IDEXX Laboratories, Inc. (IDXX) Stock Rating Upgraded by Zacks Investment Research
IDEXX Laboratories, Inc. (NASDAQ:IDXX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $184.00 target price on the stock. Zacks Investment Research‘s price target points to a potential upside of 11.90% from the company’s current price.
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.”
Other research analysts also recently issued reports about the company. Stifel Nicolaus restated a “buy” rating and issued a $185.00 price target on shares of IDEXX Laboratories in a research note on Tuesday. BidaskClub downgraded IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. 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 research note on Wednesday, August 23rd. 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 research note on Friday, July 28th. Finally, Canaccord Genuity restated a “buy” rating and issued a $180.00 price target on shares of IDEXX Laboratories in a research note on Tuesday, August 22nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. IDEXX Laboratories currently has a consensus rating of “Hold” and an average target price of $173.67.
Shares of IDEXX Laboratories (NASDAQ:IDXX) traded down 0.92% during midday trading on Tuesday, hitting $162.91. The company had a trading volume of 201,822 shares. The firm’s 50-day moving average is $158.46 and its 200-day moving average is $160.33. The firm has a market capitalization of $14.22 billion, a P/E ratio of 56.04 and a beta of 0.48. IDEXX Laboratories has a 12-month low of $102.45 and a 12-month high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.10. The business had revenue of $508.90 million during the quarter, compared to the consensus estimate of $502.44 million. IDEXX Laboratories had a negative return on equity of 473.46% and a net margin of 14.13%. IDEXX Laboratories’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company earned $0.74 earnings per share. On average, analysts predict that IDEXX Laboratories will post $3.18 earnings per share for the current fiscal year.
In other news, Chairman Jonathan W. Ayers sold 58,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $155.00, for a total value of $8,990,000.00. Following the completion of the sale, the chairman now directly owns 1,043,034 shares of the company’s stock, valued at $161,670,270. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rebecca M. Henderson sold 5,156 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $153.29, for a total value of $790,363.24. Following the completion of the sale, the director now directly owns 17,274 shares of the company’s stock, valued at $2,647,931.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 151,734 shares of company stock valued at $23,436,626. Insiders own 2.77% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of IDEXX Laboratories by 4.0% in the second quarter. Vanguard Group Inc. now owns 9,264,579 shares of the company’s stock valued at $1,495,488,000 after buying an additional 354,024 shares during the last quarter. BlackRock Inc. lifted its position in shares of IDEXX Laboratories by 10.5% in the second quarter. BlackRock Inc. now owns 7,100,374 shares of the company’s stock valued at $1,146,142,000 after buying an additional 673,347 shares during the last quarter. Koch Industries Inc. lifted its position in shares of IDEXX Laboratories by 44,533.1% in the second quarter. Koch Industries Inc. now owns 1,399,248 shares of the company’s stock valued at $1,391,000 after buying an additional 1,396,113 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of IDEXX Laboratories by 38.6% in the second quarter. Renaissance Technologies LLC now owns 1,351,900 shares of the company’s stock valued at $218,224,000 after buying an additional 376,300 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of IDEXX Laboratories by 42.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,310,660 shares of the company’s stock valued at $211,567,000 after buying an additional 392,790 shares during the last quarter. 87.59% of the stock is 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.
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