Brokerages Anticipate IDEXX Laboratories, Inc. (IDXX) Will Announce Quarterly Sales of $500.78 Million
Analysts predict that IDEXX Laboratories, Inc. (NASDAQ:IDXX) will report sales of $500.78 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for IDEXX Laboratories’ earnings, with the lowest sales estimate coming in at $497.80 million and the highest estimate coming in at $503.14 million. IDEXX Laboratories posted sales of $466.57 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.3%. The company is expected to issue its next quarterly earnings report before the market opens on Tuesday, August 1st.
According to Zacks, analysts expect that IDEXX Laboratories will report full-year sales of $500.78 million for the current year, with estimates ranging from $1.93 billion to $1.94 billion. For the next financial year, analysts forecast that the company will report sales of $2.11 billion per share, with estimates ranging from $2.06 billion to $2.14 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for IDEXX Laboratories.
IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Friday, April 28th. The company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.16. The company had revenue of $462 million for the quarter, compared to analysts’ expectations of $455.10 million. IDEXX Laboratories had a net margin of 13.47% and a negative return on equity of 706.91%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.51 earnings per share.
A number of equities research analysts have weighed in on IDXX shares. BidaskClub downgraded shares of IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Canaccord Genuity reiterated a “buy” rating and set a $180.00 price target on shares of IDEXX Laboratories in a research note on Tuesday, June 13th. Zacks Investment Research upgraded shares of IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a research note on Tuesday, June 13th. Finally, Stifel Nicolaus lifted their price target on shares of IDEXX Laboratories from $150.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. IDEXX Laboratories has a consensus rating of “Hold” and an average price target of $167.25.
In related news, Chairman Jonathan W. Ayers sold 26,000 shares of IDEXX Laboratories stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $160.61, for a total value of $4,175,860.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rebecca M. Henderson sold 1,700 shares of IDEXX Laboratories stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $159.95, for a total value of $271,915.00. Following the completion of the transaction, the director now directly owns 21,552 shares of the company’s stock, valued at $3,447,242.40. The disclosure for this sale can be found here. Insiders sold a total of 75,272 shares of company stock worth $12,264,082 in the last 90 days. 2.77% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. boosted 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 in the last quarter. Acrospire Investment Management LLC boosted its position in IDEXX Laboratories by 496.5% in the first quarter. Acrospire Investment Management LLC now owns 841 shares of the company’s stock worth $130,000 after buying an additional 700 shares in the last quarter. Global X Management Co. LLC boosted its position in IDEXX Laboratories by 44.6% in the first 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 in the last quarter. Flagship Harbor Advisors LLC acquired a new position in IDEXX Laboratories during the first quarter worth about $200,000. Finally, Kornitzer Capital Management Inc. KS acquired a new position in IDEXX Laboratories during the first quarter worth about $209,000. 88.98% of the stock is owned by institutional investors and hedge funds.
Shares of IDEXX Laboratories (NASDAQ IDXX) opened at 167.78 on Thursday. The firm has a market capitalization of $14.79 billion, a PE ratio of 62.16 and a beta of 0.48. IDEXX Laboratories has a one year low of $92.52 and a one year high of $173.01. The firm’s 50 day moving average is $164.61 and its 200-day moving average is $151.36.
IDEXX Laboratories announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 3rd that permits the company to repurchase 3,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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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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