Leerink Partners Begins Coverage on IDEXX Laboratories (NASDAQ:IDXX)

Leerink Partners began coverage on shares of IDEXX Laboratories (NASDAQ:IDXX) in a research note issued to investors on Monday, Marketbeat reports. The firm set an “outperform” rating and a $500.00 price target on the stock. Leerink Partners’ price objective suggests a potential upside of 15.71% from the company’s current price.

IDXX has been the subject of a number of other research reports. StockNews.com upgraded IDEXX Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, November 28th. Barclays reduced their price target 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. Stifel Nicolaus cut their price objective on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price target on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Finally, Piper Sandler restated a “neutral” rating and set a $435.00 price objective (down from $520.00) on shares of IDEXX Laboratories in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, IDEXX Laboratories presently has an average rating of “Moderate Buy” and a consensus price target of $546.56.

IDEXX Laboratories Stock Performance

IDXX stock opened at $432.11 on Monday. IDEXX Laboratories has a 1-year low of $398.50 and a 1-year high of $583.39. The company has a current ratio of 1.42, a quick ratio of 1.03 and a debt-to-equity ratio of 0.32. The firm has a market cap of $35.39 billion, a PE ratio of 41.67, a P/E/G ratio of 3.76 and a beta of 1.37. The business’s 50-day moving average price is $448.89 and its two-hundred day moving average price is $475.75.

IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings data on Thursday, October 31st. The company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The business 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 EPS. IDEXX Laboratories’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts forecast that IDEXX Laboratories will post 10.43 earnings per share for the current year.

Insider Activity at IDEXX Laboratories

In related news, Director Sophie V. Vandebroek sold 344 shares of the 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 owns 905 shares of the company’s stock, valued at $380,498.20. This represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.18% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. FSA Wealth Management LLC bought a new stake in shares of IDEXX Laboratories during the 3rd quarter valued at approximately $25,000. Ridgewood Investments LLC acquired a new position in shares of IDEXX Laboratories during the second quarter worth $27,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of IDEXX Laboratories by 5,700.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 58 shares of the company’s stock valued at $29,000 after acquiring an additional 57 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its holdings in shares of IDEXX Laboratories by 750.0% during the 3rd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 68 shares of the company’s stock valued at $34,000 after acquiring an additional 60 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in IDEXX Laboratories in the 3rd quarter worth about $37,000. 87.84% of the stock is owned by 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.