IDEXX Laboratories (NASDAQ:IDXX) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of IDEXX Laboratories (NASDAQ:IDXX) from a hold rating to a buy rating in a report issued on Thursday.

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

IDEXX Laboratories Trading Up 1.1 %

Shares of IDXX opened at $421.76 on Thursday. The stock’s fifty day simple moving average is $453.61 and its 200-day simple moving average is $478.67. The firm has a market capitalization of $34.54 billion, a PE ratio of 40.67, a price-to-earnings-growth ratio of 3.74 and a beta of 1.36. 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 has a 12-month low of $398.50 and a 12-month high of $583.39.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Franklin Resources Inc. boosted its position in 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 purchasing an additional 34,305 shares during the last quarter. Tidal Investments LLC boosted its position in IDEXX Laboratories by 7.6% during the third quarter. Tidal Investments LLC now owns 6,310 shares of the company’s stock valued at $3,188,000 after purchasing an additional 444 shares during the last quarter. Sanctuary Advisors LLC boosted its position in IDEXX Laboratories by 20.4% during the third quarter. Sanctuary Advisors LLC now owns 3,288 shares of the company’s stock valued at $1,661,000 after purchasing an additional 558 shares during the last quarter. Toronto Dominion Bank boosted its position in IDEXX Laboratories by 1.9% during the third quarter. Toronto Dominion Bank now owns 42,283 shares of the company’s stock valued at $21,362,000 after purchasing an additional 808 shares during the last quarter. Finally, Coldstream Capital Management Inc. boosted its position in IDEXX Laboratories by 7.9% during the third quarter. Coldstream Capital Management Inc. now owns 1,579 shares of the company’s stock valued at $787,000 after purchasing an additional 115 shares during the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

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.