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

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

A number of other brokerages have also recently commented on IDXX. Barclays reduced their price objective 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. raised their target price on IDEXX Laboratories from $600.00 to $630.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Piper Sandler lowered IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $525.00 target price on the stock. in a report on Tuesday, January 30th. The Goldman Sachs Group raised their target price on IDEXX Laboratories from $500.00 to $650.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Finally, William Blair restated an “outperform” rating on shares of IDEXX Laboratories in a report on Tuesday, April 9th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $580.88.

IDEXX Laboratories Stock Up 1.0 %

IDEXX Laboratories stock traded up $4.78 during mid-day trading on Thursday, reaching $480.60. The stock had a trading volume of 547,954 shares, compared to its average volume of 509,434. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.17 and a current ratio of 1.57. IDEXX Laboratories has a fifty-two week low of $372.50 and a fifty-two week high of $583.39. The stock’s 50-day simple moving average is $525.21 and its 200-day simple moving average is $512.07. 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.

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

Insider Buying and Selling

In related news, CFO Brian P. Mckeon sold 23,326 shares of IDEXX Laboratories stock in a transaction on 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 sale, the chief financial officer now directly owns 29,718 shares in the company, valued at $16,939,557.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other IDEXX Laboratories news, SVP George Fennell sold 8,198 shares of the business’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 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. Also, CFO Brian P. Mckeon sold 23,326 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total value of $13,296,053.26. Following the completion of the sale, the chief financial officer now owns 29,718 shares in the company, valued at $16,939,557.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,524 shares of company stock worth $24,871,960. 2.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On IDEXX Laboratories

Several hedge funds have recently made changes to their positions in the stock. McClarren Financial Advisors Inc. grew its position in shares of IDEXX Laboratories by 191.9% in the first quarter. McClarren Financial Advisors Inc. now owns 540 shares of the company’s stock valued at $292,000 after purchasing an additional 355 shares in the last quarter. Csenge Advisory Group grew its position in shares of IDEXX Laboratories by 21.4% in the first quarter. Csenge Advisory Group now owns 943 shares of the company’s stock valued at $509,000 after purchasing an additional 166 shares in the last quarter. TFB Advisors LLC purchased a new position in shares of IDEXX Laboratories in the first quarter valued at $294,000. Mediolanum International Funds Ltd purchased a new position in shares of IDEXX Laboratories in the first quarter valued at $10,092,000. Finally, Rehmann Capital Advisory Group grew its position in shares of IDEXX Laboratories by 3.1% in the first quarter. Rehmann Capital Advisory Group now owns 985 shares of the company’s stock valued at $532,000 after purchasing an additional 30 shares in 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.