Zacks Investment Research Lowers Idexx Laboratories Inc. (IDXX) to Hold
Idexx Laboratories Inc. (NASDAQ:IDXX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “IDEXX's continued strong instrument placements, global lab momentum reflecting leverage of expanded commercial capability as well as strong test menu expansion remained as the key highlights for the company's business in the first half of 2016. The company’s raised guidance for 2016 also buoys optimism. Also, IDEXX' trend of consistent share buybacks for the past few quarters reflects its strong free cash flow reserve as well as management’s success in optimizing IDEXX’s capital structure. However, foreign currency fluctuations are expected to consistently hurt IDEXX’s operating results, although lower than the extent as expected before. Also, high dependence on third-party distributors and intense competition continue to pose threats.”
A number of other equities research analysts have also weighed in on IDXX. Stifel Nicolaus reissued a “buy” rating and issued a $120.00 target price (up previously from $92.00) on shares of Idexx Laboratories in a research note on Wednesday, August 3rd. Northcoast Research raised Idexx Laboratories from a “sell” rating to a “neutral” rating in a research note on Wednesday, August 3rd. Canaccord Genuity reissued a “buy” rating and issued a $120.00 target price on shares of Idexx Laboratories in a research note on Monday, August 22nd. Finally, Bank of America Corp. reissued a “neutral” rating on shares of Idexx Laboratories in a research note on Thursday, September 29th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $105.20.
Shares of Idexx Laboratories (NASDAQ:IDXX) traded down 0.55% during midday trading on Tuesday, reaching $112.50. The company’s stock had a trading volume of 354,726 shares. Idexx Laboratories has a 52-week low of $63.48 and a 52-week high of $115.06. The stock has a market cap of $10.07 billion, a price-to-earnings ratio of 51.00 and a beta of 0.41. The stock has a 50-day moving average price of $111.61 and a 200-day moving average price of $94.52.
Idexx Laboratories (NASDAQ:IDXX) last released its earnings results on Tuesday, August 2nd. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Idexx Laboratories had a negative return on equity of 414.67% and a net margin of 11.94%. The company earned $467 million during the quarter, compared to analyst estimates of $444.83 million. During the same quarter in the previous year, the company posted $0.60 EPS. Idexx Laboratories’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts anticipate that Idexx Laboratories will post $2.36 earnings per share for the current fiscal year.
In other news, Director Barry C. Johnson sold 9,924 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $111.37, for a total value of $1,105,235.88. Following the completion of the transaction, the director now owns 13,484 shares of the company’s stock, valued at approximately $1,501,713.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jonathan W. Ayers sold 60,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $107.69, for a total value of $6,461,400.00. The disclosure for this sale can be found here. 2.79% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Huntington National Bank increased its stake in Idexx Laboratories by 112.1% in the second quarter. Huntington National Bank now owns 1,190 shares of the company’s stock valued at $111,000 after buying an additional 629 shares during the last quarter. IFP Advisors Inc increased its stake in Idexx Laboratories by 18.1% in the second quarter. IFP Advisors Inc now owns 1,203 shares of the company’s stock valued at $112,000 after buying an additional 184 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Idexx Laboratories during the second quarter valued at $121,000. Tredje AP fonden bought a new stake in Idexx Laboratories during the second quarter valued at $175,000. Finally, Nordea Investment Management AB bought a new stake in Idexx Laboratories during the second quarter valued at $176,000. 91.58% of the stock is owned by hedge funds and other institutional investors.
Idexx Laboratories Company Profile
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