IDEXX Laboratories (NASDAQ:IDXX) Price Target Lowered to $550.00 at Morgan Stanley

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) had its price objective lowered by analysts at Morgan Stanley from $559.00 to $550.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 32.70% from the company's previous close.

IDXX has been the topic of several other reports. Stifel Nicolaus dropped their price objective on shares of IDEXX Laboratories from $510.00 to $500.00 and set a "hold" rating on the stock in a report on Thursday, October 10th. JPMorgan Chase & Co. cut their price target on IDEXX Laboratories from $630.00 to $575.00 and set an "overweight" rating for the company in a report on Friday, October 11th. Barclays lowered their price objective on IDEXX Laboratories from $570.00 to $481.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. Piper Sandler reissued a "neutral" rating and set a $435.00 price target (down previously from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. Finally, Leerink Partnrs raised shares of IDEXX Laboratories to a "strong-buy" rating in a research report on Monday, December 2nd. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $517.29.

IDEXX Laboratories Price Performance

Shares of IDXX traded down $3.39 during mid-day trading on Wednesday, hitting $414.47. 327,340 shares of the stock were exchanged, compared to its average volume of 663,302. The firm has a 50-day moving average of $423.92 and a two-hundred day moving average of $455.05. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.03 and a current ratio of 1.42. The company has a market cap of $33.94 billion, a PE ratio of 40.08, a price-to-earnings-growth ratio of 3.63 and a beta of 1.36. IDEXX Laboratories has a 52-week low of $398.50 and a 52-week high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.69 by $0.11. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The firm had revenue of $975.50 million during the quarter, compared to analyst estimates of $980.32 million. During the same period in the previous year, the firm earned $2.53 earnings per share. The business's revenue was up 6.6% on a year-over-year basis. On average, equities analysts predict that IDEXX Laboratories will post 10.44 earnings per share for the current year.

Insider Buying and Selling

In other IDEXX Laboratories news, Director Sophie V. Vandebroek sold 344 shares of IDEXX Laboratories stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $420.44, for a total transaction of $144,631.36. Following the sale, the director now directly owns 905 shares of the company's stock, valued at approximately $380,498.20. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IDEXX Laboratories

Several hedge funds have recently added to or reduced their stakes in IDXX. FSA Wealth Management LLC bought a new position in shares of IDEXX Laboratories during the 3rd quarter worth approximately $25,000. E Fund Management Hong Kong Co. Ltd. raised its position in IDEXX Laboratories by 5,700.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company's stock valued at $29,000 after purchasing an additional 57 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its stake in IDEXX Laboratories by 750.0% in the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 68 shares of the company's stock valued at $34,000 after buying an additional 60 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of IDEXX Laboratories during the third quarter worth $37,000. Finally, Retirement Wealth Solutions LLC bought a new stake in shares of IDEXX Laboratories during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 87.84% of the company's stock.

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.

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