IDEXX Laboratories (NASDAQ:IDXX) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

IDEXX Laboratories (NASDAQ:IDXX) released its quarterly earnings results on Monday. The company reported $2.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.01), FiscalAI reports. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. IDEXX Laboratories had a return on equity of 67.78% and a net margin of 24.65%.

IDEXX Laboratories Trading Down 0.9%

Shares of IDXX opened at $670.46 on Monday. IDEXX Laboratories has a one year low of $356.14 and a one year high of $769.98. The stock has a 50-day moving average price of $705.35 and a 200 day moving average price of $661.79. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 1.18. The company has a market capitalization of $53.54 billion, a P/E ratio of 53.17, a P/E/G ratio of 3.58 and a beta of 1.67.

Analyst Ratings Changes

A number of equities research analysts recently commented on IDXX shares. UBS Group increased their price objective on shares of IDEXX Laboratories from $710.00 to $750.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Barclays initiated coverage on IDEXX Laboratories in a research report on Monday, December 8th. They set an “overweight” rating and a $850.00 price objective for the company. Leerink Partners set a $785.00 target price on IDEXX Laboratories in a report on Monday, November 3rd. JPMorgan Chase & Co. raised their price target on IDEXX Laboratories from $675.00 to $775.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Finally, BTIG Research upped their price objective on IDEXX Laboratories from $785.00 to $830.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $763.50.

Insider Activity

In other IDEXX Laboratories news, EVP Nimrata Hunt sold 9,425 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $703.34, for a total transaction of $6,628,979.50. Following the completion of the transaction, the executive vice president directly owned 21,149 shares of the company’s stock, valued at $14,874,937.66. This trade represents a 30.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.98% of the company’s stock.

Institutional Trading of IDEXX Laboratories

Institutional investors have recently made changes to their positions in the stock. Virtus Advisers LLC bought a new position in IDEXX Laboratories during the third quarter valued at about $26,000. WealthCollab LLC bought a new stake in IDEXX Laboratories in the second quarter worth about $30,000. Caitong International Asset Management Co. Ltd bought a new position in shares of IDEXX Laboratories during the 3rd quarter valued at about $36,000. Johnson Financial Group Inc. grew its stake in shares of IDEXX Laboratories by 1,475.0% in the 3rd quarter. Johnson Financial Group Inc. now owns 63 shares of the company’s stock worth $40,000 after purchasing an additional 59 shares during the last quarter. Finally, Pin Oak Investment Advisors Inc. bought a new stake in shares of IDEXX Laboratories in the 3rd quarter worth approximately $60,000. 87.84% of the stock is owned by institutional investors and hedge funds.

IDEXX Laboratories Company Profile

IDEXX Laboratories, Inc (NASDAQ: IDXX) is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX’s product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.