Intrinsic value of Quest Diagnostics - DGX

Previous Close

$111.44

  Intrinsic Value

$103.25

stock screener

  Rating & Target

hold

-7%

Previous close

$111.44

 
Intrinsic value

$103.25

 
Up/down potential

-7%

 
Rating

hold

We calculate the intrinsic value of DGX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 15.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  7,909
  8,134
  8,383
  8,655
  8,952
  9,272
  9,618
  9,988
  10,384
  10,807
  11,257
  11,735
  12,242
  12,780
  13,348
  13,950
  14,585
  15,256
  15,964
  16,711
  17,497
  18,326
  19,199
  20,118
  21,086
  22,104
  23,175
  24,301
  25,486
  26,731
Variable operating expenses, $m
  6,545
  6,710
  6,892
  7,092
  7,310
  7,545
  7,798
  8,070
  8,360
  8,670
  8,255
  8,605
  8,977
  9,371
  9,789
  10,230
  10,696
  11,188
  11,707
  12,254
  12,831
  13,439
  14,079
  14,753
  15,462
  16,209
  16,994
  17,820
  18,689
  19,602
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,545
  6,710
  6,892
  7,092
  7,310
  7,545
  7,798
  8,070
  8,360
  8,670
  8,255
  8,605
  8,977
  9,371
  9,789
  10,230
  10,696
  11,188
  11,707
  12,254
  12,831
  13,439
  14,079
  14,753
  15,462
  16,209
  16,994
  17,820
  18,689
  19,602
Operating income, $m
  1,364
  1,424
  1,490
  1,563
  1,642
  1,727
  1,820
  1,918
  2,024
  2,137
  3,002
  3,130
  3,265
  3,408
  3,560
  3,720
  3,890
  4,069
  4,257
  4,457
  4,666
  4,887
  5,120
  5,365
  5,623
  5,895
  6,180
  6,481
  6,797
  7,129
EBITDA, $m
  2,960
  3,044
  3,137
  3,239
  3,350
  3,470
  3,599
  3,737
  3,886
  4,044
  4,212
  4,391
  4,581
  4,782
  4,995
  5,220
  5,458
  5,709
  5,974
  6,253
  6,547
  6,858
  7,184
  7,528
  7,890
  8,271
  8,672
  9,093
  9,536
  10,003
Interest expense (income), $m
  148
  204
  212
  221
  230
  241
  253
  265
  279
  293
  309
  325
  343
  361
  381
  402
  424
  448
  473
  499
  527
  556
  586
  619
  653
  689
  727
  766
  808
  852
  899
Earnings before tax, $m
  1,160
  1,212
  1,270
  1,332
  1,401
  1,475
  1,554
  1,640
  1,731
  1,828
  2,677
  2,787
  2,904
  3,027
  3,158
  3,296
  3,442
  3,596
  3,759
  3,930
  4,111
  4,301
  4,501
  4,712
  4,935
  5,168
  5,414
  5,673
  5,945
  6,230
Tax expense, $m
  313
  327
  343
  360
  378
  398
  420
  443
  467
  494
  723
  752
  784
  817
  853
  890
  929
  971
  1,015
  1,061
  1,110
  1,161
  1,215
  1,272
  1,332
  1,395
  1,462
  1,532
  1,605
  1,682
Net income, $m
  847
  885
  927
  973
  1,023
  1,077
  1,135
  1,197
  1,264
  1,335
  1,954
  2,034
  2,120
  2,210
  2,305
  2,406
  2,513
  2,625
  2,744
  2,869
  3,001
  3,140
  3,286
  3,440
  3,602
  3,773
  3,952
  4,141
  4,340
  4,548

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,776
  11,082
  11,420
  11,792
  12,196
  12,633
  13,103
  13,608
  14,148
  14,723
  15,336
  15,988
  16,679
  17,411
  18,186
  19,005
  19,871
  20,785
  21,749
  22,766
  23,838
  24,968
  26,157
  27,409
  28,727
  30,114
  31,573
  33,108
  34,721
  36,418
Adjusted assets (=assets-cash), $m
  10,776
  11,082
  11,420
  11,792
  12,196
  12,633
  13,103
  13,608
  14,148
  14,723
  15,336
  15,988
  16,679
  17,411
  18,186
  19,005
  19,871
  20,785
  21,749
  22,766
  23,838
  24,968
  26,157
  27,409
  28,727
  30,114
  31,573
  33,108
  34,721
  36,418
Revenue / Adjusted assets
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
Average production assets, $m
  8,503
  8,744
  9,011
  9,304
  9,623
  9,968
  10,339
  10,737
  11,163
  11,618
  12,101
  12,615
  13,160
  13,738
  14,350
  14,996
  15,679
  16,400
  17,161
  17,964
  18,810
  19,701
  20,639
  21,627
  22,667
  23,761
  24,913
  26,124
  27,397
  28,736
Working capital, $m
  -949
  -976
  -1,006
  -1,039
  -1,074
  -1,113
  -1,154
  -1,199
  -1,246
  -1,297
  -1,351
  -1,408
  -1,469
  -1,534
  -1,602
  -1,674
  -1,750
  -1,831
  -1,916
  -2,005
  -2,100
  -2,199
  -2,304
  -2,414
  -2,530
  -2,652
  -2,781
  -2,916
  -3,058
  -3,208
Total debt, $m
  3,924
  4,086
  4,266
  4,463
  4,678
  4,910
  5,160
  5,428
  5,714
  6,020
  6,346
  6,691
  7,058
  7,447
  7,859
  8,294
  8,754
  9,239
  9,751
  10,291
  10,860
  11,460
  12,091
  12,756
  13,456
  14,193
  14,967
  15,782
  16,639
  17,540
Total liabilities, $m
  5,722
  5,884
  6,064
  6,261
  6,476
  6,708
  6,958
  7,226
  7,512
  7,818
  8,144
  8,489
  8,856
  9,245
  9,657
  10,092
  10,552
  11,037
  11,549
  12,089
  12,658
  13,258
  13,889
  14,554
  15,254
  15,991
  16,765
  17,580
  18,437
  19,338
Total equity, $m
  5,054
  5,197
  5,356
  5,530
  5,720
  5,925
  6,145
  6,382
  6,635
  6,905
  7,193
  7,498
  7,822
  8,166
  8,529
  8,913
  9,320
  9,748
  10,200
  10,677
  11,180
  11,710
  12,268
  12,855
  13,473
  14,123
  14,808
  15,527
  16,284
  17,080
Total liabilities and equity, $m
  10,776
  11,081
  11,420
  11,791
  12,196
  12,633
  13,103
  13,608
  14,147
  14,723
  15,337
  15,987
  16,678
  17,411
  18,186
  19,005
  19,872
  20,785
  21,749
  22,766
  23,838
  24,968
  26,157
  27,409
  28,727
  30,114
  31,573
  33,107
  34,721
  36,418
Debt-to-equity ratio
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.000
  1.010
  1.020
  1.020
  1.030
Adjusted equity ratio
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  847
  885
  927
  973
  1,023
  1,077
  1,135
  1,197
  1,264
  1,335
  1,954
  2,034
  2,120
  2,210
  2,305
  2,406
  2,513
  2,625
  2,744
  2,869
  3,001
  3,140
  3,286
  3,440
  3,602
  3,773
  3,952
  4,141
  4,340
  4,548
Depreciation, amort., depletion, $m
  1,596
  1,620
  1,647
  1,676
  1,708
  1,742
  1,779
  1,819
  1,862
  1,907
  1,210
  1,262
  1,316
  1,374
  1,435
  1,500
  1,568
  1,640
  1,716
  1,796
  1,881
  1,970
  2,064
  2,163
  2,267
  2,376
  2,491
  2,612
  2,740
  2,874
Funds from operations, $m
  2,442
  2,505
  2,573
  2,649
  2,730
  2,819
  2,914
  3,016
  3,125
  3,242
  3,164
  3,296
  3,436
  3,584
  3,740
  3,906
  4,081
  4,265
  4,460
  4,665
  4,882
  5,110
  5,350
  5,603
  5,869
  6,149
  6,444
  6,753
  7,079
  7,422
Change in working capital, $m
  -24
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -149
Cash from operations, $m
  2,466
  2,532
  2,603
  2,681
  2,766
  2,857
  2,955
  3,061
  3,173
  3,292
  3,218
  3,353
  3,496
  3,648
  3,808
  3,978
  4,157
  4,346
  4,545
  4,755
  4,976
  5,209
  5,455
  5,713
  5,985
  6,271
  6,572
  6,889
  7,221
  7,571
Maintenance CAPEX, $m
  -829
  -850
  -874
  -901
  -930
  -962
  -997
  -1,034
  -1,074
  -1,116
  -1,162
  -1,210
  -1,262
  -1,316
  -1,374
  -1,435
  -1,500
  -1,568
  -1,640
  -1,716
  -1,796
  -1,881
  -1,970
  -2,064
  -2,163
  -2,267
  -2,376
  -2,491
  -2,612
  -2,740
New CAPEX, $m
  -214
  -241
  -267
  -293
  -319
  -345
  -371
  -398
  -426
  -454
  -484
  -514
  -545
  -578
  -611
  -647
  -683
  -721
  -761
  -802
  -846
  -891
  -938
  -988
  -1,040
  -1,094
  -1,151
  -1,211
  -1,273
  -1,339
Cash from investing activities, $m
  -1,043
  -1,091
  -1,141
  -1,194
  -1,249
  -1,307
  -1,368
  -1,432
  -1,500
  -1,570
  -1,646
  -1,724
  -1,807
  -1,894
  -1,985
  -2,082
  -2,183
  -2,289
  -2,401
  -2,518
  -2,642
  -2,772
  -2,908
  -3,052
  -3,203
  -3,361
  -3,527
  -3,702
  -3,885
  -4,079
Free cash flow, $m
  1,423
  1,440
  1,461
  1,487
  1,517
  1,550
  1,587
  1,628
  1,673
  1,722
  1,573
  1,629
  1,690
  1,754
  1,823
  1,896
  1,974
  2,057
  2,144
  2,236
  2,334
  2,437
  2,546
  2,661
  2,782
  2,910
  3,045
  3,186
  3,336
  3,493
Issuance/(repayment) of debt, $m
  140
  163
  180
  197
  214
  232
  250
  268
  287
  306
  325
  346
  367
  389
  411
  435
  460
  485
  512
  540
  569
  600
  632
  665
  700
  736
  775
  815
  857
  901
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  140
  163
  180
  197
  214
  232
  250
  268
  287
  306
  325
  346
  367
  389
  411
  435
  460
  485
  512
  540
  569
  600
  632
  665
  700
  736
  775
  815
  857
  901
Total cash flow (excl. dividends), $m
  1,563
  1,602
  1,641
  1,684
  1,731
  1,782
  1,837
  1,896
  1,960
  2,028
  1,898
  1,975
  2,057
  2,143
  2,235
  2,331
  2,434
  2,542
  2,656
  2,776
  2,903
  3,037
  3,178
  3,326
  3,482
  3,647
  3,819
  4,001
  4,193
  4,394
Retained Cash Flow (-), $m
  -133
  -144
  -159
  -174
  -189
  -205
  -221
  -237
  -253
  -270
  -287
  -305
  -324
  -343
  -363
  -384
  -406
  -429
  -452
  -477
  -503
  -530
  -558
  -587
  -618
  -650
  -684
  -720
  -757
  -796
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  77
  79
  81
  84
  87
  90
  93
  96
  100
  104
  108
  113
  117
  122
  128
  133
  139
  146
  153
  160
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
Cash available for distribution, $m
  1,430
  1,459
  1,482
  1,510
  1,542
  1,577
  1,617
  1,660
  1,707
  1,757
  1,611
  1,670
  1,733
  1,800
  1,871
  1,947
  2,028
  2,113
  2,204
  2,299
  2,400
  2,507
  2,620
  2,739
  2,864
  2,996
  3,135
  3,282
  3,436
  3,598
Discount rate, %
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
  1,348
  1,288
  1,220
  1,149
  1,078
  1,006
  933
  859
  785
  712
  568
  508
  449
  392
  338
  288
  242
  200
  163
  131
  103
  79
  60
  44
  32
  23
  16
  10
  7
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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). Its Diagnostic Solutions group includes its risk assessment services business, which offers solutions for insurers, and its healthcare information technology businesses, which offers solutions for healthcare providers. The Company's services are provided under the Quest Diagnostics brand, but it also provides services under other brands, including AmeriPath, Dermpath Diagnostics, Focus Diagnostics, Athena Diagnostics, ExamOne, Quanum and Care360.

FINANCIAL RATIOS  of  Quest Diagnostics (DGX)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 19.7
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 60
Current Ratio 0
LT Debt to Equity 80.6%
Total Debt to Equity 80.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 13.9%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.4%
Gross Margin - 3 Yr. Avg. 38.5%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 34.6%

DGX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DGX stock intrinsic value calculation we used $7709 million for the last fiscal year's total revenue generated by Quest Diagnostics. The default revenue input number comes from 2017 income statement of Quest Diagnostics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DGX stock valuation model: a) initial revenue growth rate of 2.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.1%, whose default value for DGX is calculated based on our internal credit rating of Quest Diagnostics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Quest Diagnostics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DGX stock the variable cost ratio is equal to 83%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DGX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Quest Diagnostics.

Corporate tax rate of 27% is the nominal tax rate for Quest Diagnostics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DGX stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DGX are equal to 107.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Quest Diagnostics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DGX is equal to -12%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4921 million for Quest Diagnostics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 136 million for Quest Diagnostics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Quest Diagnostics at the current share price and the inputted number of shares is $15.2 billion.

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COMPANY NEWS

▶ Quest Diagnostics Declares Quarterly Cash Dividend   [Aug-17-18 07:00AM  PR Newswire]
▶ Giants dive into the science of sweat to keep players hydrated   [Aug-10-18 02:17PM  American City Business Journals]
▶ 'Ultimately, Elizabeth made the decisions': A look inside Theranos' ineffective board   [Aug-07-18 05:12PM  American City Business Journals]
▶ Buy These 3 Risky Biotech Stocks   [Jul-25-18 01:31PM  TheStreet.com]
▶ Quest Diagnostics: 2Q Earnings Snapshot   [06:59AM  Associated Press]
▶ Halliburton and Gap tumble while Foot Locker and Quest climb   [May-25-18 04:36PM  Associated Press]
▶ Quest Diagnostics Declares Quarterly Cash Dividend   [May-14-18 06:40PM  PR Newswire]
▶ [$$] More U.S. Workers Test Positive for Certain Illicit Drugs   [May-09-18 12:15AM  The Wall Street Journal]
▶ MARKETS: Stocks are dropping, but selling strength is muted   [Apr-20-18 01:46PM  Yahoo Finance Video]
▶ Quest Diagnostics: 1Q Earnings Snapshot   [07:08AM  Associated Press]
▶ Initial claims What you need to know in markets on Thursday   [Apr-18-18 06:09PM  Yahoo Finance]
▶ Blockchain Health Alliance Follows Amazon-Berkshire-JPMorgan Pact   [Apr-02-18 04:13PM  Investor's Business Daily]
▶ Theranos, founder Elizabeth Holmes and former president charged with 'massive fraud'   [Mar-14-18 12:47PM  American City Business Journals]
▶ Profits or Purpose: A Firm Tries to Deliver Both   [Mar-01-18 06:00AM  Investopedia]
▶ Quest Diagnostics Completes Acquisition of MedXM   [Feb-01-18 04:35PM  GlobeNewswire]
▶ UPS shares sink as costs projected to rise   [11:12AM  Yahoo Finance Video]
▶ Quest Diagnostics beats Street 4Q forecasts   [08:01AM  Associated Press]
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