Leerink Partnrs Upgrades IDEXX Laboratories (NASDAQ:IDXX) to Strong-Buy

IDEXX Laboratories (NASDAQ:IDXX) was upgraded by stock analysts at Leerink Partnrs to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

IDXX has been the subject of a number of other research reports. Leerink Partners initiated coverage on shares of IDEXX Laboratories in a research report on Monday. They set an “outperform” rating and a $500.00 target price for the company. StockNews.com raised IDEXX Laboratories from a “hold” rating to a “buy” rating in a research note on Thursday, November 28th. Piper Sandler restated a “neutral” rating and set a $435.00 price objective (down previously from $520.00) on shares of IDEXX Laboratories in a report on Monday, November 4th. Stifel Nicolaus decreased their price objective on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a report on Thursday, October 10th. Finally, Barclays lowered their price objective on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $546.56.

IDEXX Laboratories Stock Performance

Shares of IDEXX Laboratories stock opened at $430.77 on Monday. The company’s 50 day moving average price is $451.91 and its two-hundred day moving average price is $477.31. The firm has a market capitalization of $35.27 billion, a P/E ratio of 41.54, a P/E/G ratio of 3.68 and a beta of 1.37. IDEXX Laboratories has a fifty-two week low of $398.50 and a fifty-two week high of $583.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.42 and a quick ratio of 1.03.

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

Insider Activity

In other news, Director Sophie V. Vandebroek sold 344 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $420.44, for a total transaction of $144,631.36. Following the completion of the transaction, the director now directly owns 905 shares of the company’s stock, valued at $380,498.20. This represents a 27.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.11% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Several institutional investors have recently bought and sold shares of IDXX. FSA Wealth Management LLC bought a new position in shares of IDEXX Laboratories during the 3rd quarter worth $25,000. Ridgewood Investments LLC bought a new position in IDEXX Laboratories during the second quarter worth about $27,000. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of IDEXX Laboratories by 5,700.0% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company’s stock worth $29,000 after purchasing an additional 57 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC raised its position in shares of IDEXX Laboratories by 750.0% in the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 68 shares of the company’s stock valued at $34,000 after purchasing an additional 60 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of IDEXX Laboratories during the 3rd quarter valued at approximately $37,000. Hedge funds and other institutional investors 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.