Q3 2017 Earnings Estimate for IDEXX Laboratories, Inc. Issued By William Blair (IDXX)
IDEXX Laboratories, Inc. (NASDAQ:IDXX) – Investment analysts at William Blair lifted their Q3 2017 earnings per share estimates for IDEXX Laboratories in a research report issued on Friday. William Blair analyst R. Daniels now expects that the company will post earnings per share of $0.75 for the quarter, up from their prior estimate of $0.74. William Blair also issued estimates for IDEXX Laboratories’ FY2018 earnings at $3.52 EPS.
IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.10. IDEXX Laboratories had a net margin of 14.13% and a negative return on equity of 473.46%. The company had revenue of $508.90 million during the quarter, compared to the consensus estimate of $502.44 million. During the same period in the prior year, the firm earned $0.74 earnings per share. IDEXX Laboratories’s revenue was up 9.1% on a year-over-year basis.
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Other equities research analysts have also recently issued reports about the stock. BidaskClub cut shares of IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Canaccord Genuity reissued a “buy” rating and issued a $180.00 price objective on shares of IDEXX Laboratories in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $177.00 price objective for the company in a research report on Tuesday, June 13th. Finally, Stifel Nicolaus boosted their price objective on shares of IDEXX Laboratories from $150.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, May 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $173.80.
IDEXX Laboratories (NASDAQ:IDXX) opened at 150.44 on Monday. The company has a market capitalization of $13.13 billion, a P/E ratio of 51.75 and a beta of 0.49. IDEXX Laboratories has a 1-year low of $102.45 and a 1-year high of $173.01. The company has a 50-day moving average of $160.14 and a 200-day moving average of $156.81.
IDEXX Laboratories declared that its board has approved a stock repurchase program on Wednesday, May 3rd that permits the company to buyback 3,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Giovani Twigge sold 2,572 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $166.90, for a total value of $429,266.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lawrence D. Kingsley purchased 2,000 shares of the stock in a transaction dated Thursday, August 3rd. The stock was acquired 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 in the company, valued at approximately $507,485.44. The disclosure for this purchase can be found here. Insiders sold a total of 146,572 shares of company stock valued at $22,902,847 in the last ninety days. Corporate insiders own 2.77% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised 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 period. Vanguard Group Inc. raised 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 period. Koch Industries Inc. raised its position in IDEXX Laboratories by 44,533.1% in the second quarter. Koch Industries Inc. now owns 1,399,248 shares of the company’s stock valued at $1,391,000 after buying an additional 1,396,113 shares during the period. State Street Corp raised its position in 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 during the period. Finally, Janus Henderson Group PLC raised its position in IDEXX Laboratories by 486.4% in the second quarter. Janus Henderson Group PLC now owns 1,131,902 shares of the company’s stock valued at $182,711,000 after buying an additional 938,888 shares during the period. Hedge funds and other institutional investors own 89.42% of the company’s stock.
About IDEXX Laboratories
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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