IDEXX Laboratories, Inc. (NASDAQ:IDXX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, October 18th.
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.”
Several other equities research analysts have also issued reports on the stock. CL King raised shares of IDEXX Laboratories from a “neutral” rating to a “buy” rating and set a $200.00 target price for the company in a report on Friday, July 28th. Stifel Nicolaus restated a “buy” rating and issued a $185.00 price target on shares of IDEXX Laboratories in a research note on Friday, July 14th. BidaskClub downgraded IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Canaccord Genuity restated a “buy” rating and issued a $180.00 price target on shares of IDEXX Laboratories in a research note on Friday, October 6th. Finally, Bank of America Corporation upgraded IDEXX Laboratories from a “neutral” rating to a “buy” rating and set a $175.00 target price for the company in a research report on Wednesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $173.67.
IDEXX Laboratories (NASDAQ:IDXX) traded up 2.51% on Wednesday, hitting $168.37. 447,737 shares of the stock traded hands. IDEXX Laboratories has a 52 week low of $102.45 and a 52 week high of $173.01. The stock has a 50 day moving average of $159.24 and a 200 day moving average of $160.52. The firm has a market capitalization of $14.69 billion, a PE ratio of 57.92 and a beta of 0.48.
IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.10. IDEXX Laboratories had a net margin of 14.13% and a negative return on equity of 473.46%. The firm had revenue of $508.90 million during the quarter, compared to analyst estimates of $502.44 million. During the same quarter in the prior year, the firm earned $0.74 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities research analysts anticipate that IDEXX Laboratories will post $3.18 earnings per share for the current year.
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In related news, Director Lawrence D. Kingsley bought 2,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were bought at an average price of $151.76 per share, for a total transaction of $303,520.00. Following the completion of the purchase, the director now directly owns 3,344 shares of the company’s stock, valued at $507,485.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Jonathan W. Ayers sold 13,000 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $150.79, for a total value of $1,960,270.00. Following the completion of the sale, the chairman now directly owns 1,044,034 shares of the company’s stock, valued at approximately $157,429,886.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 151,734 shares of company stock worth $23,436,626. Insiders own 2.77% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of IDXX. D.A. Davidson & CO. lifted its holdings in shares of IDEXX Laboratories by 160.4% during the second quarter. D.A. Davidson & CO. now owns 625 shares of the company’s stock worth $100,000 after purchasing an additional 385 shares during the period. Sun Life Financial INC lifted its holdings in shares of IDEXX Laboratories by 9,085.7% during the second quarter. Sun Life Financial INC now owns 643 shares of the company’s stock worth $104,000 after purchasing an additional 636 shares during the period. BB&T Investment Services Inc. acquired a new stake in shares of IDEXX Laboratories during the second quarter worth about $104,000. Capital Advisors Ltd. LLC acquired a new stake in shares of IDEXX Laboratories during the second quarter worth about $128,000. Finally, Global X Management Co. LLC lifted its holdings in shares of IDEXX Laboratories by 44.6% during the first quarter. Global X Management Co. LLC now owns 1,047 shares of the company’s stock worth $162,000 after purchasing an additional 323 shares during the period. 87.59% of the stock is owned by institutional investors and hedge funds.
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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