IDEXX Laboratories, Inc. (NASDAQ:IDXX) Receives $594.22 Average Price Target from Analysts

Key Points

• IDEXX Laboratories, Inc. has received a consensus rating of “Moderate Buy” from analysts, with a target price averaging $594.22.
• The company reported $3.63 earnings per share for the most recent quarter, exceeding estimates and showing a 10.6% year-over-year revenue increase.
• Institutional investors hold 87.84% of IDEXX Laboratories' stock, indicating strong confidence in the company's prospects.

IDEXX Laboratories, Inc. (NASDAQ:IDXX - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the ten analysts that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $623.5556.

Several research firms recently commented on IDXX. Stifel Nicolaus set a $640.00 price objective on IDEXX Laboratories in a research note on Monday. JPMorgan Chase & Co. raised their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a research note on Monday, August 4th. Wall Street Zen raised IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Leerink Partners raised their target price on IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Finally, BTIG Research raised their target price on IDEXX Laboratories from $545.00 to $785.00 and gave the stock a "buy" rating in a research note on Tuesday.

IDEXX Laboratories Price Performance

NASDAQ IDXX traded up $8.00 during mid-day trading on Wednesday, hitting $658.06. The stock had a trading volume of 566,277 shares, compared to its average volume of 814,516. The firm's 50 day moving average is $545.23 and its 200 day moving average is $479.32. IDEXX Laboratories has a twelve month low of $356.14 and a twelve month high of $688.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.81. The stock has a market capitalization of $52.64 billion, a price-to-earnings ratio of 54.79, a PEG ratio of 4.20 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $3.63 EPS for the quarter, beating the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the company earned $2.44 EPS. The firm's revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that IDEXX Laboratories will post 11.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Michael Lane sold 8,411 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $627.74, for a total transaction of $5,279,921.14. Following the completion of the transaction, the executive vice president directly owned 7,132 shares in the company, valued at approximately $4,477,041.68. This represents a 54.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jonathan Jay Mazelsky sold 29,260 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $631.98, for a total value of $18,491,734.80. Following the transaction, the chief executive officer owned 83,311 shares of the company's stock, valued at approximately $52,650,885.78. This represents a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,120 shares of company stock valued at $29,457,738. 0.98% of the stock is owned by company insiders.

Institutional Trading of IDEXX Laboratories

Institutional investors and hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its stake in shares of IDEXX Laboratories by 39.5% in the fourth quarter. Russell Investments Group Ltd. now owns 70,314 shares of the company's stock valued at $29,066,000 after purchasing an additional 19,917 shares during the period. Federated Hermes Inc. boosted its stake in shares of IDEXX Laboratories by 3.1% in the fourth quarter. Federated Hermes Inc. now owns 57,979 shares of the company's stock valued at $23,971,000 after purchasing an additional 1,725 shares during the period. Cerity Partners LLC boosted its stake in shares of IDEXX Laboratories by 4.3% in the fourth quarter. Cerity Partners LLC now owns 11,395 shares of the company's stock valued at $5,073,000 after purchasing an additional 471 shares during the period. Bank of Montreal Can boosted its stake in shares of IDEXX Laboratories by 3.9% in the fourth quarter. Bank of Montreal Can now owns 120,276 shares of the company's stock valued at $49,727,000 after purchasing an additional 4,511 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of IDEXX Laboratories by 6.8% in the 4th quarter. Invesco Ltd. now owns 1,160,988 shares of the company's stock valued at $479,999,000 after buying an additional 74,324 shares during the period. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

About IDEXX Laboratories

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.