IDEXX Laboratories (NASDAQ:IDXX) Raised to “Buy” at StockNews.com

IDEXX Laboratories (NASDAQ:IDXX) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Several other research analysts have also issued reports on IDXX. Barclays decreased their target price on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Piper Sandler reissued a “neutral” rating and set a $435.00 price objective (down previously from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. Stifel Nicolaus reduced their target price on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research note on Friday, October 11th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, IDEXX Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $552.38.

IDEXX Laboratories Stock Performance

Shares of IDXX stock opened at $421.75 on Thursday. The firm has a market capitalization of $34.53 billion, a price-to-earnings ratio of 40.67, a PEG ratio of 3.68 and a beta of 1.36. The stock has a fifty day moving average of $451.91 and a 200 day moving average of $478.11. IDEXX Laboratories has a 52 week low of $398.50 and a 52 week high of $583.39. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32.

IDEXX Laboratories (NASDAQ:IDXX) last posted its earnings results on Thursday, October 31st. The company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The firm had revenue of $975.50 million during the quarter, compared to analysts’ expectations of $980.32 million. During the same period last year, the company posted $2.53 EPS. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts expect that IDEXX Laboratories will post 10.43 earnings per share for the current year.

Insider Buying and Selling at IDEXX Laboratories

In other news, Director Sophie V. Vandebroek sold 344 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $420.44, for a total value of $144,631.36. Following the transaction, the director now owns 905 shares in the company, valued at approximately $380,498.20. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On IDEXX Laboratories

A number of hedge funds have recently added to or reduced their stakes in IDXX. American Trust bought a new stake in shares of IDEXX Laboratories in the 3rd quarter worth $757,000. Franklin Resources Inc. boosted its position in shares of IDEXX Laboratories by 2.5% during the third quarter. Franklin Resources Inc. now owns 1,412,700 shares of the company’s stock valued at $675,259,000 after buying an additional 34,305 shares during the last quarter. Tidal Investments LLC increased its holdings in IDEXX Laboratories by 7.6% in the 3rd quarter. Tidal Investments LLC now owns 6,310 shares of the company’s stock worth $3,188,000 after buying an additional 444 shares in the last quarter. Sanctuary Advisors LLC raised its position in IDEXX Laboratories by 20.4% in the 3rd quarter. Sanctuary Advisors LLC now owns 3,288 shares of the company’s stock worth $1,661,000 after buying an additional 558 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in IDEXX Laboratories by 1.9% in the 3rd quarter. Toronto Dominion Bank now owns 42,283 shares of the company’s stock worth $21,362,000 after buying an additional 808 shares during the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

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.