Idexx Laboratories Inc. (IDXX) Stock Rating Lowered by Zacks Investment Research
According to Zacks, “IDEXX's continued strong instrument placements, global lab momentum reflecting leverage of expanded commercial capability as well as strong test menu expansion remained as the key highlights for the company's business in the first half of 2016. The company’s raised guidance for 2016 also buoys optimism. Also, IDEXX' trend of consistent share buybacks for the past few quarters reflects its strong free cash flow reserve as well as management’s success in optimizing IDEXX’s capital structure. However, foreign currency fluctuations are expected to consistently hurt IDEXX’s operating results, although lower than the extent as expected before. Also, high dependence on third-party distributors and intense competition continue to pose threats.”
A number of other research analysts have also recently issued reports on IDXX. Canaccord Genuity lifted their target price on Idexx Laboratories from $90.00 to $98.00 and gave the company a buy rating in a research report on Wednesday, July 20th. Northcoast Research upgraded Idexx Laboratories from a sell rating to a neutral rating in a report on Wednesday, August 3rd. Stifel Nicolaus restated a buy rating and set a $120.00 price target (up from $92.00) on shares of Idexx Laboratories in a report on Wednesday, August 3rd. Finally, Bank of America Corp. restated a neutral rating on shares of Idexx Laboratories in a report on Thursday, September 29th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $105.20.
Shares of Idexx Laboratories (NASDAQ:IDXX) opened at 115.32 on Tuesday. Idexx Laboratories has a 1-year low of $63.48 and a 1-year high of $115.52. The company’s 50-day moving average price is $111.89 and its 200-day moving average price is $95.33. The company has a market capitalization of $10.33 billion, a PE ratio of 52.28 and a beta of 0.41.
Idexx Laboratories (NASDAQ:IDXX) last released its earnings results on Tuesday, August 2nd. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.12. Idexx Laboratories had a negative return on equity of 414.67% and a net margin of 11.94%. The firm had revenue of $467 million for the quarter, compared to analysts’ expectations of $444.83 million. During the same quarter in the previous year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts expect that Idexx Laboratories will post $2.36 earnings per share for the current fiscal year.
In related news, insider Michael J. Phd Williams sold 49,560 shares of Idexx Laboratories stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $108.94, for a total value of $5,399,066.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Rebecca M. Henderson sold 9,924 shares of Idexx Laboratories stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $110.43, for a total value of $1,095,907.32. Following the completion of the transaction, the director now directly owns 16,678 shares in the company, valued at $1,841,751.54. The disclosure for this sale can be found here. 2.79% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Williams Jones & Associates LLC bought a new position in Idexx Laboratories during the second quarter worth approximately $61,058,000. BlackRock Institutional Trust Company N.A. raised its position in shares of Idexx Laboratories by 24.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,268,627 shares of the company’s stock valued at $303,525,000 after buying an additional 651,138 shares during the period. Fiera Capital Corp acquired a new position in shares of Idexx Laboratories during the second quarter valued at about $43,771,000. State Street Corp raised its position in shares of Idexx Laboratories by 18.0% in the second quarter. State Street Corp now owns 2,770,661 shares of the company’s stock valued at $257,287,000 after buying an additional 422,021 shares during the period. Finally, BlackRock Group LTD raised its position in shares of Idexx Laboratories by 291.6% in the second quarter. BlackRock Group LTD now owns 509,227 shares of the company’s stock valued at $47,288,000 after buying an additional 379,179 shares during the period. 91.58% of the stock is currently owned by institutional investors.
Idexx Laboratories Company Profile
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