IDEXX Laboratories, Inc. (IDXX) Downgraded by Zacks Investment Research
IDEXX Laboratories, Inc. (NASDAQ:IDXX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “IDEXX 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. This has been reflected through IDEXX’s share price trend too. While over the last three months, the company was trading above the broader Medical Instruments industry, we expect the same to continue post the first quarter impressive show. 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.”
Several other equities analysts also recently commented on IDXX. Canaccord Genuity set a $125.00 target price on shares of IDEXX Laboratories and gave the stock a “buy” rating in a report on Monday, January 23rd. Feltl & Co. downgraded shares of IDEXX Laboratories from a “hold” rating to a “sell” rating in a research note on Friday, February 3rd. Finally, Stifel Nicolaus upped their price target 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. IDEXX Laboratories currently has an average rating of “Hold” and an average price target of $182.00.
IDEXX Laboratories (NASDAQ:IDXX) traded up 0.02% during mid-day trading on Friday, hitting $161.63. 470,595 shares of the stock traded hands. IDEXX Laboratories has a 12 month low of $85.98 and a 12 month high of $172.00. The company’s 50 day moving average is $159.46 and its 200 day moving average is $136.06. The company has a market cap of $14.24 billion, a P/E ratio of 59.89 and a beta of 0.48.
IDEXX Laboratories (NASDAQ:IDXX) last released its earnings results on Friday, April 28th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.61 by $0.16. IDEXX Laboratories had a net margin of 12.51% and a negative return on equity of 671.57%. The firm had revenue of $462 million for the quarter, compared to the consensus estimate of $455.10 million. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, analysts expect that IDEXX Laboratories will post $3.05 earnings per share for the current fiscal year.
In related news, Director Rebecca M. Henderson sold 1,700 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $159.95, for a total transaction of $271,915.00. Following the sale, the director now owns 21,552 shares of the company’s stock, valued at $3,447,242.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Jonathan W. Ayers sold 27,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $162.69, for a total transaction of $4,392,630.00. Following the sale, the chairman now directly owns 1,024,994 shares in the company, valued at approximately $166,756,273.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 89,700 shares of company stock worth $13,830,705. 2.79% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in IDEXX Laboratories by 24.3% in the first quarter. Vanguard Group Inc. now owns 8,910,555 shares of the company’s stock worth $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 worth $993,680,000 after buying an additional 6,116,102 shares during the period. Price T Rowe Associates Inc. MD boosted its position in 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 worth $512,492,000 after buying an additional 14,294 shares during the period. State Street Corp boosted 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 worth $604,793,000 after buying an additional 1,089,880 shares during the period. Finally, Renaissance Technologies LLC boosted its position in IDEXX Laboratories by 59.1% in the first quarter. Renaissance Technologies LLC now owns 975,600 shares of the company’s stock worth $150,838,000 after buying an additional 362,400 shares during the period. 91.42% of the stock is currently 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.
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 MarketBeat.com's FREE daily email newsletter.