IDEXX Laboratories (NASDAQ:IDXX) Rating Lowered to Buy at Wall Street Zen

IDEXX Laboratories (NASDAQ:IDXX) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

Several other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of IDEXX Laboratories from $675.00 to $775.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Barclays started coverage on shares of IDEXX Laboratories in a research report on Monday, December 8th. They issued an “overweight” rating and a $850.00 target price for the company. Weiss Ratings raised IDEXX Laboratories from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. BTIG Research increased their price objective on IDEXX Laboratories from $785.00 to $830.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Finally, Leerink Partners set a $785.00 target price on IDEXX Laboratories in a research note on Monday, November 3rd. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, IDEXX Laboratories has an average rating of “Moderate Buy” and a consensus target price of $763.50.

IDEXX Laboratories Price Performance

Shares of IDXX opened at $715.37 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.87 and a debt-to-equity ratio of 0.24. The firm has a market cap of $57.12 billion, a price-to-earnings ratio of 56.73, a PEG ratio of 3.83 and a beta of 1.67. IDEXX Laboratories has a 52 week low of $356.14 and a 52 week high of $769.98. The stock has a 50 day moving average of $706.72 and a 200-day moving average of $650.95.

IDEXX Laboratories (NASDAQ:IDXX) last issued its earnings results on Monday, November 3rd. The company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $3.14 by $0.08. IDEXX Laboratories had a net margin of 24.65% and a return on equity of 67.78%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the company earned $2.80 earnings per share. The firm’s revenue was up 13.3% compared to the same quarter last year. IDEXX Laboratories has set its FY 2025 guidance at 12.810-13.010 EPS. As a group, analysts forecast that IDEXX Laboratories will post 11.93 EPS for the current year.

Insider Activity at IDEXX Laboratories

In other news, EVP Nimrata Hunt sold 9,425 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $703.34, for a total value of $6,628,979.50. Following the completion of the sale, the executive vice president owned 21,149 shares in the company, valued at $14,874,937.66. This represents a 30.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Several large investors have recently made changes to their positions in IDXX. Bank of New York Mellon Corp lifted its stake in IDEXX Laboratories by 156.2% during the second quarter. Bank of New York Mellon Corp now owns 1,451,390 shares of the company’s stock valued at $778,439,000 after purchasing an additional 884,808 shares during the last quarter. Generation Investment Management LLP acquired a new stake in shares of IDEXX Laboratories during the 2nd quarter valued at $304,277,000. Norges Bank bought a new stake in shares of IDEXX Laboratories during the 2nd quarter worth $221,955,000. JPMorgan Chase & Co. grew its holdings in shares of IDEXX Laboratories by 60.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 869,930 shares of the company’s stock worth $555,802,000 after acquiring an additional 326,348 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of IDEXX Laboratories by 295.1% during the second quarter. Schroder Investment Management Group now owns 315,785 shares of the company’s stock worth $169,368,000 after purchasing an additional 235,863 shares during the period. Institutional investors own 87.84% of the company’s stock.

About IDEXX Laboratories

IDEXX Laboratories, Inc (NASDAQ: IDXX) is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX’s product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.