IDEXX Laboratories, Inc. (IDXX) Earns “Buy” Rating from Canaccord Genuity
IDEXX Laboratories, Inc. (NASDAQ:IDXX)‘s stock had its “buy” rating reaffirmed by equities research analysts at Canaccord Genuity in a research report issued to clients and investors on Tuesday. They currently have a $180.00 price objective on the stock. Canaccord Genuity’s price target would indicate a potential upside of 11.59% from the stock’s current price.
The analysts wrote, “Date and time of first dissemination: June 13, 2017, 12:32 ET Date and time of production: June 13, 2017, 12:32 ET Target Price / Valuation Methodology: IDEXX Laboratories – IDXX Valuation Framework. Our $180 PT uses a premium ~49x multiple on our 2018 adj. EPS estimate of $3.65 (+17% Y/Y). IDXX’ multiple is a premium to its 10-year median multiple of ~31x forward earnings (and 34x excluding the trough of the Great Recession), though we note the stock has traded north of 35x earnings in 2007, 2015, and since June 2016. Abaxis – ABAX Our $46 price target applies a 4.4x P/S multiple to our FY’18 revenue estimate of $240M and implies a 38x P/E multiple on our FY’18 adj.””
Other research analysts also recently issued research reports about the company. Zacks Investment Research raised IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a report on Tuesday. Stifel Nicolaus upped their price objective on IDEXX Laboratories from $150.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Finally, Aegis started coverage on IDEXX Laboratories in a report on Wednesday, May 31st. They set a “sell” rating and a $118.00 price objective on the stock. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $165.00.
IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings data on Friday, April 28th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.16. IDEXX Laboratories had a negative return on equity of 706.91% and a net margin of 13.47%. 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 prior year, the business earned $0.51 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year.
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In other news, Director Rebecca M. Henderson sold 1,700 shares of the stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $159.95, for a total value of $271,915.00. Following the transaction, the director now owns 21,552 shares of the company’s stock, valued at approximately $3,447,242.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Giovani Twigge sold 2,572 shares of the stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $166.90, for a total value of $429,266.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,272 shares of company stock worth $12,264,082. Company insiders own 2.77% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bronfman E.L. Rothschild L.P. increased its position in IDEXX Laboratories by 2.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 770 shares of the company’s stock worth $119,000 after buying an additional 17 shares during the period. Lourd Capital LLC increased its position in IDEXX Laboratories by 1.1% in the first quarter. Lourd Capital LLC now owns 3,277 shares of the company’s stock worth $507,000 after buying an additional 36 shares during the period. Fayez Sarofim & Co increased its position in IDEXX Laboratories by 1.4% in the first quarter. Fayez Sarofim & Co now owns 3,500 shares of the company’s stock worth $541,000 after buying an additional 50 shares during the period. HM Payson & Co. increased its position in IDEXX Laboratories by 0.4% in the first quarter. HM Payson & Co. now owns 21,091 shares of the company’s stock worth $3,260,000 after buying an additional 85 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in IDEXX Laboratories by 2.9% in the first quarter. Janney Montgomery Scott LLC now owns 3,130 shares of the company’s stock worth $484,000 after buying an additional 87 shares during the period. 89.06% 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.
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