Idexx Laboratories Inc. (NASDAQ:IDXX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “IDEXX's continued strong instrument placements, global lab momentum reflecting leverage of expanded commercial capability as well as strong test menu expansion remained as the key highlights for the company's business in the first half of 2016. The company’s raised guidance for 2016 also buoys optimism. Also, IDEXX' trend of consistent share buybacks for the past few quarters reflects its strong free cash flow reserve as well as management’s success in optimizing IDEXX’s capital structure. However, foreign currency fluctuations are expected to consistently hurt IDEXX’s operating results, although lower than the extent as expected before. Also, high dependence on third-party distributors and intense competition continue to pose threats.”
Other research analysts have also issued research reports about the company. Canaccord Genuity restated a “buy” rating and set a $120.00 target price on shares of Idexx Laboratories in a research report on Monday, August 22nd. Stifel Nicolaus boosted their target price on Idexx Laboratories from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, August 16th. Bank of America Corp. reaffirmed a “neutral” rating on shares of Idexx Laboratories in a research note on Thursday, September 29th. Finally, Northcoast Research raised shares of Idexx Laboratories from a “sell” rating to a “neutral” rating in a research note on Wednesday, August 3rd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Idexx Laboratories presently has a consensus rating of “Buy” and an average target price of $105.20.
Shares of Idexx Laboratories (NASDAQ:IDXX) traded down 0.55% during mid-day trading on Tuesday, reaching $112.50. The company’s stock had a trading volume of 354,726 shares. Idexx Laboratories has a one year low of $63.48 and a one year high of $115.06. The firm’s 50 day moving average is $111.61 and its 200 day moving average is $94.52. The firm has a market cap of $10.07 billion, a PE ratio of 51.00 and a beta of 0.41.
Idexx Laboratories (NASDAQ:IDXX) last announced its earnings results on Tuesday, August 2nd. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.12. Idexx Laboratories had a negative return on equity of 414.67% and a net margin of 11.94%. The business earned $467 million during the quarter, compared to analyst estimates of $444.83 million. During the same quarter in the previous year, the business earned $0.60 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities analysts anticipate that Idexx Laboratories will post $2.36 earnings per share for the current fiscal year.
In related news, Chairman Jonathan W. Ayers sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $107.69, for a total value of $6,461,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barry C. Johnson sold 9,924 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $111.37, for a total transaction of $1,105,235.88. Following the completion of the transaction, the director now directly owns 13,484 shares of the company’s stock, valued at approximately $1,501,713.08. The disclosure for this sale can be found here. 2.79% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Idexx Laboratories by 4.0% in the first quarter. Geode Capital Management LLC now owns 576,331 shares of the company’s stock worth $45,138,000 after buying an additional 22,351 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Idexx Laboratories by 43.2% in the first quarter. Goldman Sachs Group Inc. now owns 391,756 shares of the company’s stock worth $30,683,000 after buying an additional 118,115 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Idexx Laboratories by 242.6% in the first quarter. Renaissance Technologies LLC now owns 437,504 shares of the company’s stock worth $34,265,000 after buying an additional 309,804 shares during the last quarter. Smith Asset Management Group LP acquired a new position in shares of Idexx Laboratories during the second quarter worth about $12,467,000. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Idexx Laboratories during the second quarter worth about $15,656,000. 91.58% of the stock is owned by institutional investors.
About Idexx Laboratories
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