IDEXX Laboratories, Inc. (IDXX) Upgraded to “Buy” at CL King
IDEXX Laboratories, Inc. (NASDAQ:IDXX) was upgraded by stock analysts at CL King from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, July 28th, Marketbeat.com reports. The brokerage currently has a $200.00 price target on the stock. CL King’s price objective would indicate a potential upside of 28.63% from the stock’s previous close.
Other research analysts have also issued research reports about the company. BidaskClub lowered IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Canaccord Genuity reiterated a “buy” rating and issued a $180.00 target price on shares of IDEXX Laboratories in a research note on Tuesday, June 13th. Zacks Investment Research upgraded IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $177.00 target price on the stock in a research note on Tuesday, June 13th. Finally, Stifel Nicolaus lifted their target price on IDEXX Laboratories from $150.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $173.80.
Shares of IDEXX Laboratories (IDXX) opened at 155.49 on Friday. The firm has a 50-day moving average of $163.95 and a 200-day moving average of $154.43. IDEXX Laboratories has a 12-month low of $102.45 and a 12-month high of $173.01. The firm has a market capitalization of $13.57 billion, a PE ratio of 53.49 and a beta of 0.49.
IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.10. IDEXX Laboratories had a negative return on equity of 473.46% and a net margin of 14.13%. The business had revenue of $508.90 million for the quarter, compared to analyst estimates of $502.44 million. During the same quarter last year, the company earned $0.74 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. Equities analysts anticipate that IDEXX Laboratories will post $3.17 earnings per share for the current year.
IDEXX Laboratories declared that its board has authorized a share buyback program on Wednesday, May 3rd that authorizes the company to repurchase 3,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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In other news, Chairman Jonathan W. Ayers sold 27,000 shares of the company’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $162.69, for a total value of $4,392,630.00. Following the completion of the sale, the chairman now owns 1,024,994 shares of the company’s stock, valued at $166,756,273.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence D. Kingsley bought 2,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was bought at an average cost of $151.76 per share, with a total value of $303,520.00. Following the transaction, the director now directly owns 3,344 shares of the company’s stock, valued at $507,485.44. The disclosure for this purchase can be found here. Over the last three months, insiders sold 47,572 shares of company stock valued at $7,816,307. Insiders own 2.77% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. increased its stake in shares of IDEXX Laboratories by 2.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 770 shares of the company’s stock valued at $119,000 after buying an additional 17 shares during the last quarter. Capital Advisors Ltd. LLC bought a new stake in shares of IDEXX Laboratories during the second quarter valued at $128,000. Acrospire Investment Management LLC increased its position in shares of IDEXX Laboratories by 496.5% in the first quarter. Acrospire Investment Management LLC now owns 841 shares of the company’s stock worth $130,000 after buying an additional 700 shares in the last quarter. Global X Management Co. LLC increased its position in shares of IDEXX Laboratories by 44.6% in the first quarter. Global X Management Co. LLC now owns 1,047 shares of the company’s stock worth $162,000 after buying an additional 323 shares in the last quarter. Finally, IBM Retirement Fund increased its position in shares of IDEXX Laboratories by 29.0% in the second quarter. IBM Retirement Fund now owns 1,278 shares of the company’s stock worth $206,000 after buying an additional 287 shares in the last quarter. 89.80% of the stock is owned by 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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