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

IDEXX Laboratories (NASDAQ:IDXX) had its price target trimmed by Morgan Stanley from $559.00 to $550.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

IDXX has been the topic of a number of other reports. Stifel Nicolaus cut their price objective on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a report on Thursday, October 10th. StockNews.com upgraded shares of IDEXX Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, November 28th. Leerink Partners assumed coverage on shares of IDEXX Laboratories in a research report on Monday, December 2nd. They issued an “outperform” rating and a $500.00 price objective for the company. Piper Sandler reissued a “neutral” rating and issued a $435.00 target price (down previously from $520.00) on shares of IDEXX Laboratories in a research note 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 investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, IDEXX Laboratories has an average rating of “Moderate Buy” and an average target price of $517.29.

IDEXX Laboratories Price Performance

IDEXX Laboratories stock opened at $418.75 on Wednesday. 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 $34.29 billion, a price-to-earnings ratio of 40.38, a PEG ratio of 3.63 and a beta of 1.36. IDEXX Laboratories has a 1 year low of $398.50 and a 1 year high of $583.39. The firm has a 50 day moving average price of $423.92 and a 200 day moving average price of $455.05.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Thursday, October 31st. The company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $980.32 million. During the same period in the prior year, the firm posted $2.53 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side 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 the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $420.44, for a total transaction of $144,631.36. Following the completion of the transaction, the director now directly owns 905 shares of the company’s stock, valued at $380,498.20. This trade represents a 27.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.11% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

A number of hedge funds have recently bought and sold shares of the company. Algert Global LLC increased its holdings in shares of IDEXX Laboratories by 70.0% in the 2nd quarter. Algert Global LLC now owns 709 shares of the company’s stock valued at $345,000 after acquiring an additional 292 shares during the last quarter. NewEdge Advisors LLC increased its stake in IDEXX Laboratories by 36.4% during the second quarter. NewEdge Advisors LLC now owns 9,400 shares of the company’s stock valued at $4,580,000 after purchasing an additional 2,506 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of IDEXX Laboratories by 14.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,118 shares of the company’s stock worth $1,031,000 after purchasing an additional 260 shares during the period. Quarry LP lifted its position in shares of IDEXX Laboratories by 170.8% in the 2nd quarter. Quarry LP now owns 176 shares of the company’s stock worth $86,000 after buying an additional 111 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of IDEXX Laboratories by 0.8% in the 2nd quarter. Cetera Investment Advisers now owns 20,290 shares of the company’s stock valued at $9,885,000 after buying an additional 161 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

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.