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

IDEXX Laboratories, Inc. (NASDAQ:IDXX - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $551.10 and last traded at $549.75, with a volume of 313177 shares trading hands. The stock had previously closed at $540.68.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Leerink Partners raised their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Jefferies Financial Group assumed coverage on shares of IDEXX Laboratories in a research note on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price target on the stock. Stifel Nicolaus raised their price target on shares of IDEXX Laboratories from $510.00 to $540.00 and gave the company a "hold" rating in a research note on Wednesday, July 2nd. Wall Street Zen upgraded shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Finally, Morgan Stanley increased their price objective on shares of IDEXX Laboratories from $548.00 to $558.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $557.88.

IDEXX Laboratories Stock Up 2.8%

The firm's fifty day moving average price is $526.59 and its 200-day moving average price is $467.17. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.16 and a quick ratio of 0.81. The firm has a market capitalization of $45.45 billion, a P/E ratio of 52.24, a PEG ratio of 4.11 and a beta of 1.54.

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

Insiders Place Their Bets

In related news, Director M Anne Szostak sold 1,260 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $512.34, for a total transaction of $645,548.40. Following the completion of the sale, the director directly owned 1,801 shares in the company, valued at approximately $922,724.34. This trade represents a 41.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.98% of the company's stock.

Institutional Trading of IDEXX Laboratories

A number of large investors have recently added to or reduced their stakes in the business. NorthRock Partners LLC boosted its holdings in IDEXX Laboratories by 84.0% during the second quarter. NorthRock Partners LLC now owns 1,906 shares of the company's stock worth $1,022,000 after buying an additional 870 shares in the last quarter. Verdence Capital Advisors LLC acquired a new position in IDEXX Laboratories in the 2nd quarter worth approximately $806,000. Envestnet Portfolio Solutions Inc. boosted its stake in IDEXX Laboratories by 34.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,444 shares of the company's stock worth $12,038,000 after purchasing an additional 5,795 shares during the period. Sequoia Financial Advisors LLC boosted its stake in IDEXX Laboratories by 39.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,694 shares of the company's stock worth $1,445,000 after purchasing an additional 757 shares during the period. Finally, Montrusco Bolton Investments Inc. boosted its stake in IDEXX Laboratories by 50.3% in the 2nd quarter. Montrusco Bolton Investments Inc. now owns 429,409 shares of the company's stock worth $224,153,000 after purchasing an additional 143,641 shares during the period. 87.84% of the stock is currently owned by institutional investors.

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.