William Blair Weighs in on IDEXX Laboratories, Inc.’s Q2 2024 Earnings (NASDAQ:IDXX)

IDEXX Laboratories, Inc. (NASDAQ:IDXX) – Analysts at William Blair cut their Q2 2024 earnings estimates for IDEXX Laboratories in a research report issued on Wednesday, May 1st. William Blair analyst R. Daniels now anticipates that the company will post earnings of $2.84 per share for the quarter, down from their prior estimate of $2.98. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for IDEXX Laboratories’ current full-year earnings is $11.12 per share. William Blair also issued estimates for IDEXX Laboratories’ Q3 2024 earnings at $2.69 EPS and FY2024 earnings at $10.96 EPS.

IDEXX Laboratories (NASDAQ:IDXX) last posted its earnings results on Monday, February 5th. The company reported $2.32 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.20. The business had revenue of $901.60 million for the quarter, compared to analysts’ expectations of $891.88 million. IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 earnings per share.

Other analysts have also recently issued reports about the stock. StockNews.com cut shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of IDEXX Laboratories from $600.00 to $630.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Piper Sandler lowered shares of IDEXX Laboratories from an “overweight” rating to a “neutral” rating and set a $525.00 price target for the company. in a research report on Tuesday, January 30th. Barclays lowered their price target on shares of IDEXX Laboratories from $655.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group upped their price target on shares of IDEXX Laboratories from $500.00 to $650.00 and gave the stock a “buy” rating in a research report on Wednesday, January 17th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $580.88.

IDEXX Laboratories Trading Up 1.0 %

IDXX opened at $480.60 on Friday. The stock has a market capitalization of $39.91 billion, a PE ratio of 46.52, a P/E/G ratio of 3.66 and a beta of 1.27. The firm’s fifty day moving average price is $525.21 and its 200 day moving average price is $512.07. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.57 and a quick ratio of 1.17. IDEXX Laboratories has a 12-month low of $372.50 and a 12-month high of $583.39.

Hedge Funds Weigh In On IDEXX Laboratories

Several large investors have recently made changes to their positions in the business. TFB Advisors LLC bought a new position in shares of IDEXX Laboratories during the 1st quarter valued at about $294,000. Mediolanum International Funds Ltd acquired a new position in shares of IDEXX Laboratories in the first quarter worth about $10,092,000. Rehmann Capital Advisory Group boosted its holdings in shares of IDEXX Laboratories by 3.1% in the first quarter. Rehmann Capital Advisory Group now owns 985 shares of the company’s stock worth $532,000 after buying an additional 30 shares during the period. Commerce Bank boosted its holdings in shares of IDEXX Laboratories by 0.8% during the first quarter. Commerce Bank now owns 11,634 shares of the company’s stock worth $6,282,000 after purchasing an additional 91 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of IDEXX Laboratories during the first quarter worth approximately $1,472,000. Institutional investors own 87.84% of the company’s stock.

Insider Activity at IDEXX Laboratories

In related news, CFO Brian P. Mckeon sold 23,326 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total value of $13,296,053.26. Following the completion of the transaction, the chief financial officer now owns 29,718 shares in the company, valued at approximately $16,939,557.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP George Fennell sold 8,198 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $573.87, for a total transaction of $4,704,586.26. Following the completion of the transaction, the senior vice president now owns 6,712 shares in the company, valued at approximately $3,851,815.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Brian P. Mckeon sold 23,326 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $570.01, for a total transaction of $13,296,053.26. Following the transaction, the chief financial officer now owns 29,718 shares of the company’s stock, valued at approximately $16,939,557.18. The disclosure for this sale can be found here. Insiders sold 43,524 shares of company stock worth $24,871,960 in the last 90 days. Corporate insiders own 2.11% of the company’s stock.

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.