IDEXX Laboratories (NASDAQ:IDXX) Sets New 52-Week High - Time to Buy?

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $537.47 and last traded at $536.15, with a volume of 267623 shares traded. The stock had previously closed at $531.32.

Wall Street Analysts Forecast Growth

IDXX has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price target on shares of IDEXX Laboratories from $460.00 to $510.00 and gave the stock a "hold" rating in a research note on Monday, May 19th. Leerink Partners increased their target price on IDEXX Laboratories from $515.00 to $580.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 11th. Jefferies Financial Group initiated coverage on IDEXX Laboratories in a research report on Tuesday. They set a "buy" rating and a $625.00 price target for the company. Morgan Stanley upped their price target on IDEXX Laboratories from $548.00 to $558.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Finally, Wall Street Zen downgraded IDEXX Laboratories from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, IDEXX Laboratories currently has a consensus rating of "Moderate Buy" and a consensus price target of $554.78.

IDEXX Laboratories Trading Up 1.2%

The firm has a fifty day moving average of $501.61 and a 200-day moving average of $451.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.81 and a current ratio of 1.16. The stock has a market capitalization of $43.64 billion, a price-to-earnings ratio of 50.15, a P/E/G ratio of 3.88 and a beta of 1.55.

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 the consensus estimate of $2.93 by $0.03. The company had revenue of $998.43 million during 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 company's revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.71 earnings per share. As a group, equities analysts predict that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director M Anne Szostak sold 1,260 shares of IDEXX Laboratories 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 sale, the director owned 1,801 shares in the company, valued at $922,724.34. This trade represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.98% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IDEXX Laboratories

Large investors have recently added to or reduced their stakes in the company. MorganRosel Wealth Management LLC purchased a new position in IDEXX Laboratories in the 1st quarter valued at about $26,000. Hurley Capital LLC acquired a new position in shares of IDEXX Laboratories in the fourth quarter worth about $29,000. Rialto Wealth Management LLC purchased a new position in IDEXX Laboratories in the fourth quarter valued at about $30,000. Colonial Trust Co SC boosted its holdings in IDEXX Laboratories by 84.8% in the fourth quarter. Colonial Trust Co SC now owns 85 shares of the company's stock valued at $35,000 after purchasing an additional 39 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in IDEXX Laboratories by 55.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after purchasing an additional 30 shares during the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

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.