StockNews.com Upgrades IDEXX Laboratories (NASDAQ:IDXX) 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 morning.

Other research analysts also recently issued research reports about the stock. Piper Sandler upped their target price on shares of IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. 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. Bank of America upped their target price on shares of IDEXX Laboratories from $475.00 to $535.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Stifel Nicolaus dropped their target price on shares of IDEXX Laboratories from $450.00 to $420.00 and set a “hold” rating on the stock in a research note on Monday, April 14th. Finally, Barclays upped their target price on shares of IDEXX Laboratories from $481.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, IDEXX Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $524.75.

IDEXX Laboratories Trading Up 0.4%

Shares of IDXX opened at $491.70 on Friday. The firm’s 50-day moving average price is $423.31 and its 200-day moving average price is $429.00. The firm has a market capitalization of $39.54 billion, a price-to-earnings ratio of 46.08, a PEG ratio of 3.41 and a beta of 1.52. The company has a current ratio of 1.31, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28. IDEXX Laboratories has a 1-year low of $356.14 and a 1-year high of $548.88.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings data on Thursday, May 1st. The company reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.93 by $0.03. The business had revenue of $998.43 million for the quarter, compared to analysts’ expectations of $998.25 million. IDEXX Laboratories had a net margin of 22.78% and a return on equity of 55.82%. The business’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.71 earnings per share. Sell-side analysts anticipate that IDEXX Laboratories will post 11.93 EPS for the current year.

Institutional Trading of IDEXX Laboratories

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IDXX. MorganRosel Wealth Management LLC purchased a new stake in shares of IDEXX Laboratories in the first quarter worth $26,000. Hurley Capital LLC bought a new position in IDEXX Laboratories during the fourth quarter valued at $29,000. Rialto Wealth Management LLC bought a new position in IDEXX Laboratories during the fourth quarter valued at $30,000. Retirement Wealth Solutions LLC bought a new stake in shares of IDEXX Laboratories in the 4th quarter worth about $31,000. Finally, Colonial Trust Co SC lifted its holdings in shares of IDEXX Laboratories by 84.8% in the 4th quarter. Colonial Trust Co SC now owns 85 shares of the company’s stock worth $35,000 after acquiring an additional 39 shares during the last quarter. 87.84% of the stock is owned by hedge funds and other institutional investors.

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.