IDEXX Laboratories (NASDAQ:IDXX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage presently has a $255.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.14% from the stock’s previous close.
According to Zacks, “IDEXX Laboratory's organic revenue growth trail continues to remain robust. CAG business remains strong fueled by global Catalyst One uptake. The companion animal market fundamentals remain solid with tremendous global runway for growth. IDEXX’ innovation-based, multi-modality global strategy, enabled by enhanced commercial capability accelerated recurring CAG Diagnostics revenue growth. Moreover, the strong top-line growth in the last-reported first quarter 2018 was driven by considerable contributions from the rest of the business segments. A raised EPS guidance for 2018 was also encouraging. Over the past three months, IDEXX has been outperforming its industry. On the flip side, the news of Henry Schein’s decision to spin out its animal health business raises concern. This wing will merge with IDEXX’ peer Vet First Choice giving the company a tough competition.”
Several other equities analysts have also commented on the company. BidaskClub raised IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 15th. Credit Suisse Group boosted their price target on IDEXX Laboratories from $209.00 to $228.00 and gave the stock an “outperform” rating in a research report on Friday, June 1st. Canaccord Genuity reissued a “positive” rating and set a $215.00 price target on shares of IDEXX Laboratories in a research report on Monday, May 7th. Stifel Nicolaus boosted their price target on IDEXX Laboratories from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, May 7th. Finally, ValuEngine upgraded IDEXX Laboratories from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. IDEXX Laboratories has an average rating of “Buy” and an average target price of $222.00.
IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings results on Friday, May 4th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.92 by $0.09. The firm had revenue of $537.60 million for the quarter, compared to analyst estimates of $525.14 million. IDEXX Laboratories had a negative return on equity of 530.24% and a net margin of 13.87%. IDEXX Laboratories’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 EPS. sell-side analysts expect that IDEXX Laboratories will post 4.17 EPS for the current year.
In other IDEXX Laboratories news, insider Giovani Twigge sold 1,626 shares of IDEXX Laboratories stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $204.37, for a total transaction of $332,305.62. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William T. End sold 9,470 shares of IDEXX Laboratories stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $208.36, for a total value of $1,973,169.20. Following the sale, the director now owns 31,786 shares in the company, valued at $6,622,930.96. The disclosure for this sale can be found here. Insiders have sold a total of 11,571 shares of company stock worth $2,405,215 over the last 90 days. 2.56% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Signaturefd LLC bought a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $105,000. Three Peaks Capital Management LLC bought a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $108,000. Optimum Investment Advisors bought a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $139,000. Financial Gravity Wealth Inc. bought a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $191,000. Finally, W.G. Shaheen & Associates DBA Whitney & Co bought a new stake in shares of IDEXX Laboratories in the 1st quarter valued at approximately $191,000. Institutional investors and hedge funds own 86.28% of the company’s stock.
About IDEXX Laboratories
IDEXX Laboratories, Inc, together with its subsidiaries, develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. It operates through Companion Animal Group; Water Quality Products; Livestock, Poultry and Dairy; and Other segments.
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