KeyCorp Research Analysts Cut Earnings Estimates for Quest Diagnostics Incorporated (DGX)
Quest Diagnostics Incorporated (NYSE:DGX) – Research analysts at KeyCorp cut their FY2017 earnings per share estimates for Quest Diagnostics in a research report issued to clients and investors on Thursday. KeyCorp analyst D. Hooker now expects that the medical research company will earn $5.66 per share for the year, down from their prior forecast of $5.67. KeyCorp also issued estimates for Quest Diagnostics’ Q4 2017 earnings at $1.39 EPS, Q1 2018 earnings at $1.34 EPS, Q2 2018 earnings at $1.39 EPS, Q3 2018 earnings at $1.41 EPS, Q4 2018 earnings at $1.41 EPS and FY2018 earnings at $5.56 EPS.
Quest Diagnostics (NYSE:DGX) last released its earnings results on Thursday, October 19th. The medical research company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.04. Quest Diagnostics had a net margin of 8.82% and a return on equity of 15.53%. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the previous year, the firm earned $1.37 EPS. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. WARNING: This article was published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of United States & international copyright legislation. The original version of this article can be read at https://www.americanbankingnews.com/2017/10/23/keycorp-research-analysts-cut-earnings-estimates-for-quest-diagnostics-incorporated-dgx.html.
A number of other research analysts also recently issued reports on DGX. Evercore ISI restated an “in-line” rating and set a $104.50 target price on shares of Quest Diagnostics in a research report on Wednesday, June 28th. BidaskClub upgraded shares of Quest Diagnostics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 29th. UBS AG upped their target price on shares of Quest Diagnostics from $115.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, July 6th. Credit Suisse Group restated a “neutral” rating and set a $110.00 target price (up from $83.00) on shares of Quest Diagnostics in a research report on Thursday, July 13th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Quest Diagnostics from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $106.83.
Shares of Quest Diagnostics (DGX) opened at 95.08 on Monday. The company has a 50 day moving average of $98.11 and a 200-day moving average of $104.54. Quest Diagnostics has a 12-month low of $79.12 and a 12-month high of $112.96. The company has a market capitalization of $12.97 billion, a P/E ratio of 19.16 and a beta of 0.65.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 3rd were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, October 2nd. This represents a $1.80 annualized dividend and a yield of 1.89%. Quest Diagnostics’s dividend payout ratio (DPR) is currently 37.74%.
In other Quest Diagnostics news, Director Jeffrey M. Leiden sold 296 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $106.66, for a total transaction of $31,571.36. Following the sale, the director now directly owns 6,000 shares in the company, valued at approximately $639,960. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey M. Leiden sold 1,304 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $108.73, for a total transaction of $141,783.92. Following the sale, the director now owns 6,296 shares in the company, valued at $684,564.08. The disclosure for this sale can be found here. Insiders have sold a total of 161,996 shares of company stock worth $17,517,207 over the last 90 days. Corporate insiders own 1.75% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in Quest Diagnostics by 2,638.3% during the 1st quarter. BlackRock Inc. now owns 15,362,418 shares of the medical research company’s stock worth $1,508,435,000 after buying an additional 14,801,397 shares during the period. Vanguard Group Inc. raised its holdings in Quest Diagnostics by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 14,029,322 shares of the medical research company’s stock worth $1,559,500,000 after buying an additional 525,200 shares during the period. State Street Corp raised its holdings in Quest Diagnostics by 2.7% during the 1st quarter. State Street Corp now owns 6,918,900 shares of the medical research company’s stock worth $679,362,000 after buying an additional 180,690 shares during the period. APG Asset Management N.V. raised its holdings in Quest Diagnostics by 156.0% during the 3rd quarter. APG Asset Management N.V. now owns 2,683,901 shares of the medical research company’s stock worth $251,320,000 after buying an additional 1,635,700 shares during the period. Finally, Investec Asset Management LTD raised its holdings in Quest Diagnostics by 9.4% during the 2nd quarter. Investec Asset Management LTD now owns 2,178,678 shares of the medical research company’s stock worth $242,182,000 after buying an additional 186,477 shares during the period. Hedge funds and other institutional investors own 86.99% of the company’s stock.
Quest Diagnostics Company Profile
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).
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