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

StockNews.com upgraded shares of IDEXX Laboratories (NASDAQ:IDXX) from a hold rating to a buy rating in a research report sent to investors on Friday.

Several other research analysts have also commented on the stock. William Blair restated an outperform rating on shares of IDEXX Laboratories in a report on Tuesday, April 9th. Morgan Stanley cut their price target on shares of IDEXX Laboratories from $620.00 to $596.00 and set an overweight rating on the stock in a report on Tuesday, May 14th. Finally, Barclays cut their price target on shares of IDEXX Laboratories from $655.00 to $570.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $580.38.

IDEXX Laboratories Price Performance

NASDAQ:IDXX opened at $504.33 on Friday. The firm has a market cap of $41.65 billion, a price-to-earnings ratio of 48.82, a price-to-earnings-growth ratio of 4.11 and a beta of 1.33. The company has a current ratio of 1.57, a quick ratio of 1.16 and a debt-to-equity ratio of 0.40. The company’s 50-day moving average is $501.32 and its two-hundred day moving average is $528.58. IDEXX Laboratories has a 12-month low of $372.50 and a 12-month high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.13. The business had revenue of $964.10 million for the quarter, compared to analyst estimates of $965.43 million. IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. Research analysts expect that IDEXX Laboratories will post 11.03 EPS for the current year.

Insider Transactions at IDEXX Laboratories

In other news, Director Bruce L. Claflin sold 200 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $540.80, for a total transaction of $108,160.00. Following the completion of the sale, the director now owns 161 shares of the company’s stock, valued at $87,068.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.18% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Hedge funds have recently added to or reduced their stakes in the business. Valley National Advisers Inc. boosted its holdings in IDEXX Laboratories by 84.6% in the fourth quarter. Valley National Advisers Inc. now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 22 shares during the period. Riverview Trust Co acquired a new position in IDEXX Laboratories in the first quarter worth $26,000. Crewe Advisors LLC acquired a new position in IDEXX Laboratories in the first quarter worth $26,000. Geo Capital Gestora de Recursos Ltd acquired a new position in IDEXX Laboratories in the third quarter worth $28,000. Finally, Covestor Ltd boosted its holdings in IDEXX Laboratories by 71.8% in the third quarter. Covestor Ltd now owns 67 shares of the company’s stock worth $29,000 after purchasing an additional 28 shares during the period. Institutional investors and hedge funds own 87.84% of the company’s stock.

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.