IDEXX Laboratories (NASDAQ:IDXX) announced its quarterly earnings results on Thursday. The company reported $1.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.06, Morningstar.com reports. IDEXX Laboratories had a return on equity of 765.45% and a net margin of 17.78%. The company had revenue of $620.10 million during the quarter, compared to analyst estimates of $627.10 million. During the same period in the prior year, the firm posted $1.23 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis. IDEXX Laboratories updated its FY 2019 guidance to $4.82-4.92 EPS and its FY19 guidance to $4.82-4.92 EPS.
Shares of IDXX stock traded up $0.41 during trading hours on Friday, reaching $268.71. The company had a trading volume of 442,047 shares, compared to its average volume of 363,310. The company has a quick ratio of 0.74, a current ratio of 1.15 and a debt-to-equity ratio of 4.08. IDEXX Laboratories has a twelve month low of $176.11 and a twelve month high of $292.17. The stock has a market capitalization of $23.09 billion, a P/E ratio of 63.08 and a beta of 0.84. The company’s fifty day simple moving average is $278.78.
IDXX has been the subject of a number of recent research reports. Stifel Nicolaus increased their target price on IDEXX Laboratories from $255.00 to $295.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Guggenheim initiated coverage on IDEXX Laboratories in a research note on Thursday, May 23rd. They issued a “buy” rating and a $276.00 target price for the company. Canaccord Genuity reiterated a “buy” rating and issued a $285.00 target price on shares of IDEXX Laboratories in a research note on Friday. Zacks Investment Research upgraded IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $271.00 target price for the company in a research note on Friday, May 3rd. Finally, BidaskClub lowered IDEXX Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 26th. Seven investment analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $281.00.
Institutional investors and hedge funds have recently modified their holdings of the stock. Cornerstone Advisors Inc. boosted its holdings in IDEXX Laboratories by 100.0% in the second quarter. Cornerstone Advisors Inc. now owns 140 shares of the company’s stock valued at $39,000 after purchasing an additional 70 shares during the last quarter. Personal Wealth Partners purchased a new position in IDEXX Laboratories in the second quarter valued at about $52,000. Next Capital Management LLC boosted its holdings in IDEXX Laboratories by 81.9% in the second quarter. Next Capital Management LLC now owns 191 shares of the company’s stock valued at $53,000 after purchasing an additional 86 shares during the last quarter. Monetary Management Group Inc. purchased a new position in IDEXX Laboratories in the first quarter valued at about $45,000. Finally, Arrow Financial Corp purchased a new position in IDEXX Laboratories in the second quarter valued at about $78,000. 88.06% of the stock is owned by hedge funds and other institutional investors.
About IDEXX Laboratories
IDEXX Laboratories, Inc, together with its subsidiaries, develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through Companion Animal Group; Water Quality Products; Livestock, Poultry and Dairy; and Other segments.
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