Zacks Investment Research upgraded shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) from a hold rating to a buy rating in a report released on Tuesday, October 24th. Zacks Investment Research currently has $184.00 target price on the stock.
According to Zacks, “Over the last six months, IDEXX has been trading below the broader industry. Also, the company’s high dependence on third-party distributors and intense competition continue to pose threats. Moreover, with growing international expansion, the company's Companion Animal Diagnostics business is likely to suffer from adverse currency fluxes. The stock’s overvaluation is also a concern. On a positive note, IDEXX continues to demonstrate solid growth globally on strong international expansion. Management’s innovation-based global strategy is leading to CAG Diagnostics growth. Notably, IDEXX recently widened its cloud technology portfolio by adding rVetLink. Solid organic revenue growth along with a raised guidance for 2017 buoy optimism.”
Several other equities research analysts have also issued reports on the company. Stifel Nicolaus reiterated a buy rating and set a $185.00 price target on shares of IDEXX Laboratories in a report on Tuesday, October 24th. Canaccord Genuity reiterated a buy rating and set a $180.00 price target on shares of IDEXX Laboratories in a report on Friday, October 6th. Bank of America Corporation upgraded IDEXX Laboratories from a neutral rating to a buy rating and set a $175.00 price target for the company in a report on Wednesday, August 23rd. BidaskClub lowered IDEXX Laboratories from a buy rating to a hold rating in a report on Monday, July 31st. Finally, CL King upgraded IDEXX Laboratories from a neutral rating to a buy rating and set a $200.00 price target for the company in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $173.67.
Shares of IDEXX Laboratories (NASDAQ IDXX) traded down $2.51 during midday trading on Tuesday, reaching $147.68. The company’s stock had a trading volume of 525,000 shares, compared to its average volume of 557,359. IDEXX Laboratories has a 12-month low of $107.59 and a 12-month high of $173.01. The firm has a market cap of $12,880.50, a price-to-earnings ratio of 49.72, a PEG ratio of 2.23 and a beta of 0.46. The company has a debt-to-equity ratio of -12.48, a current ratio of 0.95 and a quick ratio of 0.77.
IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.05. The business had revenue of $492.00 million during the quarter, compared to analyst estimates of $492.94 million. IDEXX Laboratories had a negative return on equity of 336.64% and a net margin of 14.55%. The firm’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. equities research analysts forecast that IDEXX Laboratories will post 3.24 EPS for the current fiscal year.
In related news, CEO Jonathan W. Ayers sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $154.91, for a total value of $2,788,380.00. Following the transaction, the chief executive officer now directly owns 1,043,034 shares of the company’s stock, valued at approximately $161,576,396.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jonathan W. Ayers sold 58,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $155.00, for a total value of $8,990,000.00. Following the completion of the transaction, the chairman now directly owns 1,043,034 shares in the company, valued at $161,670,270. The disclosure for this sale can be found here. Insiders sold a total of 188,734 shares of company stock worth $28,954,266 over the last three months. 2.77% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. D.A. Davidson & CO. increased its position in IDEXX Laboratories by 160.4% in the 2nd quarter. D.A. Davidson & CO. now owns 625 shares of the company’s stock worth $100,000 after buying an additional 385 shares during the period. Sun Life Financial INC increased its position in IDEXX Laboratories by 9,085.7% in the 2nd quarter. Sun Life Financial INC now owns 643 shares of the company’s stock worth $104,000 after buying an additional 636 shares during the period. BB&T Investment Services Inc. bought a new position in IDEXX Laboratories in the 2nd quarter worth approximately $104,000. Capital Advisors Ltd. LLC bought a new position in IDEXX Laboratories in the 2nd quarter worth approximately $128,000. Finally, Global X Management Co. LLC increased its position in IDEXX Laboratories by 44.6% in the 1st 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 during the period. 87.71% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for IDEXX Laboratories Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IDEXX Laboratories Inc. and related companies with our FREE daily email newsletter.