IDEXX Laboratories (NASDAQ:IDXX) Rating Lowered to Hold at StockNews.com

IDEXX Laboratories (NASDAQ:IDXX) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

A number of other research analysts have also commented on IDXX. William Blair restated an “outperform” rating on shares of IDEXX Laboratories in a research note on Tuesday, April 9th. Piper Sandler lowered IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $525.00 target price for the company. in a research note on Tuesday, January 30th. Barclays cut their target price on IDEXX Laboratories from $655.00 to $570.00 and set an “overweight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. upped their target price on IDEXX Laboratories from $600.00 to $630.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Finally, The Goldman Sachs Group increased their price objective on IDEXX Laboratories from $500.00 to $650.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, IDEXX Laboratories has an average rating of “Moderate Buy” and a consensus price target of $580.88.

IDEXX Laboratories Stock Performance

Shares of IDXX traded up $4.78 during mid-day trading on Thursday, hitting $480.60. The company’s stock had a trading volume of 547,954 shares, compared to its average volume of 509,434. IDEXX Laboratories has a one year low of $372.50 and a one year high of $583.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.17 and a current ratio of 1.57. The firm has a market capitalization of $39.69 billion, a PE ratio of 46.52, a price-to-earnings-growth ratio of 3.74 and a beta of 1.27. The stock’s 50-day moving average is $525.21 and its two-hundred day moving average is $512.07.

IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings data on Monday, February 5th. The company reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.20. IDEXX Laboratories had a return on equity of 63.66% and a net margin of 23.26%. The company had revenue of $901.60 million during the quarter, compared to analysts’ expectations of $891.88 million. During the same period in the prior year, the business earned $2.05 earnings per share. IDEXX Laboratories’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that IDEXX Laboratories will post 11.06 EPS for the current year.

Insider Activity

In other news, SVP George Fennell sold 8,198 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $573.87, for a total value of $4,704,586.26. Following the completion of the sale, the senior vice president now directly owns 6,712 shares in the company, valued at $3,851,815.44. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other IDEXX Laboratories news, CFO Brian P. Mckeon sold 23,326 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $570.01, for a total transaction of $13,296,053.26. Following the transaction, the chief financial officer now owns 29,718 shares in the company, valued at $16,939,557.18. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP George Fennell sold 8,198 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $573.87, for a total value of $4,704,586.26. Following the transaction, the senior vice president now owns 6,712 shares in the company, valued at approximately $3,851,815.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,524 shares of company stock worth $24,871,960. 2.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IDEXX Laboratories

A number of hedge funds and other institutional investors have recently bought and sold shares of IDXX. OFI Invest Asset Management bought a new stake in shares of IDEXX Laboratories during the 3rd quarter worth approximately $25,000. Valley National Advisers Inc. raised its stake in shares of IDEXX Laboratories by 84.6% during the 4th quarter. Valley National Advisers Inc. now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 22 shares in the last quarter. Riverview Trust Co bought a new stake in shares of IDEXX Laboratories during the 1st quarter worth approximately $26,000. Geo Capital Gestora de Recursos Ltd acquired a new position in shares of IDEXX Laboratories during the 3rd quarter worth approximately $28,000. Finally, Covestor Ltd increased its holdings in shares of IDEXX Laboratories by 71.8% during the 3rd quarter. Covestor Ltd now owns 67 shares of the company’s stock worth $29,000 after acquiring an additional 28 shares during the last quarter. Institutional investors and hedge funds own 87.84% of the company’s stock.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.