IDEXX Laboratories (NASDAQ:IDXX) Sets New 52-Week High - Here's What Happened

Key Points

• IDEXX Laboratories has reached a new 52-week high of $575.35, while analysts have given a consensus rating of "Moderate Buy" with an average price target of $557.88.
• Recent earnings show a quarterly EPS of $2.96, beating estimates, and a revenue increase of 3.6% year-over-year, totaling $998.43 million.
• Hedge funds have significantly increased their stakes in IDEXX Laboratories, with Wellington Management Group boosting its holding by 161.2% in the last quarter.

IDEXX Laboratories, Inc. (NASDAQ:IDXX - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $575.35 and last traded at $573.07, with a volume of 887782 shares. The stock had previously closed at $566.50.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Leerink Partners boosted 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. Jefferies Financial Group assumed coverage on IDEXX Laboratories in a research note on Tuesday, July 1st. They issued a "buy" rating and a $625.00 target price on the stock. Stifel Nicolaus boosted their target price on IDEXX Laboratories from $510.00 to $540.00 and gave the stock a "hold" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley upped their price objective on IDEXX Laboratories from $548.00 to $558.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $557.88.

IDEXX Laboratories Trading Up 0.2%

The stock has a market cap of $43.07 billion, a PE ratio of 49.50, a P/E/G ratio of 4.07 and a beta of 1.54. The firm has a 50-day simple moving average of $530.62 and a 200-day simple moving average of $470.66. The company has a quick ratio of 0.81, a current ratio of 1.16 and a debt-to-equity ratio of 0.31.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.93 by $0.03. The firm had revenue of $998.43 million for the quarter, compared to the consensus estimate of $998.25 million. IDEXX Laboratories had a return on equity of 57.35% and a net margin of 22.76%. The business's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.71 earnings per share. Equities analysts forecast that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

Insider Buying and Selling at IDEXX Laboratories

In other news, Director M Anne Szostak sold 1,260 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $512.34, for a total value of $645,548.40. Following the transaction, the director owned 1,801 shares of the company's stock, valued at approximately $922,724.34. This represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.98% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of IDEXX Laboratories by 1.5% in the first quarter. Vanguard Group Inc. now owns 9,855,937 shares of the company's stock worth $4,139,001,000 after purchasing an additional 146,427 shares during the period. Geode Capital Management LLC increased its stake in IDEXX Laboratories by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 2,297,271 shares of the company's stock valued at $948,279,000 after acquiring an additional 37,734 shares during the last quarter. Bamco Inc. NY increased its stake in IDEXX Laboratories by 4.3% in the fourth quarter. Bamco Inc. NY now owns 2,005,522 shares of the company's stock valued at $829,163,000 after acquiring an additional 82,264 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in IDEXX Laboratories by 71.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,988,912 shares of the company's stock valued at $835,244,000 after acquiring an additional 825,965 shares during the last quarter. Finally, Invesco Ltd. increased its stake in IDEXX Laboratories by 0.5% in the first quarter. Invesco Ltd. now owns 1,166,406 shares of the company's stock valued at $489,832,000 after acquiring an additional 5,418 shares during the last quarter. Institutional investors 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.