IDEXX Laboratories, Inc. (IDXX) Upgraded at Zacks Investment Research
IDEXX Laboratories, Inc. (NASDAQ:IDXX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, May 22nd. The firm currently has a $181.00 target price on the stock. Zacks Investment Research‘s price target suggests a potential upside of 12.63% from the stock’s previous close.
According to Zacks, “While over the last three months, IDEXX is trading above the broader Medical Instruments industry. The company posted an impressive first quarter with earnings and revenues growing year over year. Solid organic revenue growth buoys optimism. The stellar performance was driven by strong companion animal business. Management’s innovation-based global strategy accelerated recurring CAG Diagnostics growth. The raised 2017 EPS guidance is also encouraging. IDEXX continues to demonstrate solid growth globally with strong international expansion. On the flip side, IDEXX's high dependence on third-party distributors and intense competition continue to pose threats. Moreover foreign currency fluctuations are expected to consistently hurt IDEXX’s future growth.”
A number of other research analysts also recently commented on IDXX. Stifel Nicolaus increased their price objective on shares of IDEXX Laboratories from $150.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Feltl & Co. downgraded shares of IDEXX Laboratories from a “hold” rating to a “sell” rating in a research note on Friday, February 3rd. Finally, Canaccord Genuity set a $125.00 price objective on shares of IDEXX Laboratories and gave the company a “buy” rating in a research note on Tuesday, January 31st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $165.00.
Shares of IDEXX Laboratories (NASDAQ IDXX) traded up 0.09% on Monday, reaching $160.71. 1,120,919 shares of the company were exchanged. IDEXX Laboratories has a 52-week low of $85.98 and a 52-week high of $173.01. The stock has a 50 day moving average of $164.46 and a 200-day moving average of $143.85. The company has a market capitalization of $14.16 billion, a P/E ratio of 59.54 and a beta of 0.53.
IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Friday, April 28th. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.16. The business had revenue of $462 million during the quarter, compared to the consensus estimate of $455.10 million. IDEXX Laboratories had a net margin of 13.47% and a negative return on equity of 706.91%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 earnings per share. On average, analysts predict that IDEXX Laboratories will post $3.05 EPS for the current fiscal year.
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In related news, Chairman Jonathan W. Ayers sold 27,000 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $162.69, for a total value of $4,392,630.00. Following the sale, the chairman now owns 1,024,994 shares of the company’s stock, valued at approximately $166,756,273.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Jonathan W. Ayers sold 13,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $167.82, for a total transaction of $2,181,660.00. Following the completion of the sale, the chairman now directly owns 1,032,994 shares in the company, valued at approximately $173,357,053.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,272 shares of company stock worth $12,264,082. Corporate insiders own 2.77% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in IDEXX Laboratories by 24.3% in the first quarter. Vanguard Group Inc. now owns 8,910,555 shares of the company’s stock valued at $1,377,660,000 after buying an additional 1,740,446 shares during the last quarter. BlackRock Inc. boosted its position in IDEXX Laboratories by 1,967.1% in the first quarter. BlackRock Inc. now owns 6,427,027 shares of the company’s stock valued at $993,680,000 after buying an additional 6,116,102 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of IDEXX Laboratories by 0.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 4,546,191 shares of the company’s stock valued at $512,492,000 after buying an additional 14,294 shares in the last quarter. State Street Corp boosted its position in shares of IDEXX Laboratories by 38.6% in the first quarter. State Street Corp now owns 3,911,739 shares of the company’s stock valued at $604,793,000 after buying an additional 1,089,880 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of IDEXX Laboratories by 59.1% in the first quarter. Renaissance Technologies LLC now owns 975,600 shares of the company’s stock valued at $150,838,000 after buying an additional 362,400 shares in the last quarter. 89.06% of the stock is currently owned by hedge funds and other institutional investors.
IDEXX Laboratories Company Profile
IDEXX Laboratories, Inc develops, manufactures and distributes products and provides services for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The Company also sells a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.
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