IDEXX Laboratories (NASDAQ:IDXX) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of IDEXX Laboratories (NASDAQ:IDXX) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

A number of other research firms have also weighed in on IDXX. William Blair reaffirmed an outperform rating on shares of IDEXX Laboratories in a research note on Tuesday, April 9th. JPMorgan Chase & Co. upped their price objective on shares of IDEXX Laboratories from $600.00 to $630.00 and gave the stock an overweight rating in a research note on Tuesday, February 6th. Piper Sandler lowered shares of IDEXX Laboratories from an overweight rating to a neutral rating and set a $525.00 price objective for the company. in a research note on Tuesday, January 30th. Barclays decreased their price target on shares of IDEXX Laboratories from $655.00 to $570.00 and set an overweight rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group increased their price target on shares of IDEXX Laboratories from $500.00 to $650.00 and gave the company a buy rating in a research report on Wednesday, January 17th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, IDEXX Laboratories has a consensus rating of Moderate Buy and a consensus price target of $580.88.

IDEXX Laboratories Trading Up 1.0 %

Shares of IDXX traded up $4.78 during trading hours on Thursday, reaching $480.60. 547,954 shares of the company traded hands, compared to its average volume of 509,434. The firm has a market cap of $39.69 billion, a price-to-earnings ratio of 46.52, a PEG ratio of 3.78 and a beta of 1.27. IDEXX Laboratories has a 12-month low of $372.50 and a 12-month high of $583.39. The company has a current ratio of 1.57, a quick ratio of 1.17 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average price is $523.29 and its 200 day moving average price is $512.43.

IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Monday, February 5th. The company reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.20. IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. The firm had revenue of $901.60 million during the quarter, compared to analyst estimates of $891.88 million. During the same period in the previous year, the firm earned $2.05 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. Sell-side analysts forecast that IDEXX Laboratories will post 11.05 earnings per share for the current year.

Insider Activity

In other news, SVP George Fennell sold 8,198 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $573.87, for a total transaction of $4,704,586.26. Following the transaction, the senior vice president now owns 6,712 shares in the company, valued at $3,851,815.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Brian P. Mckeon sold 23,326 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total transaction of $13,296,053.26. Following the transaction, the chief financial officer now owns 29,718 shares in the company, valued at $16,939,557.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP George Fennell sold 8,198 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $573.87, for a total transaction of $4,704,586.26. Following the transaction, the senior vice president now owns 6,712 shares in the company, valued at approximately $3,851,815.44. The disclosure for this sale can be found here. Insiders have sold a total of 43,524 shares of company stock worth $24,871,960 over the last 90 days. 2.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IDEXX Laboratories

Several hedge funds and other institutional investors have recently bought and sold shares of IDXX. OFI Invest Asset Management acquired a new position in IDEXX Laboratories in the 3rd quarter worth approximately $25,000. Valley National Advisers Inc. increased its holdings in IDEXX Laboratories by 84.6% in the 4th quarter. Valley National Advisers Inc. now owns 48 shares of the company’s stock worth $26,000 after buying an additional 22 shares during the period. Riverview Trust Co acquired a new position in IDEXX Laboratories in the 1st quarter worth approximately $26,000. Geo Capital Gestora de Recursos Ltd acquired a new stake in shares of IDEXX Laboratories during the 3rd quarter worth approximately $28,000. Finally, Covestor Ltd grew its stake in shares of IDEXX Laboratories by 71.8% during the 3rd quarter. Covestor Ltd now owns 67 shares of the company’s stock worth $29,000 after purchasing an additional 28 shares during the period. Institutional investors and hedge funds own 87.84% of the company’s stock.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.