,276,530. 1.86% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Raymond James & Associates increased its position in shares of Quest Diagnostics by 45.1% during the fourth quarter. Raymond James & Associates now owns 39,274 shares of the medical research company’s stock valued at $3,270,000 after acquiring an additional 12,214 shares during the last quarter. AlphaCrest Capital Management LLC purchased a new stake in Quest Diagnostics in the fourth quarter worth $237,000. Advisor Group Inc. increased its position in Quest Diagnostics by 18.4% in the fourth quarter. Advisor Group Inc. now owns 13,589 shares of the medical research company’s stock worth $1,136,000 after buying an additional 2,107 shares during the last quarter. Martingale Asset Management L P increased its position in Quest Diagnostics by 66.7% in the fourth quarter. Martingale Asset Management L P now owns 20,189 shares of the medical research company’s stock worth $1,682,000 after buying an additional 8,077 shares during the last quarter. Finally, Meiji Yasuda Life Insurance Co purchased a new stake in Quest Diagnostics in the fourth quarter worth $275,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:DGX traded up $0.51 during trading on Wednesday, reaching $102.52. The company’s stock had a trading volume of 425,855 shares, compared to its average volume of 1,162,441. The company has a quick ratio of 0.74, a current ratio of 0.78 and a debt-to-equity ratio of 0.59. Quest Diagnostics has a 12 month low of $78.95 and a 12 month high of $115.64. The company’s 50 day moving average price is $99.89. The stock has a market cap of $13.71 billion, a PE ratio of 16.25, a PEG ratio of 2.38 and a beta of 0.86.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 22nd. Shareholders of record on Monday, July 8th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Friday, July 5th. Quest Diagnostics’s payout ratio is currently 33.60%.

About Quest Diagnostics

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

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