IDEXX Laboratories (NASDAQ:IDXX) Sets New 1-Year High on Strong Earnings

IDEXX Laboratories, Inc. (NASDAQ:IDXX)’s stock price hit a new 52-week high on Monday following a stronger than expected earnings report. The stock traded as high as $733.52 and last traded at $718.6060, with a volume of 167718 shares trading hands. The stock had previously closed at $629.51.

The company reported $3.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.14 by $0.26. IDEXX Laboratories had a net margin of 24.41% and a return on equity of 64.42%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm posted $2.80 earnings per share. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. IDEXX Laboratories has set its FY 2025 guidance at 12.810-13.010 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. BTIG Research increased their price objective on shares of IDEXX Laboratories from $545.00 to $785.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Weiss Ratings restated a “buy (b-)” rating on shares of IDEXX Laboratories in a report on Wednesday, October 8th. Piper Sandler reiterated a “neutral” rating and set a $700.00 price target (up from $510.00) on shares of IDEXX Laboratories in a research note on Monday, August 11th. Stifel Nicolaus set a $775.00 price objective on shares of IDEXX Laboratories in a research note on Monday. Finally, Leerink Partners set a $785.00 price objective on shares of IDEXX Laboratories in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $688.50.

Insider Buying and Selling

In other news, EVP Nimrata Hunt sold 7,143 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $630.43, for a total value of $4,503,161.49. Following the transaction, the executive vice president directly owned 18,007 shares in the company, valued at approximately $11,352,153.01. This trade represents a 28.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sharon E. Underberg sold 5,450 shares of IDEXX Laboratories stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $651.60, for a total transaction of $3,551,220.00. Following the completion of the sale, the executive vice president owned 6,156 shares in the company, valued at approximately $4,011,249.60. This represents a 46.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 54,057 shares of company stock worth $34,293,468. Company insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Several hedge funds have recently made changes to their positions in the business. Opal Wealth Advisors LLC acquired a new stake in shares of IDEXX Laboratories during the second quarter worth approximately $29,000. WealthCollab LLC bought a new position in IDEXX Laboratories during the second quarter worth $30,000. J.Safra Asset Management Corp bought a new stake in IDEXX Laboratories in the 3rd quarter valued at $31,000. Armstrong Advisory Group Inc. increased its holdings in IDEXX Laboratories by 55.9% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 53 shares of the company’s stock valued at $34,000 after buying an additional 19 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in IDEXX Laboratories by 55.6% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company’s stock valued at $35,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 87.84% of the company’s stock.

IDEXX Laboratories Trading Up 14.8%

The company’s fifty day moving average price is $639.53 and its two-hundred day moving average price is $571.97. The company has a current ratio of 1.11, a quick ratio of 0.79 and a debt-to-equity ratio of 0.31. The firm has a market cap of $57.84 billion, a P/E ratio of 60.19, a price-to-earnings-growth ratio of 4.06 and a beta of 1.58.

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.