IDEXX Laboratories (NASDAQ:IDXX) PT Lowered to $575.00 at JPMorgan Chase & Co.

IDEXX Laboratories (NASDAQ:IDXX) had its target price lowered by JPMorgan Chase & Co. from $630.00 to $575.00 in a report issued on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. BTIG Research assumed coverage on shares of IDEXX Laboratories in a research report on Thursday, July 25th. They set a buy rating and a $580.00 price objective for the company. Piper Sandler cut their price target on shares of IDEXX Laboratories from $600.00 to $520.00 and set a neutral rating for the company in a report on Wednesday, August 14th. Stifel Nicolaus lowered their price objective on IDEXX Laboratories from $510.00 to $500.00 and set a hold rating on the stock in a report on Thursday. Finally, StockNews.com downgraded IDEXX Laboratories from a buy rating to a hold rating in a research note on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, IDEXX Laboratories presently has a consensus rating of Moderate Buy and an average target price of $574.13.

IDEXX Laboratories Price Performance

Shares of IDXX opened at $476.27 on Friday. The company has a market capitalization of $39.33 billion, a price-to-earnings ratio of 46.11, a price-to-earnings-growth ratio of 4.14 and a beta of 1.33. IDEXX Laboratories has a fifty-two week low of $372.50 and a fifty-two week high of $583.39. The firm has a 50-day simple moving average of $488.00 and a 200-day simple moving average of $493.61. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.03 and a current ratio of 1.37.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Tuesday, August 6th. The company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.88 by ($0.44). IDEXX Laboratories had a net margin of 22.34% and a return on equity of 57.03%. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the business posted $2.67 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that IDEXX Laboratories will post 10.44 earnings per share for the current year.

Hedge Funds Weigh In On IDEXX Laboratories

Hedge funds have recently bought and sold shares of the company. Clearbridge Investments LLC grew its holdings in IDEXX Laboratories by 696.0% in the second quarter. Clearbridge Investments LLC now owns 352,814 shares of the company’s stock valued at $171,891,000 after purchasing an additional 308,493 shares during the last quarter. American Century Companies Inc. boosted its position in shares of IDEXX Laboratories by 46.0% in the 2nd quarter. American Century Companies Inc. now owns 562,764 shares of the company’s stock worth $274,179,000 after buying an additional 177,226 shares in the last quarter. 1832 Asset Management L.P. grew its stake in IDEXX Laboratories by 4,193.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 128,491 shares of the company’s stock valued at $62,601,000 after acquiring an additional 125,498 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in IDEXX Laboratories during the 1st quarter valued at about $55,425,000. Finally, Vanguard Group Inc. raised its position in IDEXX Laboratories by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,476,054 shares of the company’s stock worth $4,576,476,000 after acquiring an additional 98,387 shares during the last quarter. 87.84% of the stock is owned by hedge funds and other institutional investors.

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.