IDEXX Laboratories (NASDAQ:IDXX) Reaches New 12-Month High After Strong Earnings

IDEXX Laboratories, Inc. (NASDAQ:IDXX)’s share price hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $688.12 and last traded at $682.78, with a volume of 3331515 shares changing hands. The stock had previously closed at $535.54.

The company reported $3.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.28 by $0.35. IDEXX Laboratories had a net margin of 22.76% and a return on equity of 57.35%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the company earned $2.44 EPS. IDEXX Laboratories’s quarterly revenue was up 10.6% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of IDEXX Laboratories from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th. Leerink Partners upped their price objective on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, July 17th. Stifel Nicolaus upped their target price on shares of IDEXX Laboratories from $510.00 to $540.00 and gave the stock a “hold” rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. upped their target price on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Morgan Stanley upped their target price on shares of IDEXX Laboratories from $548.00 to $558.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, IDEXX Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $570.38.

Insider Buying and Selling

In other IDEXX Laboratories news, Director M Anne Szostak sold 1,260 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $512.34, for a total transaction of $645,548.40. Following the completion of the transaction, the director owned 1,801 shares of the company’s stock, valued at approximately $922,724.34. This trade represents a 41.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.98% of the stock is owned by insiders.

Hedge Funds Weigh In On IDEXX Laboratories

Several large investors have recently modified their holdings of IDXX. Resona Asset Management Co. Ltd. purchased a new position in shares of IDEXX Laboratories in the 4th quarter worth about $10,503,000. Russell Investments Group Ltd. increased its holdings in IDEXX Laboratories by 39.5% in the 4th quarter. Russell Investments Group Ltd. now owns 70,314 shares of the company’s stock worth $29,066,000 after buying an additional 19,917 shares in the last quarter. Federated Hermes Inc. increased its holdings in IDEXX Laboratories by 3.1% in the 4th quarter. Federated Hermes Inc. now owns 57,979 shares of the company’s stock worth $23,971,000 after buying an additional 1,725 shares in the last quarter. Cerity Partners LLC increased its holdings in IDEXX Laboratories by 4.3% in the 4th quarter. Cerity Partners LLC now owns 11,395 shares of the company’s stock worth $5,073,000 after buying an additional 471 shares in the last quarter. Finally, Bell Asset Management Ltd bought a new stake in IDEXX Laboratories in the 4th quarter worth about $4,634,000. Hedge funds and other institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Price Performance

The firm has a fifty day moving average of $534.93 and a 200 day moving average of $473.95. The company has a market capitalization of $54.91 billion, a P/E ratio of 63.10, a P/E/G ratio of 3.81 and a beta of 1.49. The company has a current ratio of 1.16, a quick ratio of 0.81 and a debt-to-equity ratio of 0.31.

IDEXX Laboratories Company Profile

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.